Credit Score ArticlesRaise Your Credit ScoreTip! Closing unused accounts is a negative strategy to raising one's credit score. Factually, fewer open accounts with the same amount of debt ultimately reduces a credit score. Credit is one of those things that can really help you or really hurt you raise your credit score, there isn't much of an in between. Sure, you can have an ok credit score but you will still get penalized for it through higher interest rates and maybe not even being approved for credit. Only those folks who have exceptional credit will receive those no interest offers you see advertised. And those who have poor credit, for whatever reason, can pretty much forget getting the credit they need to buy a home, a car, or other big items. There are a lot of credit cleaning companies out there, or they claim to be, but you really don't need to pay someone to clean your credit when you can do it yourself. Keep in mind as well that those claims are not necessarily true anyway, so raising your credit score on your own is the best way to go. The following tips will help you in your quest to raise your credit score and before you know it you will be receiving those no interest offers you have always dreamed of! Tip #1 Pay More than the Minimum Payment When money is tight it is especially tempting to only make the minimum monthly payment on your credit card. However, if you do that you will never, ever get out of debt. Instead, you will just be paying a portion of the interest rather than the balance each and every month. This will result in your balance continuing to rise even if you aren't spending anything, which in turns means an increase in applied interest. This is a vicious cycle that can be ended by simply paying more than the minimum monthly payment. Paying double is best if there is anyway you can afford it. As your balance goes down your credit score will go up. Tip! Pay your bills on time. That's the first advice you'll get when you're looking for ways to increase credit score. Tip #2 Make Payments on Time Do you ever make late payments? Did you realize this information makes its way to your credit report and can damage your credit score? If you make all your credit card payments on time then soon you will see your credit score increasing. Tip #3 Don't Cancel those Cards It is tempting to cancel credit cards that have a high interest rate and that have been paid off, but doing so can hurt your credit. So, shred the cards, hide them, or do whatever you have to but keep the accounts open to keep your credit score on the rise. Tip #4 Pay off Your Balances Don't spend on your credit cards while you are paying them off. That way when you get them paid off you will see your credit score take a big spike upwards. Not spending on your credit cards and paying the balance down will really help you get a better score. Tip! The key to finding a lender, who specializes in low credit score refinance loans is to do your research. The power of the internet cannot be underestimated, when it comes to shopping for a poor credit refinance lender. These are just a few tips to help you increase your credit score. Give them a try and before long you will see your credit score inching upward!
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