Contrary to what you may have heard, it is possible to move from a not-so-good
to a good credit score.
What moves your score UP
- Make payments to pay down your credit cards
- Do not close credit cards as you will decrease your capacity
- Continue to make payments on time (older late pays will become less significant with time)
- Slow down on opening new accounts
- Acquire a solid credit history with years of experience
- Move revolving debt to installment debt
What moves your score DOWN
- Missing payments - regardless of dollar amounts
- Credit cards at capacity (i.e. maxing out credit card)
- Closing credit cards out (this lowers available capacity)
- Shopping for credit excessively
- Opening up numerous credit accounts in a short time period
- Having more revolving loans in relation to installment loans
- Borrowing from finance companies
What doesn't count toward your score?
Age, race, job or length of employement, education, marital status,
whether or not you've been turned down for credit, debt ratio, income, length of residence,
and whether or not you own a home or rent.
