How much credit you have available is a considerable element in your FICO score. As you can see from Home Loan Credit Score, all of 30% of your score is related to how much outstanding debt you have, in contrast to to how much credit you have open . Having under 50% of your available credit open can have negative results on your credit score. It’s smart to try and keep 75% available credit, which appears to be low risk behavior and can bring up your credit score.
Another important issue to keep in mind is, after you pay off a debt, leave the account open , even if you don’t see any reason not to close it . By closing the account you are reducing the amount of available credit you have available and in turn lowering your FICO score. If you have already closed accounts after repaying them , get in touch with the creditors and see if they will allow you to reopen the accounts . To be clear, this does not mean to get them give you a new account with he same creditor, as this is not the same and will not help with the benefit to your length of credit history. Instead, see if you can get them to actually reopen the closed account with that account’s history intact.
By keeping a watchful eye on your credit report and ensuring that all parts of your credit are tended to , you can keep your credit score at the top of the range , or even increase it in just a few months . While keeping up a solid payment history and keeping available credit at a maximum are imperative to keeping your score high , there are other credit related issues that affect your credit score even more . To find out more about credit score repair, Credit Score Professional and other financial aspects that relate to your FICO score, go to Home Loan Credit Score and read about what you need to know about maintaining good credit.