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.