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One of the enduring myths about credit is that the damage you do to your scores is somehow permanent. But just as a few bad moves can devastate your score, a few smart moves–paying down your credit cards, getting rid of errors on your credit reports–can help your scores.
Experian underscored this with a recent release announcing that 3 of 10 consumers improved their PLUS credit scores by 1 to 50 points in a recent six-month period and 2 percent managed to boost their scores by 51 to 100 points.
I’ll offer the usual caveats here: that a PLUS score is not the same as the FICO score used by most lenders. But I’d be surprised if Fair Isaac’s figures were that much different.
Clearly, getting a major move in your scores in a short time is the exception, rather than the rule. And most people’s scores are pretty stable; Experian said 4 out of 10 consumers showed no change between January and June 2007. But improvement is possible; remind yourself of that if you’re digging your way out of a credit mess and losing hope.
