Do the basics: Check and correct credit report
errors. Take advantage of the many ways to get a free
credit report with online vendors, or a free credit report
without a credit card through the bureaus themselves with
recent legislation. Pay your bills on time every month.
Don't assume that once you're over 30 days late your credit
is already shot-it gets worse as you hit 60 days late,
and at 90 days & over the score definitely dives. Also,
don't assume that if you have had trouble paying your
bills in the past year or so, that getting back on track
will take forever. It won't; time passes and accounts
that are paid on time begin to lift the score noticeably
after 13 months. Keep at it!
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Financial Impact of Your Fico Credit Score
It's amazing how much a number can impact your finances. In the case of your fico credit score, you're looking at a number that can literally save or cost you tens of thousands of dollars over your lifetime.
That's because this country's financial community uses the fico credit score ("fico" being shorthand for Fair, Isaac & Co.,) to decide whether you are creditworthy. The fico credit score models predict the rate of default for each score range. For example, at scores below 499, as many as 87% are likely to default; above 700, only 5% or fewer will default. You can bet that as your score drops below 600, you'll likely be in the category of bad credit loans (see bad credit personal loans, bad credit auto loans, or bad credit credit cards for more information).
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Rapid Correction Services & Fico Scores
Do-it-yourself error correction for your credit report takes from 30 to 60 days. You have to gather documentation, contact the bureaus reporting the errors and wait for the bureaus to process and approve the corrections.
But what if you've found your dream home and need errors and fico scores updated fast? Sellers don't like to wait and markets are competitive with other buyers ready to pounce. Fortunately, there's a faster way to get your credit report errors corrected.
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Is There a Free Lunch-or Free Fico Score?
Free credit reports abound online. But getting a free fico score? Not so easy.
While some online vendors offer a free fico score with a free credit report, most don't. You get a credit report from one bureau as an incentive to try a subscription credit monitoring service. These services cost $75 or more per year. If you decide to keep the service going after the free trial period of 30 days, you'll have access to your score, but usually from one bureau only.
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