It's not just late or missed payments. Here are the things that bring down your credit score — and how to avoid them. - NBCNewsBETTER
Keep in mind that doing so will lower your overall credit limit, and therefore may increase your utilization rate — how much credit you’re using versus what’s available to you.
“There is some data from FICO that reveals people with credit scores above 800 commonly maintain a credit ratio below 10 percent,” said Bruce McClary, vice president of communications at the National Foundation of Credit Counseling. To offset the smaller credit limit, you should have a strategy for paying down the remaining balances as quickly as possible and bringing the utilization ratio back within an acceptable range, McClary said.Ten percent of your score is about the variety of your debt, said Matt Schulz, credit expert at CompareCards.com.
“If you’ve had a car loan, a personal loan, a credit card and a mortgage and handled them all well, you’re probably going to have a higher score than someone who has just had a credit card — all other things being equal,” Schulz said.You shouldn’t go out and get a loan you don’t want or need just to bump your score a bit, he said, but, “it is worth considering in some circumstances.
If you see a potential problem be it a reporting issue or sign of identity theft or fraud, let the credit reporting company know as soon as possible. “The resolution process probably won’t be fast or simple,” Schulz warned. “But it’s all worth it.The three biggest firms that generate credit reports for consumers are Experian,
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