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Ways to raise your credit score?
Written by paul on September 8th, 2006 with
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Effectively increasing your credit score actually consists of a number of different aspects. If you are looking to increase your credit score you should consider the following
- Pay your bills on time. Making sure your bills are paid on time each month is one of the fastest ways to increase your credit score. If possible always try to pay more than the minimum payment and work towards consistently making payments early before the due date.
- Do not maintain open unused credit cards and line of credit. Too many open loans, credit cards etc will lower your credit score. Even if these credit cards have zero balances, and that account is open, lenders will look at the maximum line of credit available on that card when reviewing debt to ratio for loans. If each card had a limit of $3,000.00 you have accessibility to $30,000 in just credit cards. Close out all but two.
- Keep credit card balances below 30% of the available credit limit. Don’t max out on any cards, its better to have 30% filled on both cards then having one card maxed out and the others empty.
- Do not close credit accounts you have had for a long time. Lenders are always looking for long history so never close the credit cards you have had for a long time
- Always remember, loans like mortgages, auto loans, and student loans are good to have on your credit, just make sure you pay them on time.
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