Improve Credit Scores Payment History Category
- Pay on time, no magic secret here
- If you can’t pay on time, notify your lender that you need to work something out
- Get current on past due accounts
Improve Credit Scores – Amounts Owed
- Keep low balances relative to your credit limit – 35% or lower is best.
- Don’t open new accounts just to lower your used credit capacity – having too much capacity is a risk too
Improve Credit Scores – Length of Credit
- Consider keeping old accounts open if you’ve been a good borrower
- Start building your credit as soon as possible
Improve Credit Scores – New Credit
- When shopping for new credit, keep it all within a short time frame such as 14 days or less
- Borrowers with a bad history can improve credit scores by opening a new account and managing it