A long credit history has a positive impact on fixing your credit score. Having a large number of accounts in good standing with zero balances is a plus, not a negative, when attempting to fix credit. Your credit score is calculated by a number of factors such as payment history, amount of time you have had credit, the amount you owe and much more.
Here are some tips for you on how to fix credit:
- Do not open multiple new accounts just to show a credit history.
- Late payments count against you. Don’t miss payments on bills or loans.
- Don’t overdraw your bank account. You can damage your credit record and will be charged fees.
- You are responsible for your financial accounts. Don’t let other people use your bank account, credit card, debit card or ATM card.
- Always close out or transfer all accounts (gas, water, telephone, electric, cable) before you move.
- Remember to account for recurring bills on your credit card, such as subscriptions or club dues.