Credit Score Tips for Improvement

 By: Jennifer Quilter
No matter how much you've already done, and how great you think your score currently is, it doesn't hurt to know these little things you can do for credit score improvement. The scale ranges from 300 to 850 with anything on either end being something you don't really see. With that in mind, anything over 700 is going to be considered great, and 730 and up is going to guarantee you the best interest rates and acceptance for anything you apply for, even a mortgage. Even if you have one of those great scores of 730 or above, you'll want to be sure you know how to stay there because keeping it up does require some effort.

The first thing you need to do is get a copy of your report. Check over this for errors and make sure to get in touch with companies about anything that is incorrect. Another thing to look for are any negative reports over seven years old (other than bankruptcy which lasts ten) should have fallen off your report. If not, call the companies and keep calling until they take it off, or contact the credit bureaus. They can be slow about removing it because they personally have no motivation to do so, but keep calling and ask to speak to managers because it is worth it to you.

Paying down any balances on your cards will really help your situation. As a general goal you should try and keep your balance below thirty percent of the credit limit. A factor in determining your credit score is how much of your credit you are using versus how much is available to you. The less you use, and the more available to you, the better. The best card practice is to use less than thirty percent and pay it off in full each month.

Another factor is the age of your accounts. The older an account the better. If you have an old account you haven't used lately bring that out and use it lightly, remembering to try and keep below thirty percent of your limit and paying it off each month in full. This will make the older account show up on your report more prominently and help age your credit.

If you already have plenty of cards you don't need to get more for credit score improvement. Instead look into getting an installment loan. Your report is made up of loan and card payments, so having a healthy history with both is ideal. Common uses for this are a car loan, tuition, or home improvement. On these installment payments, or on your cards, the best thing you can do for yourself is make sure that you are never making late payments. Paying everything on time does wonders for your financial history!

If you made one late payment a while back and since then have always been on time you can write a letter to the company asking for a "goodwill adjustment". This is where, because of your loyal service, and consistent history of timely payments they basically excuse that one late incident. They won't always do it, but it's worth the try and won't take you much effort to send off that letter.

Significant jumps upward take time and a history of on time payments on different kinds of accounts, but these tips can get you on the fast track to credit score improvement no matter where you're starting. Even though you aren't seeing the changes right away, trust that what you are doing will eventually show up and do as much as you can now.
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