Tips to Improve
your Credit Score

How many and what types of credit accounts do you have? Am mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.

Do you pay your bills on time? One of the most important things you can do to improve your credit score is to pay your bills by the due date. If you have paid bills late, have had an account referred to a collection agency, or ever declared bankruptcy, that history will show up on your credit report.

What is your outstanding debt? Many scoring models compare the amount of debt you have to your credit limits. If the amount you owe is close to your credit limit, it could have a negative impact on your score.

How long is your credit history? A short credit history may have a negative impact on your score, but a short history can be offset by timely payments and low balances.

Have you applied for new credit recently? If you have applied for too many new accounts recently that may have a negative impact on your credit score. Prescreened credit offers, creditors monitoring your accounts and requesting a copy of your own credit report are not counted as applications for credit.