| Strategies To Raise Your Credit Score | | | | to make the payment, rather than have a past-due |
| The best way to improve your credit score is to know | | | | account. |
| the factors involved which largely affect and influence | | | | Avoid Applying For Lines Of Credit All at Once |
| your score. If you’re searching for straight up | | | | The credit bureaus ding your score for multiple lines of |
| informative information to kick your credit score up a | | | | credit in a “short” period of time. This is due to |
| notch, then read on: | | | | consumers maxing out their credit accounts with |
| Do Not Close Accounts | | | | purchases they cannot afford. |
| Since a large part of your credit score is determined | | | | Reduce the Number of Credit Inquiries |
| by the age of the account, do not close your lines of | | | | A credit inquiry in general, lowers your score; with the |
| credit. Additionally, the more credit available that is | | | | affect of a drop of five points or less in your credit |
| available to you that you do not use, decreases your | | | | score. However, credit inquiries made towards the |
| debt-to-income ratio. | | | | same specific purchase, (such as a home or car loan) |
| Therefore, consolidation is fine, as long as you don’t | | | | offer a two week allotment for loan inquiries for the |
| close accounts. | | | | same credit purchase. Thus, the credit bureaus |
| Have a Mix of Different Types of Credit | | | | consider the related inquiries done within a two week |
| Credit-scoring models weigh the number and type of | | | | span to affect the credit score only once. |
| credit accounts. Even if you can pay off a loan, taking | | | | Ask for an Increase in Credit Limit |
| out an equal mix of installment credit loans and credit | | | | The higher your available credit that is not being used, |
| cards, can do marvel for your score. Doing so, will | | | | the lower your debt ratio will be. A low debt-to-income |
| prove you can manage different types of credit. | | | | ratio to available credit, affects your score positively. |
| However, be careful not to have too many of one | | | | Get Creditors to Report Positive Accounts |
| type of account, which could lower your score. The | | | | Ask creditors to report accounts that are in good |
| goal is for a balance mix. | | | | standing. Creditors have no legal obligation to do so, but |
| Resist Applying for Store Credit Cards | | | | if they do your score can jump up immediately. |
| Not only are the interest rates high, retail credit cards | | | | Check and Monitor Your Credit Score Regularly |
| are not viewed favorably in the eyes of the credit | | | | FICO reports for consumers who do not regularly |
| bureaus. The qualifying factor for store cards are low, | | | | check their credit, it can take up to a year for |
| and so the weight of creditworthiness is removed. | | | | individuals to notice an error in their credit report. |
| Pay Off Debts | | | | Dispute Credit Report Errors Online |
| Past Due accounts reflect negatively and lower your | | | | By using the credit bureaus online dispute process, |
| score. Accordingly, paying off balances will raise your | | | | your results will be much faster. |
| score. Even if you are disputing a charge, it’s better | | | | |