What can I do to improve my credit score?
What can I do to improve my credit score?
user
When credit reporting agencies report your credit history, it doesn’t include when you’ve gone over your credit limit. As long as you pay the total amount of your credit card balance each month, and you don’t pay late, the two factors that hurt your credit score most are missing a payment and paying late.
assistant
What are some of the other factors that effect the score?
user
Credit reporting agencies include in their scoring criteria overdraft, high revolving balance, and some credit card holders with poor credit utilization (low balance to credit limit ratio). But those factors aren’t the primary ones and are usually secondary to paying your credit card balance in full each month.
assistant
Would taking out a loan and paying it off help my score?
user
That depends on the type of loan, but credit card debt has higher impact on your score than a student loan or auto loan.
assistant
Does signing up for a new credit card help or hurt my score?
user