# 1 – Do not apply for new credit cards – When you apply for new credit cards too briefly and too often, it’ll lower your average account age. This may negatively impact your credit score. Avoid opening new credit cards until your credit rating has improved.
# 2 – Do not close old credit card accounts – You want to build an extended credit history of paying your bills and using credit responsibly. When you close your oldest credit card accounts, it is going to shorten your credit score history. This will decrease your credit score. In fact, use one of your oldest credit cards once in a while and repay the balance. That will display that you have a long credit score history and that you are responsible with the credit line.
# 3 – Do not ask your creditor to cut back your credit limit – If your balance rises above 35% of your available credit limit, your credit score rating will move down. Be sure not to ask your creditor to cut back your credit limit. This may raise your balance over 35% of your available credit.
# 4 – Avoid consolidation – While you need to repay your debt, do not do this through consolidating the debt into one account if the consolidation causes the balance to raise push above 35% of your available credit limit. As discussed earlier, if this occurs your credit score ranking will go down. Having multiple credit lines with balances fewer than 35% of your credit limit will be a good suggestion for your credit score.
# 5 – Some things take time – Be conscious that paying off collection accounts or paying off delinquent accounts is not going to take away the poor record out of your credit report. It remains to be a part of your credit history. Your credit ranking will improve over the years as you rebuild a fantastic credit score history. Delinquent accounts stay on the credit score file for 7 years.
# 6 – Avoid credit repair companies – Credit repair firms cannot do anything you can’t do yourself. They cannot make the credit reporting agencies do away with or change the information on your credit score report.
Helpful Tip # 7 – Shop for credit within a short while – Most credit rankings will not be affected by more than one inquires from lenders related to student loans, auto loans, or mortgage companies provided they’re made within a brief timeframe. Most credit agencies will consider these as a single inquiry, so that it will not have much affect on your credit score.
Helpful Tip # 8 – Check your own credit score record – Contrary to widespread belief, you may also check your individual credit score report as repeatedly as you want. This will not negatively affect your credit score. You may download your credit score record and rating from websites like www.truecredit.com. Checking and monitoring your credit score on a regular basis is vital to ensure there are no unauthorized charges on your report. However, remember that you are only entitled to one free report a year.
And finally, if you are interested in free smart credit info, please visit http://www.creditrepairthesmartway.com
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