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Home > Financial Tools > Financial How-To > Personal Finances > Boost Your Credit Score

Boost Your Credit Score

Boosting your credit score - It's a Money Thing - illustraton of chipmunk and woman4 Myths Debunked

Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good. Four common credit score myths have been rounded up and debunked below:

MYTH #1: You have no control over your credit score

There are a lot of factors that make this myth easy to buy into—credit bureaus keep their exact credit score formulas a secret, you can’t access your credit report whenever you’d like (not for free, anyway), and it’s possible to be financially stable and still have a miserable score. It’s OK to find credit scores confusing, but if you have an accompanying “there’s nothing I can do about it” mentality, ditch it right now! Your credit score is a reflection of your borrowing and repayment behaviors, and that means you have a lot more control over it than you think.

MYTH #2: There’s a “quick fix” for your credit score

Although junk mail and late night commercials try to convince you otherwise, boosting your credit score doesn’t happen overnight. The good news is that the things you can do to positively influence your score are simple and don’t require a lot of time (or even that much effort!)—but the trade-off is that you’ll have to be patient while waiting for your new good credit habits to take effect. Your credit score is more of a track record than a snapshot, so consistency is key.

 

Boost Your Credit Score
Use these 7 ways to improve your score.

MYTH #3: Checking my credit report will negatively affect my score

This myth comes from confusing two different types of credit score inquiries: hard inquiries and soft inquiries. Hard inquiries are made by lenders or credit card companies when you apply for a new line of credit (a loan, a new credit card or a mortgage, for example). Soft inquiries are made by you or by others for background check purposes (a potential employer or landlord, for example). Because hard inquiries suggest you might be taking on more credit soon, they usually lower your score by a few points. Soft inquiries, on the other hand, do not affect your credit score in any way. This means you have nothing to lose by accessing your own score—in fact, doing so will help you understand what your current credit activity looks like and how you can improve it.

Note: there are some situations (like renting a car or a landlord running a credit check) where either a hard inquiry or a soft inquiry can be made. In these cases, it’s a good idea to find out beforehand what kind of inquiry will be made so that you know what to expect.

MYTH #4: Opening or closing a bunch of credit cards will improve my score

Even though these actions are the complete opposite of each other, this myth is still widespread—and very misleading. This is because opening and closing credit cards affects several different aspects of your credit score.

So then closing a bunch of accounts must be the way to go, right? Not quite. Depending on the accounts you close, you could unintentionally be raising your credit utilization ratio and shortening the overall length of your credit history. Both of these consequences lower your credit score.

The best approach is to space out any credit account openings or closings. Try to time them in a way that any short-term negative impact on your credit score won’t interfere with an important upcoming car loan or mortgage. Do your research, only apply for credit products you need, and understand what a specific credit card is contributing to your score before making the decision to close it (that first college credit card may have a low limit and no rewards, but if it’s adding a few years on to your credit history, it’s best to keep it in rotation).

Boost your CREDIT SCORE Your credit score can affect everything from the interest rate on your loans to landing an apartment. Your credit score is based on the information found in your credit report. Knowing how long your activity remains on your credit report can help you better manage your credit score. HOW LONG DOES INFORMATION STAY ON MY CREDIT REPORT?* *Timeline is approximate and may vary depending on local legislation FRAUD ALERTS 90 DAYS Fraud alerts are free to set up and require businesses to verify your identity before issuing credit in your name. Junk mail is annoying enough already—good thing it doesn’t affect your credit score too!  PROMOTIONAL INQUIRIES  Things like pre-approved credit card offers stay on file for one year but are not factored into your credit score. SOFT INQUIRIES 1–2 YEARS These are inquiries made for background check purposes, or by you. They do not affect your credit score. CREDIT COUNSELING 2–3 YEARS This includes records of debts paid through a debt management program or credit counselor.  If you know you have an important loan or mortgage in your near future, minimize the opportunities for hard inquiries to be made.  HARD INQUIRIES 6 YEARS Made by other lenders or businesses; many inquiries in a short amount of time can lower your score. BAD CHECKS 6 YEARS Records of non-sufficient funds are kept for 6 years. ACCOUNT CLOSURES 6 YEARS For accounts closed due to debt or fraud. LATE PAYMENT HISTORY 7 YEARS TAX LIENS 7 YEARS This is a record of failing to pay off tax debt. BANKRUPTCY 7–10 YEARS Depends on location and the type of bankruptcy filed for. COLLECTION ACCOUNTS 7 YEARS This includes judgments (a court order that allows the creditor to use additional collection methods). BANKRUPTCY (AGAIN) 14 YEARS If you declare bankruptcy more than once, it stays on record for longer. GOOD CREDIT 10+ YEARS Accounts paid on time stick around for 10 years after their date of last activity. Good credit behavior contributes to your credit score for a long time—something to consider before closing an account in good standing! YOUR CREDIT REPORT CHECKLIST: Request your free credit report from each of the main credit bureaus. Review your personal information and make sure that it’s up-to-date. Read your credit report. If you need help, visit the credit bureau’s website for guidance. Report any unauthorized activity to the issuing credit bureau. BROUGHT TO YOU BY VyStar Credit Union -  It’s a Money Thing is a registered trademark of Currency Marketing Sources: Federal Trade Commission, Experian, TransUnion, LearnVest Planning Services

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