How To Increase Your Credit Score – Part 1
The formula used to calculate your credit score is closely guarded by the credit reporting agencies and is constantly changing. Having said that, one of the most important aspects is the amount of debt you have available in comparison to what you owe. One of the worst things you can do is have a high percentage on one credit card.
If you have a credit limit of say $20,000 on a credit card and you owe say $15,000 that equates to a 75% (line limit to debt) ratio and will drag down your score. You’d be much better to spread the $15,000 out over say 3 cards in total and try to keep the ratio to no more than 30% on each card. This is a simple fix that can produce big results. More tips to follow………..
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