More For Your Money - University of Illinois Extension

http://MoreForYourMoney.extension.uiuc.edu

Navigation: Main

• Introduction
• Values and Goals
• Income and Expenses
• Spending Plan
• What Is Credit?
• Use Credit Wisely
  • Use Credit Wisely
  • Creditor Guidelines
  • What Is a Credit Report?
  • Why Look at Your Credit Report
  • What's In Your Report?
  • How Can You Check Your Credit Report?
  • Found an Error in Your Credit Report?
  • Sample Dispute Letter
  • Seven Things To Remember When Filing a Dispute
  • What Is Your Credit Score?
  • How Are Credit Scores Determined?
  • How Are Credit Scores Created?
  • How Can You Improve Your Credit Score?
  • How Can You Get Your Credit Score?
  • Review
• Debt Management
• Saving Money
• Glossary
• Teacher's Guide
• Resources
• Credits
• Login
• Create an Account

How Can You Improve Your Credit Score?

Follow these hints to improve your credit score.  A higher score can save you money.

• Pay bills on time.  Paying late will affect your score.
• Keep balances low on credit cards.  High debt levels can hurt your score.
• Check your credit report annually to make sure there are no mistakes.  If you plan to make a major purchase, get a copy of your report at least six months before the purchase to make sure it’s accurate.
• Pay off debt rather than moving it between credit cards.  The most effective way to improve your score is to pay down your revolving credit.
• Don’t have too many credit accounts.  The more accounts you have, the lower your score may be.
• Apply for and open new credit accounts only when you need them.  The key word is need.  Too much credit debt affects your credit score and your peace of mind!
• If you’ve missed payments, get current and stay current.  The longer you pay your bills on time, the better your score.