Tips for Raising Your FICO® Score
Provided by the credit scoring experts at www.myFICO.com.
Scores reflect credit payment patterns over time with more emphasis placed on recent information.
To improve your credit score:
— Pay your bills on time.
Delinquent payments and collections can have a major impact on your score. The longer you pay your bills on time, the better your score.
— Keep balances low on credit cards and other "revolving credit."
The most effective way to improve your score in this area is by paying down your revolving balances.
— Apply for and open new credit accounts only as needed.
Don't open new accounts just to have a better credit mix-it probably won't raise your score.
— Don't close unused credit cards as a short-term strategy to raise your score.
In fact, this approach could backfire and actually lower your score.
— Check your own credit reports for accuracy.
This won't affect your score so long as you order your credit report directly from one of these: Equifax, Experian or TransUnion; or from an organization they authorize to provide credit reports to consumers. Alternatively, you can visit
www.myFICO.com and order your Score Power
TM report which includes your Equifax credit report, FICO
® score, and score explanation.
For more information visit www.myFICO.com
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