subject: Best way for a credit score repair [print this page] Having a good credit report is very essential because of its benefits; almost everyone will require taking out a loan, maybe to purchase a car or a home at some point in their lives. Lenders depend a great deal on your credit score to determine whether to give you this loan. So it is necessary to keep a clean credit history and have a good score. In a bid to have a good credit score, there are things you need to be careful about; because experts have shown that not every body with a poor or low credit score did something wrong like not paying bills on time that made their score poor. Having a bad credit score could be caused by fraudsters that hack into your information from one source or the other and they take advantage of your information. Or having a bad score could be due to carelessness where you apply for a store credit card and then forget all about it but the account remains on your credit report and will affect your score as long as it is open. Having credit lines and credit cards you don't need makes you seem like a worse credit risk because you run the risk of "overextending" your credit.
Also, having lots of accounts you don't use increases the odds that you will forget about an old account and stop making payments on it - resulting in a lowered credit score. It is advised that you keep only your used accounts and make sure that all other accounts are closed. Having fewer accounts will make it easier for you to manage and keep track of your debts and will increase the chances of you having a clean record.
You might say this is not likely to happen to you because you feel you just cannot forget an account you opened, but studies have shown that if you do not interact with something for a reasonable length of time, it becomes very likely for you to forget that thing. This is exactly why you should try and close those accounts you do not make use of and pay down your accumulated debt. You will forget them if you do not and this will adversely affect your credit score which is definitely what you are running from.
