Shape up your crdit score

The bar has been raised for borrowing if you haven’t heard. Here are some tips:

•Pay your bills on time. Your payment history accounts for 35% of your score. A late payment can stay on your report for up to seven years.
•Reduce your debt. The amount of debt you have outstanding, as a percentage of your available credit limit, accounts for 30% of your score. If, for example, you have a credit card with a $10,000 limit and a balance of $5,000, your “credit utilization” is 50%. Your credit score reflects the debt ratio for each of your cards, as well as the ratio for your overall debt.
•Don’t open new accounts. By now, you might be wondering whether you can increase your available credit — and lower your credit-utilization ratio — by getting some new credit cards. Well, stop wondering. That strategy will hurt your score more than it would help.

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