To take advantage of this tip, you will need to call each creditor and ask for their official monthly report date. Create a list of these dates and keep them handy. Then, all you have to do is make sure you make your monthly payment prior to each report date (instead of by the due date on your statement). This will ensure that the lowest possible balance for each of your accounts is reported each month. Score!
If you don’t have enough money to make payments, then you’re going to have to consider somehow settling those debts 3 Tips to Beat the Debt Collectors When Facing Bankruptcy (Or Late With Bills) 3 Tips to Beat the Debt Collectors When Facing Bankruptcy (Or Late With Bills) Serious financial problems are among the most stressful situations a person can encounter. Follow these tips to let technology take away some of the burden. Read More , either through a consolidation loan or some form of bankruptcy. Credit counseling services are an option if you want to settle debts but don’t feel comfortable negotiating them on your own.
Every creditor has an official “Report Date.” This is when they send the information about your account with them to places like FICO and the three credit bureaus.  More often than not, the report date (aka closing date) is before the payment due date on your account. This means that they will report a higher account balance for that month than what is necessary…and this may lead to a lower credit score!

If you’re in debt and need help, a reputable credit counseling organization might be able to help. Good credit counselors  spend time discussing your entire financial situation with you before coming up with a personalized plan to solve your money problems. They won’t promise to fix all your problems or ask you to pay a lot of money before doing anything.
For example, assume you have a credit card with a $1,000 limit. It’s a rewards card, so you use it for everything. In fact, every month, you hit your limit. The statement arrives, you owe $1,000, and you send in a check to pay it off. But the credit card company is likely reporting the statement balance each month. So, it looks like you have a $1,000 limit and a $1,000 balance. That’s a 100 percent credit utilization rate.
Self Lender, based in Austin, Texas, is designed to help consumers increase their financial health. Working in partnership with multiple banks, Self Lender offers a credit-builder account that is essentially a CD-backed installment loan. In other words, you open a CD with the bank and they extend a line of credit to you for the same amount. When you make payments, they report it to the credit bureaus.
Self Lender, based in Austin, Texas, is designed to help consumers increase their financial health. Working in partnership with multiple banks, Self Lender offers a credit-builder account that is essentially a CD-backed installment loan. In other words, you open a CD with the bank and they extend a line of credit to you for the same amount. When you make payments, they report it to the credit bureaus.
The trick here is that you need to batch all of these inquiries into a single two-week period in order to enjoy this benefit. There is a new scoring formula that expands this period to 45-days, but has not yet been adopted by all lenders and bureaus. For now, it’s best to shop around for the best interest rates within 14 business days to avoid an unnecessary decrease to your credit score.
Since your credit score is based on information in your credit reports, you need to see what’s on them. You are entitled to one free credit report per year from each of the credit bureaus and you can see all of your credit reports from the 3 major credit bureaus at once by going to annualcreditreport.com. Reviewing your credit report will allow you some insight on why your credit score is low.
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