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5 ways to build your credit

When looking for ways to build or boost your credit, you hear the same advice: “Pay your bills on time!” “Make frequent payments!” etc. which are very true and helpful but also far too general and redundant. The best ways to build your credit are just as simple but teach you how to be more responsible while securing your high credit score. Keep credit cards open, closing credit cards can make it harder to improve your credit profile. When you close your credit card, you lose that card’s credit limit when your overall credit utilization is calculated, which can lead to a lower score. Keeping it open with occasional use will insure the issuer wont close it. Make cell phone and utility payments on time. On time payments of even the smaller things boost your score! Stop applying for and opening new credit accounts. Lots of people think credit mixing improves your score but it really only hurts you in ways like temptation to overspend. Dispute any inaccuracies on your credit report. Incorrect information can drag your credit scores way down, disputing these will clean up your reports and make your score go up. Keep balances low on credit cards. Keeping payments low makes paying off your card much more manageable, and improves your credit utilization ratio!