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Personal Credit Repair eBook
A credit score of 700 is considered a good score by many lenders and credit agencies, and achieving it requires a few key steps:
Make payments on time: Payment history is one of the most significant factors in determining your credit score. Late or missed payments can hurt your score significantly, so it is essential to make all payments on time. Keep credit utilization low: Credit utilization is the percentage of your credit limit that you are using. Keeping your utilization rate below 30% can help improve your score. For example, if you have a $10,000 credit limit, try to keep your outstanding balance below $3,000.
Maintain a diverse credit mix: Lenders like to see that you can handle different types of credit. Having a mix of credit accounts, such as credit cards, installment loans, and a mortgage, can help improve your score. Avoid opening too many new accounts: Applying for new credit can temporarily lower your score. Additionally, having too many new accounts can make it appear that you are taking on too much debt, which can also hurt your score. Check your credit report regularly: Errors on your credit report can negatively impact your score. Check your report regularly and dispute any inaccuracies that you find.