Improve your credit score - How To | Bad Credit Online Magazine

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September 21, 2005

Improve your credit score - How To

It won't hurt to remind you that your Fico credit score is not just a number, it's a tool you can use to save money. Here are 5 excellent tips from MyFico.com that we've found in the CNN article about how to improve your credit score with 5 tips. Follow these tips to improve your Fico score:

- Pay your bills on time. Delinquent payments can have a major negative impact on your score and the longer you pay your bills on time, the better your score. For example, someone with an average credit rating of 707 can raise their score by as much as 20 points by paying all their bills on time for one month.

- Keep balances low on credit cards. High outstanding debt can affect your score. Maxing out your credit cards could lower your average score by as much as 70 points.

- Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points.

- Have credit cards - but manage them responsibly. In general, having credit cards and installment loans (and making timely payments) will raise your score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.

- Closing an account doesn't make it go away. A closed account will still show up on your credit report and may be factored into the score.

Posted in Credit Repair at September 21, 2005 06:03 PM

Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Improve your credit score - How To

September 21, 2005

Improve your credit score - How To

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