Ten Ways to Improve your Credit


  1. Maintain a small number of revolving accounts with high limits and pay them off each month.  Do not charge up more than you know you can easily pay off when the bill is due.  If in doubt about your ability to pay off the card at the end of the month, use cash.  It is much safer.


  1. Do not apply for credit indiscriminately.


  1. If you accidentally make a late payment, ask the lender for forgiveness “just this once.”


  1. Get a new credit card and do not use it.  Your FICO score is based upon a ration of the overall percentage of outstanding debt divided by available credit.


  1. If you have a credit card balance, make larger payments than the minimum and make payments on time (NO MATTER WHAT).


  1. One of the most damaging aspects of credit card debt is to owe more than the limit on a particular card.  Pay this off first.  Try negotiating interest rates with your credit card company.


  1. Do not let companies do unnecessary inquiries on your account.


  1. If you are getting a divorce, be sure to contact creditors so you can replace joint credit cards with ones in your own name.


  1. Never max out a credit card account.  It is better to spread the debt across several accounts.  A good rule of thumb is not to be above 80% of the actual credit limit.


  1. Never close the lines of credit that you use responsibly.  Keep them open and maintain them for a long time; your credit score will improve.
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