Credit/Debit Card Search

Best Ways to Boost Your Credit Score

By: Angela Fitzgerald

The best way to improve your credit score is to know the factors involved which largely affect and influence your score. If you?re searching for straight up informative information to kick your credit score up a notch, then read on:

Do Not Close Accounts

Since a large part of your credit score is determined by the age of the account, do not close your lines of credit. Additionally, the more credit available that is available to you that you do not use, decreases your debt-to-income ratio.

Therefore, consolidation is fine, as long as you don?t close accounts.

Have a Mix of Different Types of Credit

Credit-scoring models weigh the number and type of credit accounts. Even if you can pay off a loan, taking out an equal mix of installment credit loans and credit cards, can do marvel for your score. Doing so, will prove you can manage different types of credit. However, be careful not to have too many of one type of account, which could lower your score. The goal is for a balance mix.

Resist Applying for Store Credit Cards

Not only are the interest rates high, retail credit cards are not viewed favorably in the eyes of the credit bureaus. The qualifying factor for store cards are low, and so the weight of creditworthiness is removed.

Pay Off Debts

Past Due accounts reflect negatively and lower your score. Accordingly, paying off balances will raise your score. Even if you are disputing a charge, it?s better to make the payment, rather than have a past-due account.

Avoid Applying For Lines Of Credit All at Once

The credit bureaus ding your score for multiple lines of credit in a ?short? period of time. This is due to consumers maxing out their credit accounts with purchases they cannot afford.

Reduce the Number of Credit Inquiries

A credit inquiry in general, lowers your score; with the affect of a drop of five points or less in your credit score. However, credit inquiries made towards the same specific purchase, (such as a home or car loan) offer a two week allotment for loan inquiries for the same credit purchase. Thus, the credit bureaus consider the related inquiries done within a two week span to affect the credit score only once.

Ask for an Increase in Credit Limit

The higher your available credit that is not being used, the lower your debt ratio will be. A low debt-to-income ratio to available credit, affects your score positively.

Get Creditors to Report Positive Accounts

Ask creditors to report accounts that are in good standing. Creditors have no legal obligation to do so, but if they do your score can jump up immediately.

Check and Monitor Your Credit Score Regularly

FICO reports for consumers who do not regularly check their credit, it can take up to a year for individuals to notice an error in their credit report.

Dispute Credit Report Errors Online

By using the credit bureaus online dispute process, your results will be much faster.

Name: *
E-mail: *
Location (City, Country):
Comment: *
* - Required Fields.
Save information
Notify me


RSS Related Credit articles

What Steps are Required to Fix Your Credit Score?

The first step in fixing your credit score is knowing your credit score. If you are trying to take out a loan for a new car, you don't want to find out at that time that your score is too low. Then it is too late. You will have to accept a loan with poor terms or walk away without your new car. If you know your score, you are forewarned and forearmed.

0 Percent Credit Cards - Best Deals

For many people all over the world, a credit card can be a useful tool to have. There is no need to carry around money all the time; purchases can be made in a variety of different mediums such as telephone, mail and the Internet. One type of credit card that can be attractive to those who wish to pay off their balance whilst they have the credit card is a 0% credit card. These come in a variety of assortments, and deals vary with different terms, deals and added benefits.

Quick and Painless: How To Easily Budget Your Finances

While most of us will utilize plans for vacations, plans for the holidays, or plan out our weekly to-do lists, often planning how we spend our money is something we never get around to doing. Simply put, a budget is a plan, not necessarily an elaborate plan, for where to put our money.

All credit articles ?

Follow Us: Twitter

Useful Credit Cards Tips »

Cards issued to those considered credit risks come with interest rates in the 18% to 22% range and low spending limits. Such cards sometimes have extra fees hidden in the fine print.

Easy to get Credit Cards Online Applications | About Us | Contact Us | Privacy Policy | How Credit Cards Work - Credit Articles