Paying your bills on time is the single most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time.
Minimize outstanding debt, avoid overextending yourself and applying for credit needlessly.
Use the credit you already have to prove your ongoing ability to manage credit responsibly. Applications for credit show up as inquiries on your credit report, indicating to lenders that you may be taking new debt.
If you do have negative information on your credit
report, such as late payments, a bankruptcy, public record item or too many inquiries, your best strategy is to pay your bills and wait. Time is often your best ally in improving credit.
Credit bureau-based scores cannot use demographics prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status,receiptof public assistance or exercise of rights under Consumer Credit Protection Act. Scores used by individual lenders may use such elements as income, occupation, and type of residence in determining their own custom credit score.