My Way Credit

You closed a store card years ago - but is it still
listed as an open account? Bureaucratic mix-ups happen, often quite frequently.
If you want to keep your credit score good, you need to follow up on financial
details.

Whenever you close an account - whether it’s a credit
account, bank account, or utility company account, make sure that you get
written confirmation that the account is closed and paid in full and then
follow up a few months later with the company to confirm the closed account.
This simple precaution can save you hours of frustration - not to mention a
lowered credit score.

Because of the way credit scores are calculated, some
actions you take will affect your credit score better

than others. In general, paying your bills on time and
meeting your financial responsibilities will boost your score the most. Owing a
reasonable amount of money and being able to repay it will show lenders that
you take your finances seriously and pose little threat of lost money. There
are a few tips that, more than any other, will boost your credit score the
most:

If you have terrible credit following a bankruptcy or
other major financial upheaval, you may need to get back into a good credit
rating by taking out a loan you can handle. Make an appointment to see your
bank or bad credit lender a few months or years after the problem in question
and arrange for a small loan.

You should have enough savings to pay for the loan before
you do this. Pay back the loan quickly. It will not hugely boost your credit
score but it will show lenders that you are having an easier time paying your
bills. Taking out a small loan you can repay is part of the slow process of
reestablishing good credit following a big financial problem.