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Hi, my name is Maria Anamoto from Consumer Credit Counseling Service and today we are going to learn how to improve your credit score.

The credit score is the big number that shows how you are doing with your credit history.  So, basically the first thing that you need to know is what’s going on on your credit report.  Pull the credit report and make sure what information do you have there. Check if all the information is correct and updated and you may want to update anything that is not updated or you may want to correct anything that is wrong on your credit report.  If you check it out and everything that’s on your credit report is your information and it’s updated and it’s true, what you want to do is to make sure that you are paying your accounts on time.

• If you have credit cards, you need to pay the amount — the minimum or more — before or by the payment due date so that you are not going to be reported as late.

• Another thing that you want to check is how much of your credit limit you are using.  The closer you are to your credit limit the riskier that you are going to become.  So, if you are using more than 50% of your credit limit, and this is showing in your balance, then you may want to lower that balance just to make sure that your score is going to be better.  Usually the 50% is the margin that they use to make sure if you are controlling your balances and you are controlling good your finances or if you are having some issues and using more credit rather than paying it off sooner.

• Another thing that you want to check is if you have any collection information.  If you had any collection information and it’s showing on your credit report and it still has a balance, the best thing that you can do is pay it off that balance or make arrangements to pay that balance in monthly payments.  Because the best thing that you can have is a zero balance on any collection account.  The collection account per say is bad for your credit report but at least you’re going to be able to improve a little bit your score if you have a paid collection.

Ref: http://www.ehow.com/video_4957177_improve-credit-score.html

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