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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.

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