CardTrak.com - Most Trusted Source of Credit Cards Since 1986

By Michael McKinstry, CardTrak.com

One sure way to raise your credit score is to dump your credit card debt or bury it into your mortgage. A consumer with tons of maxed-out credit cards is considered a high risk, regardless of their income or on-time payment record. It is possible to be a "sub-prime multi-millionaire." A CEO with a national corporation recently had a major charge card canceled by Citibank for "revolving accounts too high" and "balances too high relative to credit lines." This, despite an average charge volume of $25,000 per month to the Citibank card and a flawless payment history. The cardholder also has a mid-six figure income and an eight figure net worth. The high debt was largely attributed to VISA and MasterCard business cards co-signed by the CEO and to consumer credit cards offering 0% APRs. His credit score dipped to the low 600s. Three months after dumping about $90,000 in card debt, the credit card score rebounded to the mid 700s and is still rising. Bottom line: credit bureaus do not track income and assets, and high credit card debt is a real score killer, regardless of your wealth.
This week, a group named Your Credit Card Companies offered the following tips:

• Shop for a loan within a focused period of time.
• Pay bills on time.
• Check credit reports for accuracy.
• Pay off debt, don't move it around.
• Contact a legitimate credit counselor for help with financial difficulties.

FICO scores can be ordered at http://www.myfico.com.