5 Tips for Improving Your Credit Score

To learn more about credit scoring, see the federal government. Trade Commission website, made for … improve your credit score is to pay your bills by phone companies because ….

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5 Tips for Improving Your Credit Score

  1. Get copies of your credit report —then make sure the information is correct.
  2. Pay your bills on time.
  3. Understand how your credit score is determined.
    • Do you pay your bills on time? The answer to this question is very important. If you have paid bills late, have had an account referred to a collection agency, or have ever declared bankruptcy, this history will show up in your credit report.
    • What is your outstanding debt? Many scoring models compare the amount of debt you have and your credit limits. If the amount you owe is close to your credit limit, it is likely to have a negative effect on your score.
    • How long is your credit history? A short credit history may have a negative effect on your score, but a short history can be offset by other factors, such as timely payments and low balances.
    • Have you applied for new credit recently? If you have applied for too many new accounts recently, that may negatively affect your score. However, if you request a copy of your own credit report, or creditors are monitoring your account or looking
    • <sst take to improve your credit report.
    • Beware of credit-repair scams.

How many and what types of credit accounts do you have? Many credit-scoring models consider the number and type of credit accounts you have.

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