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May 16, 2008 10:56 am US/Pacific

How Do I Increase My Credit Score?

QUESTION:   Could you please help me with tips on how to increase my credit score? Currently its within the range of 675. I am looking at starting the process of buying a house in September. Since last July I only recently applied for a credit card (05-11-08) which was denied  for whatever reason. I have one credit card (I have used 40%), 1 secured credit card and a store card (50%).

Thanks.

ANSWER: One of the items that can greatly effect your credit score is the amount of available credit you are actually using. I would suggest, in addition to continuing to pay all your bills on time, trying to get each of your credit cards down to a level where the balance of the card does not exceed 33% of the available balance.  By paying your bills on time, and reducing the amount owed as a ratio of available debt, you should begin to see your credit score increase.
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Money Matters is provided by:

David Schauer, CFA, MSFA, CFP®
Financial Planner
Hanson McClain
E-mail questions to moneymatters@kovr.com

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