Raising Credit Scores – Some Quick Ways To Raise Credit Score
This is part 2 of our raise credit score quickly guide. To read part 1 click here.
Second, you should not close accounts either. This is true even when the revolving debts have been paid off in full although we must caution against doing so as paying off all of your debts mean that there is no debt to manage. Since there are no debts, then the assumption is that you don’t know how to manage credit.
Just let the account as is since the rationale is that the longer the account is open with very little to no negative reports, the better it will reflect on your credit score. The reason behind it is the weighted average formula used in the computation of the credit score so much so that a balance of 30% on the credit limit is ideal while even a 70% balance will be considered healthy.
Third, and in accordance with the first suggestion on how to boost credit score, you should have no new credit. Keep in mind that with each credit inquiry, your credit score goes down by a few points. So, keep off credit unless it is absolutely necessary.
And of course, you should never file for bankruptcy or foreclosure if you want to raise credit score. The bankruptcy or foreclosure proceedings will drag down your credit score to zero, which will take a few years down the road before it can be removed from your credit history.