Ways to improve your credit score
Pay bills on time. Late payments, collections and bankruptcies hurt your score the most.
Check your credit report regularly – ideally once a year. If you find an error, contact the creditor associated with the account or the credit reporting agency to correct it immediately.
Watch your debt. Keep your account balances below 50 percent of your available credit. For instance, if you have a credit card with a $1,000 limit, keep the balance below $500.
Give yourself time. Time is one of the most significant factors in a strong credit score. Establish a long history of paying bills on time and using credit responsibly. You also may want to keep the oldest account on your credit report open to lengthen your period of active credit use.
Avoid excessive inquiries. A large number of queries about your credit over a short period of time could be interpreted by creditors as a sign that you are overextending yourself by taking on more debt than you can repay or are opening numerous credit accounts because of financial difficulties.
Source: www.myvesta.org
Experian PLUS credit score averages nationally for each age group:
Ages 18-29: 637
Ages 30-39: 654
Ages 40-49: 675
Ages 50-59: 697
Ages 60-69: 722
Ages 70+: 747
According to Experian, a PLUS score
is a numeric representation of financial behavior, based on credit report data and ranges from 330 to 830.
Source: Experian nationwide survey released this summer
Starting this year, federal law allows each person one free copy of her credit report annually.
To order: www.annualcreditreport.com or (877) 322-8228. Or fill out the
Annual Credit Report Request Form ( www.ftc.gov/credit) and send to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
If you’re willing to pay between $10 and $40 for more frequent reports, check: www.myvesta.org or myfico.com, www.transunion.com, www.equifax.com and www.experian.com.