by JQ Adams

Created on: May 11, 2009

Every 30 days creditors will report up-to-date information about your account to the three major credit bureaus like clock-work. So by taking a few simple steps, you can dramatically increase your credit score in just one month. Each of the seven actions that I am going to suggest will take no more than a few hours to take care of. By doing these things, you could raise your credit score enough to where it makes a difference between getting a 7% mortgage and a 6% mortgage, whether you get a job or not, whether or not you get approved for a small business loan or whether or not you can rent an apartment.

Step One: Bring all of your accounts current

35% of your credit score is based on your payment history. Having any late accounts on your credit report currently will dramatically lower your score. There isn't an exact number as to how much this will raise your credit score by, but it is weighted much more than other parts of your total score. Some suggest that doing this will raise your credit score by up to 60 points instantaneously.

Step Two: Pay all of your accounts within 30 days of the due date.

Conventional wisdom says that if you pay your bills late that you will hurt your credit, but the truth is that only paying bills more than thirty days late will hurt your credit. In terms of your credit report, every account will have a 30 day grace period before a ding shows up on your credit report. You'll still have to pay the late fees to your bank or creditor, but it won't hurt your credit score unless you're -really- late.

Step Three: Pay down revolving credit balances

30% of your credit score is based on how much of your credit that you actually make use of. Your credit score has nothing to do with how much debt you have relative your income, rather how much debt you have relative to your total available credit. If your debt to available credit ratio is 35% of less, you'll maximize this aspect of your credit score. Typically, this ratio is calculated only using credit cards, home equity loans, and other lines of credit. Mortgages and car loans typically won't be calculated in your debt to available credit ratio, so focus on your credit cards to improve this aspect of your credit score.

Step Four: Raise your credit limits

As mentioned previously, a good chunk of your credit score is based on what percentage of your available credit that you make use of. If have $10,000 in available credit and are making use of 35% of that, and are able to raise your

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