WEST PALM BEACH, Fla. - These tips are from Darish Still, President and Chief Executive Officer of Consumer Credit Management Services, Inc.
Three 3 tips can help you improve your credit score:
1. If you are not current on your accounts, get current and stay current. 35% if the score considers your ability to pay your bills on time.
2. Keep your account balances low. If your balances are high, pay them down. 30% of the score looks at the amounts owed on your accounts. The general rule is to keep your balances below 1/3 of the accounts available credit.
3. Open new accounts only as needed. 15% if the score considers how long you have managed credit. One of the numbers considered is the average length of credit history. Opening new accounts decreases this average resulting in a lower score.
Monitor your credit report annually by visiting www.annualcreditreport.com . It’s a free service that gives you access to your report from all three major credit repositories. Studies show that 70% of credit reports contain errors which can affect the score. By closely monitoring your report you can detect these errors or any fraudulent activity which can also lower scores.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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