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 | It is important to know what goes into your credit score so you understand what you can do to improve it.
- Payment History
- Amounts Owed
- Length of Credit History
- New Credit (number of recently opened accounts, number of credit inquiries, etc)
- Types of Credit Used
Here are some basic tips to improve your score:
- Pay your bills ON TIME.
- Keep balances low on "revolving credit" (i.e., credit cards).
- Pay off debt instead of moving it around. Paying off an amount that has been sent to a collection agency will not remove the collection action from your credit report, but it will mark it as paid.
- Do not close unused credit or store cards as a short-term strategy to raise your score.
- Do not open lines of credit that you don't need.
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