How to improve my credit score?

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How to improve my credit score?

Postby 4Runner » Sun Aug 28, 2011 10:07 pm

Guys, what do think is the best way to improve your already good credit score?

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Postby ooxs » Wed Aug 31, 2011 6:16 pm

Diversify your accounts / portfolio. (i.e Loans, Credit cards)
Pay your bills on time but if you have missed a payment, catch up and stay current. (This is a Major one)
Keep balances low on all your accounts.
Only apply for credit when needed regardless of how excited your fingers get when you see an American Express banner.
Review your credit report from time to time for error.

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Postby JNK » Wed Aug 31, 2011 9:48 pm

Diversify is a good way to help give your credit more goodness. BUT don't go around diversifying if you don't need to. For example, I took out a student loan from the government as a necessity for additional schooling. For a while, my credit took a bit of a hit (since it was a big-ish loan), but now my credit's even more awesome than it was before AND I have an installment loan that's in good standing under my name.

Because I now have an installment loan under my name, getting a car loan would actually be easier and would give me a better interest rate than before because the installment loan shows that I can keep a long-term loan agreement in good standing.

But again, don't go around 'diversifying' if you don't need to.

Paying on time, keeping the average age of your accounts as old as possible (don't open too many new accounts), and keeping your debt to credit ratio low(er) are all things that are good markers for credit.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)

Business Collection:

AMEX: Costco True Earnings
VISA: Chase Ink Cash

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Postby naomibatac » Tue Sep 20, 2011 9:37 am

Yes, the best way to maintain and improve credit score is by paying on time always, don't go beyond fifty percent of your credit limit. Before, I had only one credit card because that is all I need, but was able to get a good credit score. When I got my second, it was very easy.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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Postby AustinSteel94 » Sun Oct 02, 2011 12:38 am

What you need to do is, keep your credit card balances low, payments paid on time, don't try to open a lot of cards in a short period of time. Each time your denied for a credit card your score goes down. If you have any loans try to pay more money each month. Any more questions, message me.

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Postby Code of Honor » Mon Oct 03, 2011 12:34 am

Low balances, have different types of accounts, always pay on time, pretty much what everyone has already said. It's mostly discipline and patience. Once you have enough credit just stop applying for more and let your accounts age (try to get cards known for auto CLI so you don't have to apply for new cards to get higher overall credit line). And be vigilant about anything fishy in your reports.

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