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Boosting Credit Score

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If your credit score is low, you should not panic, because there are things that you can do to boost your score. However, you will need to put in some work in order to help the score. This is not a comprehensive list, but there are some things that can be done to help out your score.

–  Pay all of your bills on time, no matter what. Nothing hurts your credit score like being late on payments, or even missing them altogether. If you have a problem remembering, set up some type of automatic bill pay, or some type of calendar reminder to make sure you don’t forget. If you don’t do this, it will undo any other good work you might to do to boost your score.

Remove negative or false items from your credit report. Once you have pulled your free credit report, look it over to see if there is any inaccurate information on there, or if there is anything that can be done to remove any negative items. This could be a quick way to fix your score, if there is something negative and untrue on there, but obviously it will be hit or miss if there is anything false on there (hopefully there is not, so you can avoid the headache).

Pay your debts down. If you have the ability to pay down debts, especially credit card debt, that can be huge for boosting your score, as it lowers your credit utilization rate, which factors into your score. Another way to do improve that rate is to increase your credit limit, though the preferable strategy is to lower your debt load.

There are other things that can be done, but if you just do these basic things, you will see your credit score improve slowly but steadily. The good news is that you can boost your score, and it’s not really all that hard, it is just doing things that you should be doing anyway. The bad news is that it can take some time, but you will be building a solid financial foundation if you follow these steps.

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3 Responses to “Boosting Credit Score”

  • James K S says:

    The higher your total “credit limit” the better. For example, all things being equal (including both utilizing < 10% of their credit), the person with an available credit line of $20K will have a better score than another person with a credit line of $5K. This does not include installment loans (Mort, Car, and the like). But this will include all your credit that is readily available to you to go spend now – Sears, The Home Depot, Chevron gas cards, department store cards, and all your other credit cards combined. Therefore, one way to boost your credit score may be to get more credit cards (including secured credit cards – that counts too). However one drawback to this is that two things will ding your credit score: your "account age average" stat that the scorers use, and a credit report hard inquiry. But, the affect of more credit will likely be greater than the negative affect because the average account age and inquiry is weighted much lower than the amount of credit available to you.

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