How do I Raise a Plus Score Below 500?

Experian uses a PLUS score to inform creditors regarding the risk involved with a potential borrower. The PLUS score rates the creditworthiness of the borrower based on factors, such as outstanding credit, credit history and payments. Also, the borrower's new credit and type of credit is figured into the equation. A PLUS score below 500 is considered risky; therefore, raising it increases your chances of receiving credit from lenders using the Scorex PLUS.

Instructions

1

Pay monthly credit card bills and loans on time. Since 35 percent of your PLUS credit score is based on payments, set-up payments on an auto-pay program to avoid being late. Also, pay more than the minimum balance due each month.

2

Limit your spending when using credit cards. Avoid using more than 25 percent of the available credit. This contributes to a lower PLUS score.

3

Open a credit account and be patient before applying for any other type of loan or credit card. Your credit history, which includes how long your accounts have been open, affects your PLUS score, since it shows your score performance over multiple time frames, according to Experian.

4

Avoid getting new lines of credit before major purchases. New credit lowers your score, making it difficult to get it over 500.

5

Apply for credit only if you know you can repay it. Since collection accounts negatively affect your PLUS score, do not allow your payments to be late.