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Restoring lost points on your FICO Score

September 1, 2014 by · Leave a Comment 

Many simply fail to pay a bill on time and some completely forget that they have a small balance on their credit card and similar revolving account to settle. Sometimes if the amount is small, the creditor may forgo the balance and send you a cancellation notice of the credit line. This can affect your FICO Score and you may see it go down closer to 100 points. Many wonder whether there is a way to get it back. Some have tried with the creditor but were unable to reestablish the credit line or to restore FICO Score.

There are few simple things you can do to avoid such disasters in the future. You can setup automatic payments for credit cards and other lines of credit with your bank. If you don’t trust the system, write payment due dates on a monthly calendar and make payments on time. If you can limit the use of your credit card limit to about 30 percent and use your credit cards more often, it will help you to improve your FICO Score. Other bills such as unpaid medical bills can be forwarded for collection and if it happens it can affect your credit score. Make sure to pay them on time.

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