Do you currently have some challenges in the credit rating area?

Below is an excerpt from an article that may help.

One of the top questions people ask me is how to improve their credit score. I often reply, “All you have to do is ask.” They look at me, confused, and say, “I just did ask. What’s the answer?” I then apologize for the lame consumer reporter humor and explain that I mean they should ask their creditors for three things that can almost instantly improve their credit score.

First of all, check your current credit score, which you’re trying to increase. The credit score that matters most is still the FICO score, and you can get it straight from the source.

Once you know your score, here are the three asks that can improve it:

1. Ask for a higher credit limit.
One of the key factors in your credit score is your credit utilization ratio, or how much credit you use compared with how much you have available to you. If you have one credit card with a $10,000 limit and $1,000 of debt on that card, your credit utilization ratio is 10 percent. You want that ratio to be as low as possible. The best way to change the ratio is to pay off debt — the top number in the ratio — but if you’re not in a position to do that, why not attack the bottom number instead? You can do that by simply asking your creditors to raise your credit limit on credit cards or other loans. I have found over the years that they often say yes to keep your business. Important caveat: Once you have this additional credit, do not use it. That would only ruin the new, lower ratio you just obtained.

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