Credit Tips
5 Quick Steps to a Better Credit Score
Learn how to manage your credit score and improve your creditworthiness
Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific
point in time. A picture does not change; however, when you take another one, you will probably
look a little different. Similarly, when your credit information changes, your score will also change to
reflect the updated information.
There are steps you can take to ensure that each time a new “credit picture” is taken, it shows your
best side. By observing the following guidelines, you can influence your credit worthiness for the
better:
5 Quick Steps to a Better Credit Score
Learn how to manage your credit score and improve your creditworthiness
Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific
point in time. A picture does not change; however, when you take another one, you will probably
look a little different. Similarly, when your credit information changes, your score will also change to
reflect the updated information.
There are steps you can take to ensure that each time a new “credit picture” is taken, it shows your
best side. By observing the following guidelines, you can influence your credit worthiness for the
better:
- Be punctual- Pay all your bills on time. Late payments, collections, and bankruptcies have
the greatest negative effect on your credit score. - Check your credit report regularly and take the necessary steps to remove inaccuracies –
Don’t let your credit health suffer due to inaccurate information. If you find an inaccuracy on
your credit report contact the creditor associated with the account or the credit reporting
agencies to correct it immediately. - Watch your debt – Keep your account balances below 50% of your available credit. For
instance, if you have a credit card with a $1,000 limit, you should try to keep the balance
owed below $500. - Give yourself time – Time is one of the most significant factors that can improve your credit
score. Establish a long history of paying your bills on time and using credit responsibly.
You may also want to keep the oldest account on your credit report open in order to
lengthen your period of active credit use. - Avoid excessive inquiries – A large number of inquiries occurred over a short period of time
may be interpreted as a sign that you are opening numerous credit accounts due to
financial difficulties or overextending yourself by taking on more debt than you can easily
repay.
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