Darin Sewell asked:




When you borrow money from a lending institution to purchase an item or finance a project you are charged an interest rate. The interest rate you receive is a direct reflection of your credit score and credit profile. Borrowers with perfect credit will obviously get the lowest rates and therefore have smaller payments. But what if you have less then ideal credit or just want to increase your credit score in 30 days? There are many inside tricks you can use to cheaply and effectively increase your credit score in 30 days.

The fastest method is to increase your credit score is to increase the credit limits on revolving credit accounts, this is easily done with a phone call to the creditor in most cases. With this method you are trying to increase your credit limit to a point where your current credit balance is now 45-50% of the balance. This tip alone can increase your score up to 50 points in 1 month

Another useful tip to increase your credit score is to be added as an authorized used on a friends or relatives credit card account. You want to make sure that the account you get added to is in good standing and has a high credit limit with a low balance.

Disputing old an false information on your credit report is a good way to increase your credit score and is very easy to do. If you have a copy of your credit report you can dispute falsely reported or negative accounts that are a few years old. This is easily done on the credit bureaus websites or by writing a dispute letter to the credit bureaus. If you are unsure how to go about this process there are credit repair companies that can do it for you. There are many self credit repair books and E-books available online as well.

These 3 tips when applied should increase your credit core in 30 days. However the most important thing you can do to maintain your increased credit score is to always pay your bills on time and never borrow more then you can pay back.

Sue

CambridgeCredit asked:

Several decades ago, Fair Isaac and Company (FICO) revolutionized the credit rating system with the introduction of their FICO Score a three-digit number representing an individuals creditworthiness. In 2007, FICO began the process of overhauling its scoring model to better predict the risk represented by consumers. Roughly two years later, FICO 08 was released. This weeks episode of Cambridge Credit Counseling Corp.s Your Money 2.0 reviews these changes and explains how FICO 08 will impact your credit profile.

Sarah