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I have several accounts open for different reasons that I would like to keep but I am trying to improve my credit rating, does that look bad on a credit report. Any other tips to improve credit fast? I don’t have bad credit but I am trying to get the best rate possible on a student loan in a year or so.

By: SnowTwqd

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1. Stuart - October 20, 2009

Bank accounts do not show up on your credit report.

-Stuart

2. SPIFIMAN1 - October 22, 2009

I think Since bank accounts do not show up on credit reports it doe’s not matter.

The quickest way to raise score is by using a couple of credit cards for every day things never exceed 30% of your credit limit and pay them off in full every month before the due date.

Credit scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of loans 10%
4. New loans 10%
5. Debt to credit ratio 30%

To have the very best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history’s.

Notice I said nothing about available credit because it doe’s not matter the only thing that does is your debt to credit ratio and it needs to be under 30%.

3. Suzy - October 25, 2009

Bank accounts do not show on your credit report. The best way to increase your credit score is to have a consistent record of on time payments. Also, close any credit accounts that you do not use often. They count as potential debt even with a zero balance.

4. jc2k353 - October 27, 2009

bank accounts do absolutely nothing for your credit… the only things that affect your credit are open/active revolving or installment loans.

So… you need to get a small loan or credit card/gas/department store card to establish credit. You DO NOT have to carry a balance, just open the account.. use the card 1 time and pay it off @ the end of the month.

If you do carry a balance… be sure it’s less than 30% of the limit ($300 limit- keep balance under 100)

Good luck!!