Ten Tips to a Better Credit Score Now!

• Pay your bills on time.
  Sounds obvious, but it's really as easy as that. Missed payments create delinquent accounts and negatively impact your credit score.
• If you’ve missed payments, get caught up, and stay caught up.
  The more you pay your bills on time, the better your score will be.
• Note that paying off a collection account does not remove it from your credit report and can actually damage it more.
  When you pay off a collection account the information stays on your account for 7 years starting from the day you pay it.
• If you are having problems making payments, contact your creditors or talk to a professional credit counselor.
   While this won’t improve your score immediately, professionals can help you get on the right path to a better management of your funds. This will help you pay your bills on time and eventually improve your credit score.  
• Don’t close unused accounts thinking it will improve your score.
  This will make it look like you are closer to maxing out your credit cards and it also changes your utilization ratio, which is the amount of your total debt divided by your total available credit. If you do decide to close your accounts close newer ones first, older accounts affect your credit score more positively, and leaving only new accounts makes you look like a new borrower.
• Don't open a lot of new credit cards that you don't need, merely to increase your available credit.
  This approach often backfires and can actually lower your credit score.
• If you have only been managing credit for a short period, don't open a lot of new accounts too quickly.
  New accounts lower the average age of your accounts, which can have a negative effect on your score if you don't have a lot of other credit information. Also, rapid account buildup makes you appear risky if you are a new credit user. This can make you a target for higher interest rates.
• Re-establish your credit history if you have had problems in the past.
  Opening new accounts and paying them off responsibly and on time will raise your score in the long run.
• Know that it is perfectly fine to request and review your own credit report.
  This won't affect your score. Be sure to order your report from a professional credit reporting agency.
• And finally, have credit cards - but manage them responsibly.
  Someone without credit cards is actually at a risk for a lower credit score than someone with credit cards. In general, having credit cards and installment loans (and making timely payments) will increase your score.

What is Included in Your Credit Report:

• Name, aliases, addresses, marital status, and social security number
• Regular installment or revolving credit line information such as mortgages, credit cards, auto loans etc. with information about date the accounts were opened, the beginning balance, the current balance, and the number and frequency of late payments. Note: Not all credit card companies report to the same credit bureau, therefore you may have a credit card not reported on your report. Check to see whether your credit card, if unlisted, is reported through a different credit bureau.
• Court records regarding bankruptcies, judgments, satisfied judgments, liens, satisfied liens, and divorce
• Each time you apply for credit or review your report an “inquiry” appears on your credit report, this information may stay on your report for up to two years.

What is Not Included on Your Credit Report:

• Your race, religion, checking and savings account information, stocks and bonds information, medical history, salary history, sexual orientation, personal asset information, criminal records, or any information regarding your personal lifestyle or background.