5 Ways to Improve your Credit Score
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1. Pay every bill on time - This is got to be the most crucial part of establishing a good credit score. You don’t even have to pay the entire thing off, just make sure you pay off the minimum balance.
2. Build up your credit history - Having a long history will show that you have the maturity and the responsibility to pay off your loans on time.
3. You want a low debt to credit ratio - This means keeping your balances low. A higher credit card balance compared to your line of credit will give you a higher debt to credit ratio.
4. Don’t apply for too much credit - Lenders don’t like to see somebody applying for dozens of credit cards and loans. You don’t want a lender to think that you are looking to take on more than you can handle.
5. Don’t have too many open accounts - Having too many credit cards, loans or lines of credit will show poorly on your credit score. I try to maintain 1 credit card, 1 line of credit and no more than two small loans at a time.
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[...] Defaqto Insight Team wrote an interesting post today onHere’s a quick excerpt 1. Pay every bill on time - This is got to be the most crucial part of establishing a good credit score. You don’t even have to pay the entire thing off, just make sure you pay off the minimum balance. 2. Build up your credit history - Having a long history will show that you have the maturity and the responsibility to pay off your loans on time. 3. You want a low debt to credit ratio - This means keeping your balances low. A higher credit card balance compared to your line of credit will gi [...]