Comments on: How Do You Improve Your Credit Score When Credit Companies Close Your Account?

By: Ryan

Ryan — Sat, 30 Jan 2010 15:24:37 +0000

I've heard that before related to hard credit pulls, but I'm not 100% certain if that applies to loan applications. For example, if you are out car shopping and you go to a couple dealerships, chances are they will all want to do a credit pull to check your score to see what kind of loan you qualify for. It would be unfair to consumers if their credit score took a big hit because of that. But that is a credit check, not a loan application. If you apply for multiple loans in the same day it will change your debt to income ratio, age of credit and other factors that affect your credit score. Here is more information about: How to Improve Your Credit Score How is Your Credit Score Determined? Hard Credit Check vs. Soft Credit Check I hope this info helps.

By: Moro Bento

Moro Bento — Sat, 30 Jan 2010 14:04:25 +0000

Ryan, I just have an other petit question to ask you sorry; Is it true that if I apply for multiple credit cards at the same day it only counts like only one inqurie? I already heart that from two different sources and I just wanted to confirm it with you. Thanks, Moro.

By: Moro Bento

Moro Bento — Fri, 22 Jan 2010 13:33:10 +0000

Thanks Ryan, I will follow all your advices for sure. Good luck to you too.

By: Ryan

Ryan — Fri, 22 Jan 2010 06:25:52 +0000

Moro, You may find it helpful to contact the credit card company you closed the card with and ask them to remove the late penalties from your record. You can also dispute credit report errors if you believe they are in error.

Other than that, you will need to continue paying your bills on time and maintaining a low credit utilization ratio (amount of debt used versus amount of credit available). Just as important as all of these is adding time – the more time you have with positive credit, the better. Best of luck.

By: Moro Bento

Moro Bento — Thu, 21 Jan 2010 15:47:50 +0000

Thanks for your help Ryan. My credit score was 750 but I had a problem with a credit card that I didn’t know it had a monthly fee, I had never used, but affter three months they contact me and said that I had to pay 72 dollars. To make a long story short, I paid the 72 dollars and closed the credit card account, and off course now my credit score is 614.
I am not planning to buy a house right now, but I do want to improve my credit and raise my credit score, so my question was, what is the best way to do it? I still have all my others 5 credit cards in good standing. I know paying my bills on time affter a coulpe of years will help, but is there anything that I can do in order to make it grow faster?

Thanks again Ryan for your help, your information is always very helpful for us.

By: John

John — Thu, 21 Jan 2010 14:30:23 +0000

Excellent information!…..very informative with first class examples.

By: Ryan

Ryan — Thu, 07 Jan 2010 21:00:05 +0000

Moro, Have you contacted a Realtor or mortgage lender, or inquired about a home loan? Have you checked your credit score? It can take some time to build your credit history, but you may be able to prove to a mortgage lender that you are a good loan candidate by proving your ability to make payments. It will also help if you can make a large down payment and provide proof of income. Here is some information about checking your credit score: How to Get Your Free FICO Credit Score.

By: Moro Bento

Moro Bento — Thu, 07 Jan 2010 20:05:32 +0000

at the very begining, sorry.

Thanks for your help Ryan