subject: Easy Ways To Raise Your Credit Score [print this page] Easy Ways To Raise Your Credit Score Easy Ways To Raise Your Credit Score
Of all the things that can have an impact on your financial health, your credit score is probably the most important. For those who want to raise their credit score, there are some concrete things that you can do to help increase it.
Every year it seems as though the sheer number of people who are delinquent on their credit cards accounts continues to grow more and more. There are a number of things that can negatively affect your credit score with delinquent payments being near the top of the list. Therefore, it stands to reason that there are a number of people in the country with less than stellar credit scores.
You can't raise your credit score overnight. It takes time, as well as effort. But what you can begin to do is to start paying off your balances. The economy has been so rough on many people that they still are unable to begin to pay off their balances yet. But, if you can, it is the best first step that you can make.
You debt to credit ratio is an extremely important marker in how your credit score is determined. You can improve your credit score almost immediately by reducing that ratio. But, before you begin to pay off your balance, request a copy of your credit report and credit score from the credit card company. About six months after paying off your balance, request another one. This will let you see how much of a difference paying off your balance made.
But there are a number of other things that you can do also. For example, if you have any additional loans, start to work on paying the balances down on them as well. You don't have to stress yourself out by paying off all of your debts. But, try to get your debt to credit ratio down to thirty percent or less. If you can do this, it should provide another jump to your credit score.
If you don't already, start using, but not overusing, your active credit cards on a regular basis. But pay off your balances at the end of each month. This shows the credit rating agencies that you are a person that is able to handle credit. In other words, don't stop using your credit card. Just use it more responsibly.
Do you have other open credit accounts as well? If so, you should occasionally make charges against them. Credit agencies like to see activity on open accounts.
And, finally, many people in the U.S.,simply have too many credit cards. Cancel the ones that you don't really use or need. Having too many credit lines open can lower your credit score. Some people simply cut them in half and stop using them. But that is not enough. If you simply stop using them the credit agency still has it on the books as a debt for you. So, you actively have to cancel the card for it to impact your credit score.
