# 1 – Do not apply for new bank credit cards – When you apply for new bank credit cards too quickly and too often, it will decrease your average account age. This could negatively have an effect on your credit score. Avoid opening new bank credit cards till your credit score ranking has improved.
# 2 – Do not close old bank card accounts – You want to build an extended credit history of paying your expenses and the use of credit responsibly. When you close your oldest bank card accounts, it’s going to shorten your credit score history. This will decrease your credit score. In fact, use one of your oldest credit cards once in a while and repay the balance. That will show that you’ve got an extended credit history and that you are accountable with the credit line.
# 3 – Do not ask your creditor to scale back your credit limit – If your balance rises above 35% of your available credit limit, your credit rating will go down. Be sure not to ask your creditor to reduce your credit limit. This might elevate your balance over 35% of your available credit.
# 4 – Avoid consolidation – While you need to repay your debt, do not do this through consolidating the debt into one account if the consolidation causes the balance to raise push above 35% of your available credit limit. As discussed earlier, if this occurs your credit score ranking will go down. Having multiple credit lines with balances fewer than 35% of your credit limit will be a good suggestion for your credit score.
# 5 – Some things take time – Be conscious that paying off collection accounts or paying off delinquent accounts won’t get rid of the bad report from your credit score report. It continues to be part of your credit history. Your credit ranking will enhance through the years as you rebuild a superb credit score history. Delinquent bills stay on the credit score record for 7 years.
# 6 – Avoid credit repair companies – Credit repair firms cannot do anything you can’t do yourself. They cannot make the credit reporting agencies do away with or change the information on your credit score report.
Helpful Tip # 7 – Shop for credit within a short time – Most credit score rankings may not be affected by multiple inquires from creditors related to student loans, automobile loans, or mortgage companies provided they’re made within a short timeframe. Most credit rankings will consider these as a single inquiry, for you to no longer have much affect on your credit score.
Helpful Tip # 8 – Check your own credit score record – Contrary to widespread belief, you may also check your individual credit score report as repeatedly as you want. This will not negatively affect your credit score.
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