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IMPROVING
YOUR CREDIT SCORE
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| Some
suggestions |
| Scores
reflect credit payment
patterns over time with
more emphasis on recent
information. In general,
a score may improve, if
you: |
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•
Pay your bills on time.
Delinquent payments
and collections can
have a major negative
impact on a score.
• Keep balances
low on credit cards
and other "revolving
credit." High outstanding
debt can affect a score.
• Apply for and
open new credit accounts
only as needed. Don't
open accounts just to
have a better credit
mix – it probably
won't raise your score.
• Pay off debt
rather than moving it
around. Also, don't
close unused cards as
a short-term strategy
to raise your score.
Owing the same amount
but having fewer open
accounts may lower your
score.
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| Review
your credit
report regularly
so you know what is being
reported. It won't affect
your score to request
and check your own credit
report. |
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| Items
that make scores better
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Paying
your bills on time is
the single most important
contributor to a good
credit score. Even if
the debt you owe is a
small amount, it is crucial
that you make payments
on time. In addition,
you should minimize outstanding
debt, avoid overextending
yourself and refrain from
applying for credit needlessly.
Applications for credit
show up as inquiries on
your credit report, indicating
to lenders that you may
be taking on new debt.
It may be to your advantage
to use the credit you
already have to prove
your ongoing ability to
manage credit responsibly.
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| If you
do have negative information
on your credit report,
such as late payments,
a public record item (e.g.,
bankruptcy), or too many
inquiries, you may want
to pay your bills and
wait. Time is your ally
in improving credit. There
is no quick fix for bad
credit. |
| One common
question that many consumers
have regarding their credit
score involves understanding
how very specific actions
will affect their credit
score. For example, someone
might ask if closing two
of his/her installment
accounts would improve
his/her credit score.
While this question may
appear to be easy to answer,
there are many factors
to consider. A credit
score is based entirely
on the information found
on an individual’s
credit report. |
| Any change
to the credit report could
affect the individual’s
scores. Simply closing
two accounts not only
lowers the number of open
installment accounts (which
generally will improve
your score) but it also
lowers the total number
of all open accounts (which
generally lowers your
score). Furthermore, such
an action will affect
the average age of all
accounts that could either
raise or lower your score.
As you can see, one seemingly
simple change actually
affects a large number
of items on the credit
report. Therefore, it
is impossible to provide
a completely accurate
assessment of how one
specific action will affect
a person’s credit
score. This is why the
score factors are important.
They identify what elements
from your credit history
are having the greatest
impact so that you can
take appropriate action.
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| How
long does it take to rebuild
scores? |
| Actually,
you don’t rebuild
scores. You rebuild your
credit history, which
is then reflected by credit
scores. The length of
time to rebuild your credit
history after a negative
change depends on the
reason behind the change.
Most negative changes
in scores are due to the
addition of a negative
element to your credit
report such as a delinquency
or collection account.
These new elements will
continue to affect your
scores until they reach
a certain age. Delinquencies
remain on your credit
report for seven years.
Most public record items
remain on your credit
report for seven years,
although some bankruptcies
may remain for 10 years
and unpaid tax liens remain
for 15 years. Inquiries
remain on your report
for two years. |
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This
information is provided as a
general educational tool and
Crown Jewelers makes no representation
as to accuracy or it's relevance
to your particular situation. |
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Trusted By Many
Crown Jewelers has been in business Since 1988, thousands of customers
have found Crown Jewelers to be their online jeweler of choice.
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