- 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.
- 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.
- 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.
- 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.
- 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?
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!