Improving Credit Score

Question

I recently pulled my credit score for the first time and realized how little credit I have. I'm 26 years old and the only credit cards I've ever had were 2 department store charge cards several years ago. Would it help me improve my credit if I applied for a Capital One card and then charged maybe $100 per month and paid it early every month?

Answer 1

Avoid Some Common Mistakes
Review your all credit reports from all possible credit bureaus for accuracy once a
year as well as several months before applying for a loan. Try to get your credit report from the three major bureaus: Experian, Trans Union and Equifax.

Pay bills on time
Your payment history makes a major percentage of your total credit score.
Paying your bills on time is the best way to get your credit score raised.

Try to reduce Credit Card Balance
Always try to reduce your credit card balance.

Keep the old account Active
Closing your old accounts can hamper your credit history and it makes you less credit worthy.

Avoid Bankruptcy
Bankruptcy will lower your credit score by 200 points or more and is very hard to come back to initial score.

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