A long credit history has a positive impact on credit repair. Having a large number of accounts in good standing with zero balances is a plus, not a negative, when attempting credit repair. 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 credit repair:
- 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.