5 ways to reduce debt & increase your credit scores

We all know how paying your debts on time and correcting credit errors can improve your credit score.

This is one of the fastest ways to improve your credit score, at least a  little bit. Past due balances weigh heavily on your credit score.

Pay off any past-due balances you owe

If you owe substantially more than 30% of your available revolving  credit, paying these lines down is one of the best strategies to improve  your credit score.

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Pay down credit card balances

Another aspect of credit utilization that we haven’t discussed yet is the number of accounts with open and active balances.

Payoff your smallest debts

If you recently opened an installment loan, such as a new auto loan, this will have a negative impact on your credit score.

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Paydown an installment loan


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