Do you have a Low Credit Score?

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Do you have a Low Credit Score? Avoid these
things to get a High Credit Score You might want
to apply for a loan in the future and good credit
scores will help you in acquiring that loan. So
here are 7 ways to help with your credit
scores. Closing Old Credit Cards 15 of your
credit score gives importance to the length of
your credit history the longer your credit
history is the better it will reflect on your
credit scores. Closing old credit cards will only
put a gap in your credit history and if you were
to cancel your oldest card that will make your
credit history shorter than it really
is. Having only Credit Cards or Only Loans It
takes credit to help in building credit. You need
to have a diversity of credit mix, meaning that
having just credit cards or just loans are not
going to look good on your credit scores. This
factor can either help increase your credit
scores or knock them off. So do consider getting
a variety of debt if you wish to score better on
your credit history. Closing Credit Cards that
still have balance Weve already established that
you shouldnt close credit cards, but if you
really do have to then opt for the ones that
still have available credit. That is because
closing cards without balances will only increase
your credit utilization and that would not
reflect positively on your credit
scores. Applying for several Credit Cards or
Loans It does take credit to build credit and for
that youll apply for credit cards and loans,
right? But do keep a small piece of advice in
mind. Your credit history also takes into account
credit inquiries which amount to 10 of the
credit scores. Applying for several credit cards
can cause your credit scores to drop. So will be
the case if you apply for any loans within a
short period of time. So just keep such
applications to a minimum if you wish to improve
your credit scores. Making Late Payments Missed
the payment date? Well, its not a problem. You
can just make a late payment and be done with
it. But it you get accustomed to making late
payments, it wont be beneficial for your credit
history. Your payment history makes up 35 of
your credit score. So the next time your payments
get delayed,
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remember that it will decrease your chances of
acquiring a loan in the future. The best way to
prevent this is to set an automatic payment
schedule so that the payments get dispersed at
the right time. Filing Bankruptcy Are you
thinking about taking that final leap? Keep in
mind that this step could very well destroy all
that you have managed to score on your credit
history. Opt for customer credit counseling
before you file for bankruptcy. High level of
debt Credit Utilization is another part of the
credit scores that takes in account the level of
debt. If your credit card limits are exceeded,
your credit utilization will increase but that
would in turn, lower your credit scores. So
abstain from exceeding the allotted limit of
credit.