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Timing is critical. Even if you pay off your balance each month, showing a high utilization ratio at any time during the month could conceivably hurt your score if the statement balance is elevated when it gets reported to the credit bureaus. This is especially problematic for people whose credit limits were lowered after the recession began.

A few suggestions:

Spread purchases among multiple cards to keep individual balances lower -- while still paying off as much as you can free company report Panama City each month, of course.

Make an extra payment midway through the billing cycle so your reported outstanding balance appears lower. Ask lenders to reinstate higher limits if your payment history has been solid -- but don't tap the extra credit just because it's there.

Be cautious with transfers. Transferring balances to a new credit card account to get a lower rate will ding your credit score by a few points -- although it won't take that long to recover. But, say you move a $2,000 balance from a card with a $10,000 limit to one with a $4,free company report Panama City 000 limit; you've immediately gone from a 20 percent utilization ratio to 50 percent on the new card. Plus, if you then close the higher-rate card, you'll free company report Panama City only compound the problem by both lowering your free company report Panama City available credit and erasing a longer-term account from your credit history. order free credit reports Mix it up. People who demonstrate managing several types of credit earn higher scores, so if your revolving (credit card) payments are under control and you don't have any outstanding installment loans (mortgage, car, student), consider taking out a free company report Panama City small personal loan and paying it off on schedule.

Just make sure the lender will report it to all three bureaus. A few other credit score-improvement tips:

Make sure that credit limits on individual cards reported to credit bureaus are accurate. Don't automatically close older, unused accounts; 15 percent of your score is based on credit history. In fact, make occasional small charges on existing accounts (paying them off, of course) to make sure the lender doesn't close them out. Each time you open a new account there's a slight impact on your score, so avoid doing so in the months before a major purchase like a home or free company report Panama City car. my credit rating Pay off medical bills, as well as parking, traffic or library fines. Once old, free company report Panama City unpaid bills go into collections, they can cause major damage to your credit.

There are many good resources for learning more about what you can do to repair and protect your credit scores, including MyFICO.com's Credit Education Center, the FTC's Credit & Loans page, and What's My Score, a financial literacy program run by my employer, Visa Inc., which also features a free FICO® Score Estimator that can help you approximate your score. And check out my previous blog, Understanding Credit Scores.

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