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One in four credit reports contains errors but finding and fixing these mistakes can be tricky and time-consuming. Credit repair companies work with you to locate, correct, or remove mistakes that negatively impact your credit report. In some cases, teaming up with a credit repair company can quickly increase your score. These companies also offer other valuable services like credit score monitoring, personal finance tools, and identity theft insurance to help you gain and maintain a good credit score.
As far as credit bureaus are concerned, the more credit accounts you have open, the better. Having as much available credit as possible (even if you don't plan to use it) is key to achieving an excellent credit score. Closing an account will lower your available credit, negatively impacting your credit utilization rating and your score. Additionally, the credit bureaus' algorithms will score points for long-standing accounts, so keep those old accounts up and running.
Payment history is the most significant factor credit bureaus look at and hugely impacts your creditworthiness and score. Paying your monthly bills on time, every time, is the most critical action you can take to improve or maintain your credit. A history of even one late payment can drag your score down for over seven years. If you have a late payment that's been outstanding for more than 30 days, call the creditor immediately. They may be willing to forgo reporting the issue to the credit bureaus if you can work out a solution with them.
You may think you can achieve excellent credit by having a credit card or two and keeping them paid off. Unfortunately, timely payments are only one piece of the puzzle. Credit bureaus prefer to see a diverse mix of credit accounts on your report with a high combined credit limit. This means the more credit accounts you keep open, the better your score. Bureaus also like seeing that you have experience with multiple forms of credit, so having open loans in addition to credit cards on your report is a plus.
