If someone has a credit card which has a high balance, while their remaining credit cards have low or zero balances, it's best to distribute the debt across the cards in order to change the ratio of debt to available credit.
Many consumers believe that they should close an existing credit card account if the card is inactive. It's better to keep the account open and use it periodically in order to take advantage of its contribution to their long-term credit history.
With the flood of credit card offers that come in the mail, it may be tempting to open new accounts. However, these "pre-approved" offers are not approved until the companies run a credit report which will temporarily impact the applicant's credit score. In addition, experts recommend that a person maintain between two to five credit card accounts, total, so it's best to avoid accumulating too many.
There are several factors that contribute to a credit score. But by observing the tips above, as well as making payments on time and keeping balances as low as possible, a consumer is sure to achieve superior results.
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hanks for the posting. We learn a lot from Active Rain blogs. Best Regards,
Good tips for buyers looking to improve their credit scores - thanks for sharing!
Thanks for the post Darrell. There are many people out there today that could benefit from learning how to raise their credit score.
Everyone should at least make an effort to improve their credit score, but especially before buying a house. I went to get a loan and almost couldn’t because there were several blots on my credit report that weren’t even legit! My lender Intercontinental Capital helped me to clear up the errors and get approved for a loan. But because my credit had gone so long with those problems my rate wasn’t as low as I’m sure it could have been. Time is of the essence when it comes to fixing your credit.
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