3 Tips for a Healthy Credit Score

3 Tips for a healthy Credit Score

Tip 1:

Will my Credit/FICO score drop if I apply for new credit? If it does, it probably won’t drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

Tip 2:

Fixing credit report errors.What to do to insure that the mistake gets corrected as quickly as possible? Contact both the credit bureau and organization that provided the information to the bureau. Both these parties are responsible for correcting inaccurate or incomplete information in your report under the Fair Credit Reporting Act.

Tip 3:

Always stay within 50% of your high credit limit on credit cards this will help build your FICO score.

You can get information on accessing your credit report free here.