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Numbers don't lie
Lenders base your loan terms on a three digit number they calculate from the information in your credit report  the
higher that score, the better your terms. Even a modest improvement in your credit score can make a big
difference. For example, boosting your score from 600 to 620 could save you $100 a month on a $200,000 loan
on a 30yr fixed-rate mortgage. Those savings would total more than $36,000 over the life of the loan.

Do as I say
Consider the following "dos" and "don'ts" to maximize your credit score:
Do review your credit report. You might find erroneous information that's unfairly dragging down your score. For
example, bankruptcies are supposed to remain in your file for 10 years and other negative information for seven.
If old data that should have fallen off your report still exists, ask the credit agency that issued the report to delete it
and any other mistakes you find.
Do pay down your credit card balances. Credit firms base your score partly on how much of your available credit
you've used. Paying down credit cards will reduce your outstanding debt  potentially improving your score
significantly within just a few months.
Lenders don't like to see maxed-out credit cards. Even out your credit card debt by transferring part of a
maxed-out balance to a card with more available credit.

Piggyback on a relatives credit history. Lenders like to see that you've paid your debts reliably for a long time.
If you have a short or non-existent credit history, build a longer one by holding a card jointly with a relative who
has good credit.

Two credit don'ts
Don't close unused accounts, doing so will reduce your available credit, which lenders like to see a lot of.
Don't make payments late, paying at least the minimum each month is essential for maintaining good credit and if
you are running late don't let the payment continue to slide. You may be thinking there's no difference between
one day late and 30 days late.  Late is late, right? Wrong. A payment that's less than 30 days late may not show
up on your credit report but one that's later surely will.

Using these strategies to enhance your credit score can help you qualify for lower interest rates on your debts.
Those reduced rates will leave you with more of your hard-earned money for vacations, retirement and your
children's education expenses. Now that's an achievement worth taking credit for.
Paying high interest rates on loans and credit card balances? Don't despair, taking steps to improve your
credit score can help you qualify for lower rates potentially saving you serious money.
Manage Your Credit
Equifax: (800) 685-1111
TransUnion: (800) 916-8800
Experian: (888) 397-3742