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5
Quick Steps to a Better Credit Score
Learn how to manage your credit score and improve your creditworthiness
Think of your
credit
score as a picture of your credit risk. This picture reflects your
risk at a specific point in time. A picture does not change; however,
when you take another one, you will probably look a little different.
Similarly, when your credit information changes, your score will also
change to reflect the updated information.
There are steps you can take to ensure that each time
a new
"credit
picture" is taken, it shows your best side. By observing the following
guidelines, you can influence your credit worthiness for the better:
- Be punctual- Pay all your bills on time.
Late payments, collections, and bankruptcies have the greatest negative
effect on your credit score.
- Check your credit report regularly and take
the necessary steps to remove inaccuracies - Don't let your credit
health suffer due to inaccurate information. If you find an inaccuracy
on your
credit
report contact the creditor associated with the account or the credit
reporting agencies to correct it immediately.
- Watch your debt - Keep your account balances
below 50% of your available credit. For instance, if you have a credit
card with a $1,000 limit, you should try to keep the balance owed below
$500.
- Give yourself time - Time is one of the
most significant factors that can improve your
credit
score. Establish a long history of paying your bills on time and
using credit responsibly. You may also want to keep the oldest account
on your credit report open in order to lengthen your period of active
credit use.
- Avoid excessive inquiries - A large number
of inquiries occurred over a short period of time may be interpreted
as a sign that you are opening numerous credit accounts due to financial
difficulties or overextending yourself by taking on more debt than you
can easily repay.
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