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How to properly raise a credit score

Ohio consumers are likely some of the roughly 43 million Americans who carry a credit card balance in an effort to improve their credit score. This was one of the takeaways of research conducted by CreditCards.com. However, carrying a balance will not improve a score, and in some cases, it can actually harm it. Furthermore, carrying a balance on a credit card could result in paying additional interest. On average, an American carries $6,375 in credit card debt at an average interest rate of over 16 percent.

One of the most effective ways for a person to improve his or her credit score is to make payments on time. Millennials, women and those with young children were among the most likely to send payments after the due date. Among those who have not paid on time, 60.1 percent said that they forgot according to the CreditCards.com survey. However, using automatic payment tools may eliminate the possibility of paying late.

Individuals who are interested in improving their credit scores should understand that scores rise gradually over time. Ideally, individuals will learn how to get into the habit of paying on time, paying their balance in full and keep their available credit lines to a minimum. After several years of practicing these habits, a person is likely to have a high credit score.

People who are struggling with their credit card debt may benefit from filing for bankruptcy. In a Chapter 13 case, debts are reorganized and paid over three or five years pursuant to a plan that has been approved by the court. During the repayment period, creditors cannot take any collections actions. An attorney can advise a client as to the eligibility requirements of this chapter.

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