How to Lower a FICO Score

Finding fun ways to lower a FICO score, a measure of credit risk, isn't hard. Of course, this isn't a plan you want to follow if you want a peaceful life free of worry. If a phone ringing off the wall with debt collectors, garnished wages or repossessions doesn't sound like fun then don't follow these steps.

Instructions

1

Do not check on your credit report by visiting free sites like Annual Credit Report so that you see where your credit reports stand and what issues with your credit might be listed on it. If you see incorrect information on your report, do not ask that it is corrected instead, leave it as is.

2

Don't pay your bills on time. Let the mailbox fill up with late notices. You'll get to them when and if you feel like it or have some extra money. Naturally, neither of those things is very likely to happen. Paying bills on time or even making double payments if possible is a sure to raise your score, it does not lower it.

3

If you've missed payments, don't bother to call or write and let the creditor know why. Should you have a plan to pay soon, or if you can at least send part of the debt to them, don't bother to communicate with them.
If you communicated with them, they might even waive certain penalties or late payments if you've been current so far, and that kind of responsibility in debt paying is not how to lower a FICO score.

4

Don't worry that if the debt gets sent to a collections agency even paying it off won't get it off your credit rating. Do not be the least concerned that this debt will not be there for all to see for the next seven years and will not come off until then.

5

Whatever you do not go to the National Foundation for Credit Counseling site at nfcc.org, where you might find ways to get in touch with a legitimate credit counselor who could help you get back on track.

If you went to a credit counselor or checked with a website like Incharge.org, you would have to bring along copies of all those late notices along with all the original agreements you signed with the creditors. You would need to start keeping track of correspondence and even phone calls made to debt collectors.
They would want you to get in touch with the companies you owe and ask for copies of any invoices or contracts you are missing.
They would want you to look at all your old receipts and bills and calculate how much you typically spend a month on groceries, your mortgage or rent, utilities and clothing. Once you have the basic needs for the month calculated, you can then work on ways to meet your other obligations.
This is a lot of work, and it will do nothing to lower your FICO score, in fact, it might raise it high enough to make getting new loans or even a low interest loan on a house or car feasible.

6

If you haven't reached the point of having to deal with outstanding debts or debt collectors the best way to accomplish this and lower your FICO score is by:
Getting multiple credit cards and lines of credit and charging up items to the limit. Make sure that you can't pay back the funds in a timely manner and keep opening new accounts. Doing so, will ensure that you will lower your FICO score.