What are ways to improve credit score?
• Pay your bills on time. Delinquent payments and collections can have a significant adverse impact on your FICO score. Therefore, make sure that you get your payments to your creditors on or before the due date on your statements. • Keep revolving credit balances low. The key point here is that you need to be aware that the FICO scoring model uses a sliding scale and that the LOWER a person’s utilization rate (outstanding debt to your available line of credit) on any one account, the better! • Get current and stay current if you have missed payments. • Pay off debt rather than moving it around. • Contact your creditors if you are having trouble making ends meet. • Don’t close unused credit cards as a short-term strategy to raise your score. • Use each of your credit cards at least once every six months. • Open new accounts responsibly. Don’t open a number of new credit cards that you don’t need, just to increase your available credit. • Don’t open many new accounts too rapidly if you
