How to Improve Your Credit Score: 4 Basics

With the economy sucking wind, it's more important now than ever to protect and build your credit.  Do you know your credit score?  If not, MyFico.com offers a free trial with two free credit scores and credit reports.  Once you have a baseline, you'll be able to see if your efforts at building credit are working.  There are four basic things that you can do to improve your ranking with the credit reporting agencies:

1. Make your payments on time.  This is the most important thing you can do to improve your credit rating.  Negative marks stay on your credit for seven years. 

2. Keep your outstanding debt ratio low.  If you are maxed out on credit, your first goal should be to stop charging and pay your debt down. 

3. Keep old accounts open.  It's not necessarily better to close old credit accounts, because length of credit history is a factor in determining your score. 

4. Don't apply for every credit offer that comes your way.  Too many applications for credit can hurt your score and make you seem money-desperate. 

*I am in no way affiliated with MyFico.com. 

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