Report: How to Get a Better Score – Video

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This news feature video reveals the credits to getting a better credit score. Simple but effective steps can lead to real positive changes!

Portrait Of Happy BusinessmanIn the current economy, it is extremely damaging to be saddled with a poor credit score. Although can still help connect those with bad credit to payday lenders, bigger borrowing needs or purchases require more decisive action to get the better deals.

CBS Channel 2 reports in this YouTube video how a couple from Westlake Village followed the steps of credit expert Doug Miner to boost their FICA credit score by 100 points in just 6 months. His book, “The Anatomy of Credit Scores,” sheds light on many secrets of the credit scoring methodology.

The Anatomy of Credit Scores

Miner breaks down the credit score into 5 composite parts. Each of these factors determines the weighting applied to the score. With careful attention, these aspects can be improved to increase the overall score.

The 5 parts of the credit score are, according to Miner:

  • 15% – Average Age: The age of the consumer
  • 10% – Age of Credit: The age of the credit history and any credit outstanding (Debt Ratio)
  • 10% – Inquiries: Requests for credit made
  • 30% – Debt Ratio: Level of credit currently in use
  • 35% – Payment History: Payments made and missed

More tips from Doug Miner on Improving Credit Score:

  • Pay bills on time. 35% of your credit score is based on your payment history
  • Know that a late payment from last month has more weight than bankruptcy 5 years ago.
  • Your debt ratio makes up 30% of your credit score and is front loaded, so keep up with payments today for a better credit score tomorrow
  • Increase credit limits on credit cards to show smaller percentage of credit used
  • Diversify your profile by using several different cards for different expenses
  • Keep your credit score separately from your spouse’s in case something happens to one of yours
  • Check credit score regularly with all 3 credit bureau (Experian, FICO and Equifax)
  • Be careful, take action and keep up with all repayments including cash advances that you receive from a lender through

A Final Word of Advice recommends all consumers read carefully the Terms & Conditions of a loan they have accepted from a lender to understand any penalties that may be levied against the in the event of a missed payment. Remember that is always better to make payments on time!
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