how to raise fico score

[Anonymous]

Hello everyone, I am new here. Just wanted to know how I can improve my credit score. Right now it is  563..I have just pulled my report and have some old collection accounts from 2003 from hospitals..should I pay these off completely? Will this help raise my score?  Please help.

Thanks

badcredit1     

[Anonymous]

Try PFD for old collection accounts and check your SOL on them.
CC utilization is a good way to bump up scores also. Make sure you have them between 1% and 9% utilized. Any other info or questions, post them and everyone will chime in with some great advice.

[Anonymous]

I am also new to this board and there are several abbreviations that mean nothing to me, for instance; what do PFD and SOL (post above) mean? Thankx

[Anonymous]

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@Anonymous wrote:
Try PFD for old collection accounts and check your SOL on them.

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Is it a bad idea to send a PFD if the statute of limitations hasn't expired? I'm so confused by this. I would just offer PFD to all of my collections accounts, but now I'm afraid that will get them interested in suing me.

[Anonymous]

Hi, i just found out that sol is statue of limitations. I don not what pfd is yet. Hope this helps!'

badcredit1

[Anonymous]

Thanks for the info! What is pfd?

Thanks

badcredit1

[haulingthescoreup]

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@Anonymous wrote:
I am also new to this board and there are several abbreviations that mean nothing to me, for instance; what do PFD and SOL (post above) mean? Thankx

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Welcome to FICO land! You really, really, really, really will not grasp what everyone is babbling about unless you go to the top of each forum and read through the threads clumped up at the top, especially Credit Scoring 101. Really.

In the meantime, here is an abbreviation link, which all of us are hoping will be updated soon, but hasn't yet. *ahem!!!* fused! Tuscani! Barry! *ahem!*

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=1325

sorry, I'm on Firefox, so it doesn't show as a link--just copy/ paste it into your browser window

[Anonymous]

Thanks for the info!

badcredit1

[Anonymous]

hi, how can I get approved for a credit card with a interest rate that low with my credit?

Thanks

badcredit1

[Anonymous]

Hi badcredit1,
A good resource is a user maintained database at whogavemecredit.com.
Also the sticky in the CC forums on BK friendly credit cards have some good links with scores.