One way to maintain a good credit rating is to follow the free advice provided online by major credit-reporting agencies such as Equifax, Experian and TransUnion. These companies maintain credit histories on millions of consumers. Therefore, when a creditor checks your credit rating, the information will likely come from one or all of these agencies.
Bill Payments
According to Experian's website, making bill payments on time is the single most important factor for maintaining a good credit score. In its tips on improving that score, Experian notes that late bill payments and accounts turned over to collection agencies that appear in a credit report have a "major negative impact on a credit score."
Credit Inquiries
Steer clear of offers to apply for new lines of credit that aren't necessary. Your credit score is checked when you apply for new credit cards, and such inquiries show up on your credit report. Creditors may view a large number of recent inquiries on your report as a sign that you need credit because of financial hardship or that you're racking up more debt than you can handle.
Debts
Equifax's personal finance blog notes that the kind of debt you have also can affect your credit rating. Debts from student loans are viewed as an investment in your future, and they can reflect positively on your credit report as long as you're not behind on the payments. Ultimately, investments in such things as education and a home are seen as better debts than those derived from running up credit card balances to pay for extravagances.
Credit Balances
High balances on credit cards will likely reduce your credit rating. TransUnion's website recommends using less than 35 percent of the available credit lines for your credit cards. Therefore, even if you have a credit card with a limit as high as $5,000, you should try to keep the balance you owe on that card below $1,750.
Negative Information
Get copies of your credit reports from Equifax, Experian and TransUnion, and clear up any inaccuracies or outdated information that could lower your credit rating. According to the Fair Credit Reporting Act, credit bureaus can report most negative information for only seven years. After that, such items must be removed from a person's credit file. All three credit agencies' websites tell you how to get copies of your credit reports and dispute inaccurate or outdated information.
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