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March 18, 2010 02:13 AM
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First do not open up new accounts to reduce your credit to debt ratio this is the most misused advice. Save old accounts that you do not use to reduce this level. One of the easiest waays to help the score is to pull your report and dispute any incorrect information. Do not have all kinds of people accessing your report as inquiries do not look good. But the most important thing is to pay your credit down to a level of below 75% outstanding to available credit. People with a high rate here show they are not doing well and I would guess you are looking to obtain a mortgage. If your a first time homebuyer try to get a Government backed loan as with HUD or other new programs. You cannot erase bankruptcies, write-offs or late payments so these just have to work over time to be removed. Also if you are buying a house look to put 20% down as this looks good to the Banks. Also if you go lower and your credit is not the best agree to pay for mortgage insurance. Good Luck!
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