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Frequency: Monthly (or just once if you set up automatic payments)
An easy way to stay on top of payments is to automate them or set your own reminders. The right strategy for you depends on how often and regularly you’re paid. Take a look below to see what method is best for you:
Frequency: One time
We mentioned that your credit mix accounts for 10 percent of your credit score, which is true. However, opening new accounts shouldn’t be the first thing you do if you’re trying to improve your credit score, and doing so just to mix up your credit accounts likely won’t improve your score. This strategy can easily backfire and end up lowering your credit score. Here’s why:
Frequency: As needed
Once you’ve obtained your credit report to review, you should check for any inaccurate information that could be harming your credit score. Ideally, you should do this on a routine basis.
Inaccurate marks on your credit report can occur for a variety of reasons, including purchases made by someone who stole your identity or misreported late payments by your lender. Disputing items on your credit report takes a few steps and involves contacting each bureau, as well as the entity that gave the information to the credit bureau (known as a “data furnisher”).
Once you’ve alerted the bureaus, you’ll have to wait around 30 to 45 days for them to complete an investigation on the item you’re disputing and report back to you.
Frequency: Ongoing
Active credit cards with a longer history keep your credit age high (remember, the length of your credit history accounts for 15 percent of your score) and also contribute to your overall available credit, which positively impacts your utilization ratio.
Some companies may close old cards if they don’t see any activity on them. One trick to avoid this is to set up automatic payments on that card. For example, you can schedule a bill payment to be automatically paid with an older card, then set up an automatic transfer from your checking account to the card to pay off the balance.
Keeping an old card open isn’t always the best option—if there are annual fees or other expenses associated with it, it might cost you more than it’s worth to keep it open. If you do wish to close a card, make sure to calculate your utilization ratio with the remaining credit you would have available to see where your ratio stands without it.
The time it takes to rebuild your credit score depends on the types of negative items on your report and the extent of your unique credit history. There’s no specific time frame for how long it could take since it’s based on a variety of factors, such as how many negative items you have on your report, the age of the negative information and what your credit score was before it dropped.
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