How can I raise my Credit Score?
Created by: Aazim Sharp
Modified on: Thu, 22 Mar, 2018 at 4:14 PM
Credit scoring models are complex. If one factor changes, your score may change -- but improvement generally depends on how that factor relates to other factors considered by the model. Nevertheless, scoring models generally evaluate the following types of information in your credit report:
- Pay all of your bills on time. Lateness, collections, and bankruptcies have the greatest negative impact on your credit score.
- Check your credit report on a regular basis and dispute inaccuracies as soon as you uncover them.
- Keep your account balances below 60% 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 $600.
- Try to carry balances well below 30% of the limit (ideally) - In the above example: Get your balance down to $350.
- Avoid too many inquiries.
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- Be on time, payment history has a 35% impact on your credit score
- Watch your debt ratios, your utilization ratio has a 30% impact on your credit score A large number of inquiries occurring 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 actually repay.
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