Consumer's Credit

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How to Improve Your Credit Score

Category: Consumer's Credit

Timely payment of your credit obligations and lowering the amount of the debt you currently have on your credit cards and loans are two of the main factors in maintaining a good credit score.

Time is another important factor because negative information in your credit history has a limited lifespan as described in the segment “How Long Can Negative Information Be Reported?”

Take action and create a plan to improve your credit score:

  • Get a copy of your report.
  • If you need help understanding the information, look for an accredited credit counseling agency like those that are members of the National Foundation for Credit Counseling.
  • Pay down your debts and call your creditors if your situation does not allow you to make payments on time.
  • Keeping your creditors informed will make them more receptive to working with you.
  • Focus on paying first the debt with the highest interest rate.
  • Avoid applying for new credit unless you really need to open new accounts. When you apply for new credit, inquiries are generated, which may lower your overall score.

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