by: Michael Creditfirm.
1. Pay down your credit cards.
Your debt to credit limit ratio, also known as the utilization rate, accounts for 30% of your credit score. Carrying too much debt on your credit cards may lower your credit scores and slow down your attempt to quickly boost your credit scores. Increase your credit scores by paying your credit card balances down to 20% of the credit limits or less and you will be sure to see your credit scores rise.
2. Increase your credit limits.
3. Use old accounts.
15% of your credit score is calculated from the average length of Active credit on your account. If you have old inactive credit cards, be sure to use them so that the credit card companies don’t close them for inactivity. Just be sure to pay off the cards at the end of the month to avoid interest fees and charges.
4. Limit inquiries.
Every time you apply for credit, a credit inquiry reports on your credit report as a history of your request. Creditors need to have permissible purpose in order to access your credit report, and a credit report “inquiry” provides a record of such access. Unfortunately, companies often check credit reports at will and violate the law by reporting numerous inquiries without any permissible purpose. What does this mean to you? Too many inquiries will lower your credit scores and hurt your chances at obtaining credit at the best possible interest rates. Review the inquiries on your credit reports and make sure that every inquiry reporting on your credit file is legitimate. If you see an inquiry that you don’t recognize, contact the credit bureaus as well as the creditor to have them remove the unauthorized record.
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