FICO Facts

To receive a FICO score, a person must have at least one credit account open for six months and at least one that has been active within the last six months. Here are a few tips on how to improve that score:

· Pay bills on time, and pay at least the minimum amount due.

· Contact your creditors immediately if you miss a payment, and work out a payment plan (preferably before they report you to the credit bureaus).

· Do not close credit card accounts in good standing. Someone with no history of credit tends to be seen as a higher risk than someone who has a record of managing debt responsibly.

· Avoid charging to the limit of one card. It's better to charge less on two cards with room to spare.

· Ask creditors to raise your credit limit so that you do not appear overextended.

· Do not open new accounts, because it shows an interest in acquiring new debt, which can lower your score.

· Aim for a rich mix of credit, with revolving credit (credit cards) and installment debt (car loan, student loan).

· Correct errors on your credit reports.

· If you suspect your creditor is not reporting positive information to the bureaus, contact the creditors or the bureaus directly to set the record straight.

· Do not assume that a high salary guarantees a good credit score.

· Find out the key factors that are dragging down your score so you can fix them.

SOURCES: MyFICO.com, Freddie Mac's CreditSmart program

Here's how you can contact each credit bureau:

· Equifax: 800-685-1111.

· Experian: 888-397-3742.

· TransUnion: 800-888-4213.

Here's where you can request your free credit report:

· http://www.annualcreditreport.com/.