The 10 Commandments to Having a High Credit Score

Posted by on Aug 23, 2012 in Uncategorized | 0 comments

-Do Not Miss Payments

Whether you make a payment on a bill or not determines 33% of your credit score! Even if you make two payments the next month, the missed payment will still serve as a hindrance towards your high credit score.

-Never Dismiss Anything

Although the librarian may be sweet, refusing to pay your library fees and other small delinquencies can stop you from having a high credit score.

-Never Have No Credit At All

Some may feel that its safer not to use a credit card in the pursuit of having a high credit score, but many loaners feel that no credit is as unsafe as bad credit. Stay small, and be responsible with a line of credit keep your credit history active.

-Never Settle With Creditors

A creditor may offer to settle your account for a very small percentage of what you owe and, but an account showing as settled is definitely not conducive to a high credit score. Ask the creditor to lower the interest rate instead.

-Try Not to Settle For The Minimum

If you consistently pay the minimum amount on your credit card account, it won’t hurt your credit, but it could place you on the list of “high-risk card holders.”

-Space Out Your Loan/credit card Applications

Credit inquiries lower your score, so try to apply when the other inquiries have worn off. Try to wait for at least three to six months.

-Do Not Trade Old Credit For a Newer Version

The length of your credit history makes up for 15% of your credit history. If you feel the need to cut back on your credit cards, pick the most recently acquired one.

-Check, but don’t obsess

You have a chance to check your credit at no cost at annualcreditreport.com, and you should always check your credit history for errors, but realize that it will most likely go up and down throughout the course of the year.

-Do Not Open a Store Credit Account just to save 10% 

Even if the cashier is persistent and you would love to save that percentage off of that big purchase, remember that multiple store accounts will lower your credit score.

-Budget

Sometimes, just saying no to a purchase and using that money to pay a bill is all you may need to increase your credit score.

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