How to Raise Your Credit Score

[tagteam]

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@Idhilsyn wrote:

...My credit score is shown to have gone down 7 points, but there's no indication on my credit report as to *WHY* it went down.

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Seven points is pretty much just background noise in terms of your score. The article below illustrates why small decreases are, in most instances, largely irrelevant.

https://creditcards.usnews.com/articles/why-a-10-point-drop-in-your-credit-score-doesnt-matter

[s_0]

this is garbage. It requires you to have money to make money.

[ncalb55]

Don’t ever close a credit card account. It will have a negative effect on your score. 

[tagteam]

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@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 

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I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.

[Kat]

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@tagteam wrote:

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@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 

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I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.

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I can think of one other reason to close a credit card account.  That would be to avoid additional "damage" in the event of identity theft.  In my opinion, the fewer credit accounts one has, the less clean-up would be required if identity theft did occur. 

[Ohhijenni]

I have so much student loan debt, and collections as well. My wages are garnished now!  I too have been contemplating bankruptcy. I need more information. Also,  I need to educate myself on the ways to raise my score myself. Much luck to you!

[Rperalez09]

Get a credit card if you dont have one. helps a lot

[Rakelo4053]

Love love love Dave Ramsey! Everyone should read this book!

[mmt07005]

I noticed that near the end of the article it says "Having more open credit sources won’t raise your credit score."

I was under the impression that having a mix of credit accounts does help your credit score. 

For example:

two credit cards would be better than one

a credit card and a loan would be better than only a credit card

[joulze]

You are so right.  I had the remainder of a lease agreement which I did not feel I owed in another state and they were so fast in getting my wages garnished I couldn't believe it.

[esca4]

if I cancel a cc will it lower my score.

[tagteam]

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@esca4 wrote:

if I cancel a cc will it lower my score.

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It can have a negative impact if closing the account causes your credit utilization ratio to increase.

See https://www.creditkarma.com/credit-cards/i/how-to-cancel-credit-card/

[Rainman00742]

Bankruptcy will take roughly 10 years to fall off your credit report. If you can afford to start paying off some of your collections.  It doesn't have to be full amount . You can make payment arrangements. sometimes if you pay in full they are willing to take less! Patience is key itll probably take 3-5 years to get around 800 while being diligent with money and how you impact your credit 

[Rainman00742]

If you need help start with a place like finger hut. Sounds crazy but it truly does work, I'd suggest looking into that. Also capital one SECURED credit card would be helpful too!