Friday, August 21, 2009


credit repair through balance

Are you craving to know how the sensible use of credit cards affects your credit score?
You are not closing any existing account, specially the older ones. You are supposed to hold a fund of more than 30-40 % of your present credit in a given month. You should be aware of the fact that if you do indict more, you should make some payment before your monthly credit card statement is available.

But at the same time you should need to maintain balance on those credit cards each month. Sounds confusing? You don’t have to maintain the fund and give interest. Well, it seems the best way to raise credit score, is to make use of it every month (could even be for small purchases); of course at the same time paying it off, before the report comes.

This means that you are handling your card intelligently and paying your bill on scheduled point in time. This seems of very little importance but this small factor has created a lot of problems for many people, who have tried to get a loan.
Remember poor credit score does not depend on holding a dime. Creditors often ignore this fact, which we tend to give unnecessary importance. What they want, is, that you pay their credits accordingly.

A little fund showing clear paying report proves much better than a huge amount, which remains unpaid. Isn’t it surprising that 35 % of your FICO gaining actually bases on your transparency in payment history? What matters is how you grip rather than how much.
Each month this good message goes to the credit bureaus. They consider the dollar figure.

It is important at the same time for paying big amounts before the repost comes. The statement, one can see, shows $5000 as your expanse, being paid full. They don’t see how many months it actually took. It looks so stunning without making you at all worried about large payment processes.

As I have earlier mentioned that your FICO score depends much on the maximum amount. It avails for you 30% of existing credit. Isn’t a big gaining in matter of credit scores?
If you are planning to use your credit for your desired purposes, start from this day your credit cards as a means for increasing credit scores.


Pookie said...

I never thought of using my credit balance.I have a bad credit score and this info is really helpful

Shabnam Ahsan said...

thanks for this useful post

Clet Anni said...

Nice post.
I am grateful with your information
thanks alot

indiaprab said...

i never thought about this but sounds good.