Credit Score Articles Improve your Credit Score Tip! Try to keep your credit balances as low as possible. You can also ask the lender to increase your credit limit which can increase your credit score. A credit Score is a formula that tells a potential creditor how likely you are to default on a loan. Credit scores range from 350 to 950 A Credit Score is composed of the following: Payment History 35% Balances on credit accounts 30% Length of Credit History 15% New Credit 10% Types of Credit used 10% To improve your credit score, start by checking your credit reports for any inaccurate or outdated information. If you find any inaccurate information on your credit report, write to the credit bureau and dispute it By federal law, credit bureaus are required to remove any inaccurate, outdated or unverifiable information from your credit report within 30 days of receiving your dispute If you have any accounts past due, it is very important that you bring your accounts up to date, so they are reflected on credit reports as "current" or "paying as agreed" Do not max out your credit cards, this means try not to charge more than 35% of the credit limit. For example, if your credit limit is $5000, do not charge more than $1750 If your credit card balances are more than 35% of your credit limit, try to pay down your balances, this will make a huge positive impact on your credit score If your creditors are not reporting your credit limit to the credit bureaus, have this information corrected, since this may lower your score Limit the number of credit inquiries to a minimum. If you are shopping for a car, credit scores interpret inquiries within a 14-day period as one inquiry, so do it within a 14-day period Always pay your bills on time, even one late payment can doom you, and lower your credit score up to 100 points. Even libraries are now reporting your late payments to credit bureaus Have a mix of revolving and installment credit. Revolving means credit cards, installment means car loans, mortgages or student loans Do not close old accounts, even if you do not use the account anymore. Part of your score is based on the length of your credit history. If you close one of your oldest accounts, it will shorten your credit history, and lower your score Gerardo A is the owner of http://www.aris-financial.com. Visit his website to learn about credit restoration,how to fight identity theft,credit scores and finances management Gerardo A is the author of this article. You can check his website at http://www.aris-financial.com where you'll find useful info about credit reports,credit scores and credit restoration.