Tips for Improving Your Credit Score Some More

Yesterday, I started my post on 5 Tips for Improving Your Credit ScoreScore. Since I was including a lot of great information, the post got a little long and unwieldy. So I’ve split it into two days’ of reading.

Here are the last of the five tips on “Ways to Improve Your Credit Score”. Starting with number 3…

3. Understand how your credit score is determined.

Your credit score is usually based on the answers to these questions:

** Do you pay your bills on time? It’s very important how you answer this question. For instance, if you have paid bills late, have had an account referred to a collection agency, or have ever declared bankruptcy, this history will show up in your credit report.

** What is your outstanding debt? Many scoring models compare the amount of debt you have and your credit limits. If the amount you owe is close to your credit limit, it is likely to have a negative effect on your score.

** How long is your credit history? A short credit history may have a negative effect on your score, but a short history can be offset by other factors, such as timely payments and low balances.

** Have you recently applied for new credit? If you have applied for too many new accounts recently, that may negatively affect your score. But if you request a copy of your own credit report, or creditors are monitoring your account or looking at credit reports to make pre-screened credit offers, these inquiries about your credit history are not counted as applications for credit.

** How many and what types of credit accounts do you have? Many credit-scoring models consider the number and type of credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.

Visit the Federal Trade Commission’s publication on credit scoring at their Web site.

4. Learn the legal steps you must take to improve your credit report.

The Federal Trade Commission’s “Building a Better Credit Report” has information on correcting errors in your report, tips on dealing with debt and avoiding scams—and more.

5. Beware of credit-repair scams.

Sometimes doing it yourself is the best way to repair your credit. The Federal Trade Commission’s “Credit Repair: Self-Help May Be Best” explains how you can improve your creditworthiness and lists legitimate resources for low-cost or no-cost help.

Now, if by some chance you missed yesterday’s post with the beginning two tips, all you need to do is to scroll down below this post and read away! Or, you may just want to click to here and here for more interesting and helpful reading right here at this site.

Yours In Improving Your Credit Score”

5 Tips For Improving Your Credit Score

I’ve been a little missing this last almost week because I’ve had to send my computer to the “Infirmary” and then get my files “restored” from my online backup and onto my new computer.

That takes a really long time y’all!

So, I’m back now…almost up to par computer-wise, and ready to again begin posting here regularly.

Rummaging through my “dump” files, I found the following information about Credit Scores and figuring it all out, that might interest you, So, here goes…:5 tips to help improve your credit score.

With all 5 tips included, it’s a pretty long missive so I’m going to do you all a favor and break this up into two days of reading.

Is your credit score in the low 600’s? Do you even know what your credit score is?

1. Get copies of your credit report —then make sure the information is correct.

You can do this by going to the Annual Credit Report Web site. This is the only authorized online source for a free credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months.

You can also call 877-322-8228 or complete the Annual Credit Report Request Form at the Federal Trade Commission (FTC) web site and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

2. Pay your bills on time.

One of the most important things you can do to improve your credit score is to pay your bills by the due date. If you want, you can set up automatic payments from your bank account to help you pay on time, BUT be sure you have enough money in your account to avoid overdraft fees.

And there you go; you’ve got two really great tips under your belt.

So stop back here tomorrow about this time to finish reading about improving your credit score.

Yours In Improving Your Credit Score,