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Take These Steps To Improve Your Score

What Can I Do to Improve My Credit Score?

So, how do you improve your credit score? While there is no "guaranteed" formula for doing so, obviously the better your payment record, the better off you'll be. Let's look at some things you can do:

  • 1 - First, get a copy of your credit report from all three credit bureaus. Because your score is based on the data in your files, you should make sure that the data is accurate. Request that any incorrect data be corrected. Then follow up by getting another copy of the report to make sure that it has, indeed, been corrected.

  • 2 - Request that all three bureaus not accept unauthorized inquiries. Many credit card companies, finance companies, etc., inquire about your credit history. That's why you get those "pre-approved" credit card and home equity offers in the mail. However, those inquiries can hurt your credit score. Similarly, you should not apply for a bunch of credit cards or credit lines, especially if your credit history is not good or you have a lot of debt and are likely to be turned down. That can also hurt your credit score.

  • 3 - Be sure to have established a credit history-a good one! If you can, you should have about three credit cards that you pay the minimum on-on time-every month. If you don't have any credit cards or loans, that can hurt your score, too. So can too many. If you don't quality for a regular credit card, apply for a "secured" card. With a secured card, you put money in an account and get a credit card with a limit based on a percentage (sometimes 100%) of that amount. Your payment history on the card is reported to the credit bureau and helps you establish a payment history. NOTE: Debit cards do not help you establish a credit history because they work like checks drawn against your checking account.

  • 4 - Minimize finance-company loans. It's better not to have any.

  • 5 - Keep up your good payment record. Don't slack off. The longer you pay on time, the more points you get. Your payment history and current payment pattern are important.

  • 6 - If you have derogatory public information (bankruptcy, foreclosure, collections, etc.) in your file, the more time that has passed, the better. Better yet, don't do anything that will result in that type of derogatory information in your file.



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