Manage Your Credit Score

Looking for a higher credit score? There's good reason to do so -- a higher score can give you a greater array of financial options and more favorable credit offers. Even if you already have a good score, there's always room for improvement by carefully managing your credit. Keep in mind, however, that your credit score is based on your history of borrowing and repaying money, so there's no way to instantly change it. But here are some effective strategies that should help to strengthen your credit score over time.

Top 10 way to manage your credit score:

1. Continue to check your credit report regularly, charting your progress along the way. Get your FICO® score and your Equifax Credit Report™ today with
2. Make all of your payments on time. If forced to miss a payment, be sure to pay the following month. Accounts more that are past due will be indicated on your credit report. If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score.
3. To minimize the number of inquiries on your credit report, don't apply for multiple credit cards over a short period of time, or for a card you're not likely to get. Apply for new credit accounts only as needed.
4. If you need help managing your credit, contact areliable nonprofit agency.
5. If you fall behind on paying a bill because of illness, unemployment, or family issues, write a short explanation to the credit reporting agencies. They will add it to your credit report. Also, call your creditor to explain the circumstances and, if possible, work out a payment schedule you can meet.
6. If your credit is severely damaged, or you have a very short credit history, there are still ways to improve your credit over time. Consider opening new accounts responsibly and paying them off on time.
7. Correct any incorrect information that might appear on your credit report.
8. Try to keep your total account balances as low as possible. High outstanding debt may negatively affect your score, as you have a greater chance of missing payments.
9. Don't open new credit cards that you don't need just to increase your available credit. This approach could backfire and actually lower your score.
10. Learn what your current FICO® credit score is and what appears on your credit report. Score Power gives you immediate access to your Equifax Credit Report™ and includes your current FICO® credit score.