Lower credit card debt without consolidating

If you need to boost your credit score, it won’t happen overnight.Credit scores take into account years of past behavior you can find on your credit report, and not just your present actions.The FICO score, a credit score commonly used by lenders, ignores any such inquiries made in the 30 days prior to scoring.If it finds some that are older than 30 days, it will count those made within a typical shopping period as just one inquiry.“That way, you’re not polluting your credit report with a lot of balances,” he says.Some people erroneously believe that old debt on their credit report is bad.This is also a good reason not to close old accounts where you’ve had a solid repayment record.Trying to get rid of old good debt “is like making straight A’s in high school and trying to expunge the record 20 years later,” Ulzheimer says.

Good debt — debt that you’ve handled well and paid as agreed — is good for your credit.The minute they get their home or car paid off, they’re on the phone trying to get it removed from their credit report.Negative items are bad for your credit score, and most of them will disappear from your report after seven years.“A good way to improve your credit score is to eliminate nuisance balances,” says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax.Those are the small balances you have on a number of credit cards.

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