Fair Credit: Between Angels and Demons

By ccflyers on July 11, 2008

How does it feel to have fair credit? Is it a premonition of dropping down to demonic bad credit or an anticipation of becoming a rightful owner of angelic good credit? To tell you the truth, I am an experienced possessor of fair credit in the past. And to me it was like riding a rollercoaster. One moment you slowly crawl up and score the cherished points and good credit seems to be within your reach. Then bang! You make a little financial misstep and your credit roller coaster carriage rushes down in a free fall.
Actually, it is not even about how it feels to be a fair credit owner. What really matters is whether this type of credit score satisfies you, or you want more.
Fair credit is much better than bad credit, that is clear. You can find a fair credit card with pretty favorable terms and tempting options that will be quite competitive and will help you to gradually improve your credit rating. But if you are an aggressive go-getter, boosting your credit score and entering the breeding strain of good credit owners, nothing is impossible. It is all in your hands.
I turned out to be the second type and now I qualify for good credit cards with really beneficial features and terms, and I’m happy about that. I will tell you about how I managed to raise my credit, you can try following my advice and see what happens.
First of all, let’s specify what exactly bad, fair and good credit is. According to the FICO credit scoring system, bad credit starts with 350 and turns into a fair credit as soon as you reach 620. 40 more points and you can get approved for good credit cards. You see, scoring 40 points is actually much easier than score 270.
So, here is what I did in order to make my credit rating go up. Just 3 steps.
• First I removed old negative items and errors from my credit report. For that I just wrote letters to the three credit bureaus, provided all the necessary documentation, like credit account numbers, account activation and closing date, and other information. This improved my score by nearly 60 points.
• After that I opened two new credit accounts with high credit limits and tried to keep my balances as low as possible. I used something between 10% and 30% of the available credit limit and made all my payments strictly on time. This increased my rating dramatically.
• The final step on my way up to good credit was asking my cousin with excellent credit to co-sign me. Attaching perfect payment history to your credit report works just like Viagra for your credit score. This move added another 90 points to my credit rating.
So, this is how I raised my fair credit. You can do the same with yours. It is really within your powers. After your first even a small 20 points victory nothing will be able to stop you. I didn’t stop. Now I am working on my good credit to make it excellent. And I have no doubts that I can do it. I managed to overcome my demons. And so can you.

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One Response to “Fair Credit: Between Angels and Demons”

  1. DanJohnson said:

    I agree that most people with fair credit are usually able to pay their credit bills on time. However, they may have a few late payments due to a life changing accident or an unexpected event. Some people may be close to being overextended. That reduces their good scores.

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