Boost your Fico score now!

Most of the lenders uses Fico score as credit score. Since so many borrowers are failing to pay debts, lenders are placing a lot more importance on that number.

The FICO score is calculated based on complicated math which takes into account the behavior of millions of consumers. But, there are ways to take control and boost your score.

It's no longer enough to hit 620. Lenders are requiring scores at 680 and above to be worthy of their money.

Peter Benavides cares about his FICO score because he eventually wants to buy a home in the Bay Area.

He believes he is financially responsible and holds strong credit. But myFICO.com tells a different story. It's an online calculator by Fair Isaac - the firm that invented the primary credit scoring system and it shows his score is lower than he expected at 602.

Benavides is surprised by his subprime status because the program says he pays bills on time and only carries $1,500 in debt. Believe it or not, the problem is with his lack of plastic.

Jen Crawford with myFico.com explained, "His number one factor or biggest problem is he's using 95 percent of his credit cards."

Because Benavides puts purchases on only two credit cards, it gives lenders the idea that he is maxed out and more likely to miss payments. If he opens a third card that debt will spread out.

As long as Peter continues to use 50 percent or less of his available credit his FICO score will rise.

"He can easily reach the low 700s within a couple years," Crawford said.
Peter Benavides looks forward to the challenge.

"As long as I know ways to improve my score I'll feel more confident for the future," He said. "There is a price to pay and you have go to with it. You have to prove you are responsible enough to obtain a good credit score."

I think all these tips would definitely help to grow your FICO score fast.