Stacey-Ann's Blog

1. Only open new credit accounts when you really need them. Don't open accounts for the purpose of improving your credit or getting a discount on a purchase - it probably won't raise your credit score. In some cases, it may even lower your score.
2. Pay your bills on time. Remember that payment history counts for 35% of your score. Derogatory payment information can and WILL have a major negative impact on your scores for 7 to 10 years.
3. Watch your credit card and/or revolving account balances! High outstanding credit card debt can really hurt your credit score. Your debt levels account for 30% of your score. Keeping your utilization (percentage of credit limits used) around 10% will give you the most points in this category.
4. Avoid the transfer game and pay off your debts rather than moving them around from one credit card to another. Transferring your debt doesn't affect a total revolving debt figure - it's best to pay it down.
5. Don't close unused credit cards as a short-term strategy to raise your FICO scores. This approach almost always backfires and lowers your credit scores.

Greg Vogel |  Certified Credit Expert | MyWellnessCredit.com | Direct: 1-888-232-9996 | Cell: 970-420-7832 | Fax: 970-692-8371 | FCRA Certified

79% of credit reports contain incorrect information. What are you doing to increase YOUR credit power?