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[copied from Globe & M]
1. Know your credit score which reflects the past six years; good is anything over 760.
2. Most important is pay your bills on time, paying even one day late hurts your score. If paying on-line date the payment at least three banking days before the due date to allow for processing.
3. Be mindful of your credit limit as being as little as $5. over limit leads to costly fees and damages your score.
4. Don't apply for store CC to get the discount for a one time purchase. These are viewed negatively by the credit companies because of their high interest rates. They drag down your score.
5. The percentage of available credit is part of the scoring so it's better to split 50 - 50 between two cards.
6. Prioritize your payments. Important as they are, mortgage/rent payments are rarely reported so it's more important score wise to pay CC, lease and loan payments on time.
7. If you are in dispute with CC, continue to make payments on time as any missed payment can really hurt your score and will be difficult to fix. if you close an account, get it in writing that it was closed with a zero balance.
8. Don't close un-used cards. Use them periodically because having a zero balance card improves your score.
9. Applying for too much credit is seen as a red flag. Being pre-approved by several lenders before you're ready to buy, will reduce your score.
1. Know your credit score which reflects the past six years; good is anything over 760.
2. Most important is pay your bills on time, paying even one day late hurts your score. If paying on-line date the payment at least three banking days before the due date to allow for processing.
3. Be mindful of your credit limit as being as little as $5. over limit leads to costly fees and damages your score.
4. Don't apply for store CC to get the discount for a one time purchase. These are viewed negatively by the credit companies because of their high interest rates. They drag down your score.
5. The percentage of available credit is part of the scoring so it's better to split 50 - 50 between two cards.
6. Prioritize your payments. Important as they are, mortgage/rent payments are rarely reported so it's more important score wise to pay CC, lease and loan payments on time.
7. If you are in dispute with CC, continue to make payments on time as any missed payment can really hurt your score and will be difficult to fix. if you close an account, get it in writing that it was closed with a zero balance.
8. Don't close un-used cards. Use them periodically because having a zero balance card improves your score.
9. Applying for too much credit is seen as a red flag. Being pre-approved by several lenders before you're ready to buy, will reduce your score.
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