Improving My Credit Score

Did you know that having the same credit card for a long period of time, with a good pay record, boosts your credit score?

The longer, the better. Having the same credit card for 20 years can add 25 more points to your credit score compared with having the same credit card for 15 years.

Of course, having too many credit cards with either high balances or large amounts of credit available can negatively impact credit scores, so it's a fine line to walk.

If you've got too many credit cards, it may be time to cut down to only the essentials. But as you do so, be sure to err on the side of keeping those credit cards that you've had for the longest time.

While having the same credit card for a long period of time can help your credit score, it's important to keep your eye on the most important thing you can do to have a strong credit history. Paying bills on time is generally the single most important contributor to a good credit score.

Reproduced from "Think Glink Newsletter", Issue 132 by Ilyce Glink  IlyceGlink@inman.com

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