Tip# 5: Check Your Credit Report

Category: Finance, Credit.

We have all seen the advertisements stating the average U.

There is a lot of confusion out there on how to establish really good credit. S. credit score is 67Many people who see those ads start to wonder what their credit score is or even how they can improve their score. Here I have listed 5 tips that will help you achieve a great credit score over time. Your payment history makes up nearly 35% of your credit score. Tip# 1: Pay your bills on time every time. By missing payments or making late payments lenders may view you as not being responsible. Tip# 2: Have a mix of different types of credit.

This may result in being declined for a loan or receiving a higher interest rate on your credit card. Having a mixture of different types of credit accounts will also improve your score. Tip# 3: Don t max out your credit cards. It is suggested that consumer have up to 4 revolving credit accounts( credit cards, lines of credit) and 2 installment credit accounts( auto loans, personal loans) . Be careful not to approach the credit limits on your revolving accounts. Lenders may think that you are borrowing more than you will be able to pay back.

Having balances of 50% or more of your credit limit will have a negative impact on your credit score. Try to only use 30% of your available credit. You may have an old credit card that you have been wanting to close due to it s high interest rates. Tip# 4: Don t close out old credit accounts. But beware that by closing that old account it may lower your credit score. By closing old credit accounts you are making your credit history appear shorter and in turn lowering your score.

Having a credit account open for a long time shows lenders how you use your credit and what your payment history is like. Tip# 5: Check your credit report. Nearly 40% of consumers credit reports have errors in them and many people don t even realize it. You should check your credit report at least once a year. By checking for these errors and then fixing them you can increase your credit score. There is no quick and easy way to boost your credit score but by following these tips you can establish great credit over time. These tips are provided as a guide to help you achieve great credit.

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