Maintaining a high credit score is not altogether that difficult when you live within your means.  If not, then you need to know how to place yourself back on track.

Raising you credit score is something akin to losing weight.  There is no "quick fix".  The quickest fixes usually backfire, leaving you in worse shape than when you began. The best advice is to manage credit responsibly.  Your efforts will be returned in the form of lower interest rates and more favorable credit terms -- saving you several small fortunes over your lifetime!

Payment History Tips

• Pay your bills on time.
  Delinquent payments and collection items will have a lasting, negative impact on your current score.
• If you have missed payments, catch up and stay current.
  The longer you pay your bills on time, the better your scores become.
• Be aware that paying off a collection account does not remove it from your credit history.
  Collection items -- including PAID collections -- stay on your credit history for seven years.
• If you are having trouble making ends meet, contact your creditors or see a legitimate debt counselor.
  This may not always improve your score immediately, but when you take charge of your credit destiny and pay your bills on time, your scores will indeed improve.

Amounts Owed Tips

• Keep balances low on all credit cards or other revolving credit.
  High outstanding debt balances will damage your credit scores.  Maintain balances below 50% (or lower) of your credit limits.
• Pay down debt rather than moving it around.
  The most effective way to improve your score is by reducing your revolving credit balances.
• Never close unused credit cards as a short-term strategy to raise your score.
  In fact, closing old accounts with longer credit histories will actually lower your credit score.
• Never open new revolving credit accounts that you really do not need, in order to increase your available credit.
  This approach may backfire and lower score.  It is far more useful to increase your credit limits on a regular basis.

Length of Credit History Tips

• If you have been managing credit for a short time, never open several new accounts in rapid succession.
  New accounts lower your average account age, which will have a greater impact on your credit scores whenever you lack credit depth.  Rapid account buildup looks very risky to a potential creditor when you are a new credit user.

New Credit Tips

• Do your rate shopping for a given loan within a focused period of time.
  Credit scores distinguish between the search for a single loan and searches for several new credit lines, in part by the length of time over which inquiries occur.  Mortgage loans allow a 14 day "window" in which to shop for a loan, the window for automotive loans is much shorter. Shop accordingly.
• Re-establish your credit history if you have had problems.
  Opening new accounts responsibly and paying them off on time will raise your scores over the long term.
• Note that it is perfectly okay to request your own credit report.
  This will not affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.

Types of Credit Use Tips

• Apply for and open new credit accounts only as needed.
  Do not open accounts for the purpose of having a broader array or credit.  This may not damage your credit scores, but it certainly will not improve them.
• Have as many credit cards as you feel necessary, but manage them responsibly.
  Generally, having several credit cards and installment loans (and making timely payments) will raise your credit scores. A person with no credit cards is viewed by potential creditors as being a higher risk than someone who has proven that they can manage their credit cards responsibly.
• Closing an account does not make it go away.
  A closed account will show up on your credit report for many years, and may influence your credit score based upon payment history and the length of time the account had remained open.  Closing long-standing accounts with good histories is downright silly (and potentially damaging if your other accounts have shorter histories).  Closing an account that has late payments may make you feel good, but it will remain on your credit report for many years.  It would be more far more prudent to extend a favorable payment history to what may have once been a troubled account.