Help! How can I improve my credit score?
Do:
Pay your bills on time or better yet pay your bills as soon as they come in.
Use your bank's online bill-paying service to make sure no late payment.
Pay as much as you could afford. Reduce the overall balance.
Leave the account open, after paid off balance, which may help improve your credit score.
Get your bank to increase your credit limit may help raising your score.
Don't:
Pay late: Not only you hurt your score but also your pocket book. Late fees can really bite you at as high as $39 a month even if you're just one day late.
The damage to your score remains after you've paid it off and close that account.
Max out on one or more cards will likely be reflected in your score even though you're keeping up with monthly minimum payments.
Close old accounts may lower your score as the average length of your credit history may be shortened.
Open up several new accounts at the same time can also hurt your score.
Over-limit fee is another wound to your financial health.
Contrary to popular belief, keep chasing a lower rate by moving money from one account to another won't help improving your score.
More resources about your credit
Your Credit Score: How It All Adds Up
The Consumers' Guide To Credit Counseling
Calculate Loan Rates Based on FICO Score
