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Can I improve my credit score by making payments on time?

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SOURCE: I made late payments in last four months and my credit score went down. Can anyone help me improving my score?

Your credit score is based on several criteria. The amount and type of lines that you have, your payment history for those lines, and registered liens, collections or judgements against you and how many times your credit has been viewed by members.
So if you have a collection of credit cards, most of which you don't use, cancel them. The more debt you have the more it will negatively impact your credit score. So the collection of store and major credit cards is not a good thing. Keep 2 and ditch the rest. Secondly, stop missing payments! It is very messy to keep missing the statement dates, not to mention expensive as most credit cards now charge a late payment fee. The good news is that the longer you go without missing payment the less of an effect the missed payments have. Make sure you do not miss more. It shows poor financial organization and makes you look unreliable.
If you have collections liens or judgements, you can find out if the have been discharged. If you have paid them and they are not showing as being discharged you need to contact the credit bureau and have that fixed.
Finally, do not continuously apply for credit cards. Every time a member (credit company) requests to view your history it reduces your score. So when they guy at the hockey game tells you applying is free, he is very very wrong, it costs you points off your credit score. The reason for this is that a constant flow of applications makes you look like a credit seeker. Not a good label. So even though you can get a discount for applying, unless we are talking a significant amount of money, don't apply for the store credit card.
If you credit needs a lot of repair, try getting a small loan. In Canada I would recommend an RSP loan. Then just make the monthly payments, DO NOT pay it off ahead of schedule; it is called a credit HISTORY which won't help you if there is no history to see because you paid the loan off before it matured. If you do something like this, do not miss any payments or all you have done is made a bad situation worse.
That is a lot of information. Hope some of it helps.

Posted on Nov 04, 2015

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2 Answers

How do I improve my credit score?


If you have a bad credit score, don't panic. There are ways to improve it. You can check for mistakes on your credit report, pay off debts and make sure you make your payments on time and slowly your credit score will improve. There are no quick fixes but it's really worth it in the long term.

Aug 19, 2013 | Finance

2 Answers

I am making late payments from last three months. Is it the reason of getting my credit score down?


You should be more responsible about making payments. Late and missed payments really affects your credit score. Credit score shows how responsible you are, but if you can not make payment in time and have a low credit score, it will be quite hard for you to get a good financial offer in future. But it's never too late to work on your credit, so you need to start making payments in time and do you best to pay off the debt. Late payment is always a bad thing and always affect you credit, even if you use a loan for bad credit or fast cash loans.

Feb 16, 2012 | Computers & Internet

1 Answer

What should I do to improve my creditworthiness?


Do:

  • Pay your bills on time. Delinquent payments and collections can have a significant negative impact on your score.
  • If you have missed payments, get current and stay current.
  • Pay off debt rather than shifting it to other accounts.
  • Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them off on time may help in the long term.
  • Apply for and open new credit accounts only as needed.
  • Keep credit cards but manage them responsibly. In general, having credit cards and installment loans (and paying timely payments) may favorably impact your credit score in the long term. If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
  • Keep balances low on credit cards and other revolving credit.
  • Shop for rates for a given loan within a short period of time. The Equifax Risk Score distinguishes between a search for a single loan and a search for many new credit lines, partly by the length of time over which inquiries occur.

Do Not:

  • Close unused credit cards as a short-term strategy to try to raise your score.
  • Open a number of new credit cards, just to increase your available credit. This approach could actually have a negative impact on your score.
  • If you have been managing credit for a short time, avoid opening a lot of new accounts too rapidly. Adding new accounts will lower your average account age, which could have a negative impact on your credit score, particularly if you are a new credit user.

Jan 23, 2012 | Office Equipment & Supplies

1 Answer

I made late payments in last four months and my credit score went down. Can anyone help me improving my score?


Your credit score is based on several criteria. The amount and type of lines that you have, your payment history for those lines, and registered liens, collections or judgements against you and how many times your credit has been viewed by members.
So if you have a collection of credit cards, most of which you don't use, cancel them. The more debt you have the more it will negatively impact your credit score. So the collection of store and major credit cards is not a good thing. Keep 2 and ditch the rest. Secondly, stop missing payments! It is very messy to keep missing the statement dates, not to mention expensive as most credit cards now charge a late payment fee. The good news is that the longer you go without missing payment the less of an effect the missed payments have. Make sure you do not miss more. It shows poor financial organization and makes you look unreliable.
If you have collections liens or judgements, you can find out if the have been discharged. If you have paid them and they are not showing as being discharged you need to contact the credit bureau and have that fixed.
Finally, do not continuously apply for credit cards. Every time a member (credit company) requests to view your history it reduces your score. So when they guy at the hockey game tells you applying is free, he is very very wrong, it costs you points off your credit score. The reason for this is that a constant flow of applications makes you look like a credit seeker. Not a good label. So even though you can get a discount for applying, unless we are talking a significant amount of money, don't apply for the store credit card.
If you credit needs a lot of repair, try getting a small loan. In Canada I would recommend an RSP loan. Then just make the monthly payments, DO NOT pay it off ahead of schedule; it is called a credit HISTORY which won't help you if there is no history to see because you paid the loan off before it matured. If you do something like this, do not miss any payments or all you have done is made a bad situation worse.
That is a lot of information. Hope some of it helps.

Jan 20, 2012 | Computers & Internet

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