Credit Cards Can Improve Your Score
Despite what you may think, having an open credit card can help to improve your credit score. Making purchases with a credit card helps to build your credit when you pay off the debt through regular, on-time payments. 360 Credit Consulting can offer the expert advice you need when it comes to managing credit cards to improve your credit score.
360 CREDIT CONSULTING HELPS PEOPLE IMPROVE THEIR CREDIT SCORES AND REPAIR THEIR CREDIT HISTORY THROUGH A NUMBER OF WAYS, INCLUDING MANAGING THEIR CREDIT CARD ACCOUNTS.
Credit cards affect your credit score in the following ways:
- Multiple accounts can negatively impact your score
- Credit card terms can cause more debt
- Regular, on-time payments build a solid credit history
- A few, well-managed credit card accounts add positive points to your credit score
- Credit card debt should be managed before opening more accounts
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Multiple Credit Accounts
Some people think that if one credit card can help their credit score, then opening multiple credit cards should be even better. Unfortunately, this just isn’t true. The more credit card accounts that you open, the more it can damage your credit score. You want to be sure to open just a few credit card accounts to avoid inadvertently hurting your credit report.
Accounts That Impact Your Credit Score
Your credit score is a fairly accurate representation of your credit history, but not every account that you have is included in your credit score. You may have a great rental history and utility payment history, but these are not included in your credit report. Additionally, positive information such as cable bills, cell phone bills, and any information from your landlord will not be included in the report that is sent to the credit bureaus.
Changes in Credit Scores
Credit scores don’t typically experience major changes over time. Generally speaking, they tend to stay within a set range. However, there are several things that you can do to make positive changes to your credit score.
- Make fulfilling your credit card payments a high priority. Your history of managing credit cards affects your current credit profile and impacts your score.
- If you have a limited credit history, then opening a new account will have a much greater impact then it would if your credit history was more established. If you continue to pay your bills regularly and on a timely basis, then you will likely see little change. If you file for bankruptcy, however, you will probably see a very serious downturn in your credit score.
- There can be a lag between when you perform an action and when it is added to your credit report. Once the creditor has sent their current information, the credit bureau will update their information and adjust your credit score accordingly.
If you are interested in learning more about your credit score and the steps that you can take to improve it, then contact 360 Credit Consulting today and let our financial experts provide the help you need.
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