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Tips For Credit Score Improvement

Author : Jennifer Quilter

Even when you think you've reached excellent heights 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 very rare, but anything over 700 is going to be considered great, and 730 and up is going to pretty well guarantee you the best interest rates and acceptance for anything. Even if you have one of those great scores of 730, you'll want to be sure you know how to stay there.

The first thing you need to do is get a copy of your report. Check over this for errors and dispute anything that is incorrect. Also, 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.

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.

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.

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.

Author's Resource Box

These arent the only things you can do, for more about improving your credit check out the Credit Score Scale.

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Tags:   credit score, credit improvement, improve your credit, credit report

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Submitted : 2011-06-21    Word Count : 486    Times Viewed: 607