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How to improve your credit score

You know all those ways you've heard for improving your credit score? Some of them may be bad advice.

So we're out to bust those credit myths and put you on the right track to building better spending practices.

Paying off delinquencies will improve credit? False.

While paying a debt is better than not paying it, the delinquency will stay on your credit report for seven years.

To improve your credit score, get current and stay current on your accounts.

Having more or fewer accounts will improve credit? False.

There's a happy medium for the amount of credit you have. Too many accounts makes you top heavy. That creates more risk. Your credit will reflect that.

Paying off a loan early will improve credit? False.

It might be a good financial move, saving interest, but it won't boost your rating. Accounts in good standing will improve it.

Paying monthly bills early will improve credit? False.

That's because the balance of the account has already been reported to the credit agencies. Be smart. Make sure you pay on time and cut back credit card spending.

There are quick fixes to improve credit? False.

There are tons of TV commercials about credit help, but following the rules and not overspending is the real answer.

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