Improving Credit Scores

Raising your credit score, like improving your credit history, takes time and responsible credit behavior. Creditors look for stability in your credit history.

Your credit history shouldn't look like a seesaw. Stability is key. Erratic behavior such as sudden increases in debts or many applications for new credit can lower your credit score. There are things you can do to make a difference. You can improve your credit score by:

Keeping It Clean

Check your credit report for accuracy. Report any errors immediately.
Pay off all collection accounts. Remember that negative credit information can stay on your credit report for 7 years.
Pay your bills on time. If you missed a payment recently, bring the account current. Don't be late again.

Limiting Yourself

Keep your credit card balances low.
Don't have too many credit cards.
Don't open several new credit accounts just to increase your available credit.
If you're trying to establish credit, don't open too many accounts at once.

Taking It Slow

Pay off debt rather than moving it around from account to account. Your credit history shouldn't look like a seesaw. Stability is key.
Don't close unused credit cards as a short-term strategy to raise your score. Closing an account doesn't make it disappear from your credit report.

 

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