Build better credit
debt
9 myths on how to build better credit

Build Better Credit » 9 myths on how to build better credit

I can't have any negatives on my report
Slide 10 of 10
Back
To get a high score, I can't have any negatives on my report

"I'm here to tell you that you can have anything from a 30-day missed payment to a bankruptcy on your report and still have a really good score," says Paperno.

The most recent information on credit reports is weighted more heavily than older data, Paperno says. So, if you have a bankruptcy from five years ago, but have had good credit performance since, it's possible to have a 700 FICO score.

To build better credit, Paperno preaches consistent good payment behavior instead of a quick fix. The advice is simple: Pay the minimum payment every month at least, if not the full balance. Diversify your account types and keep balances low. The result will be a higher credit score.


Slide 10 of 10
Back

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Pay off $50K card debt fast?

Dear Debt Adviser, I have a debt of $50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including... Read more

advertisement
Partner Center
advertisement

Connect with us