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If you have been looking for information on how to increase your credit score, then this article will provide you with the basics. There are a lot of different factors that go into the calculation of credit scores and one of them is the number of open accounts. The higher number of accounts, the more “creditworthy” you are, which improves your credit score. If you have lots of credit available to you, then you will probably have a better chance of finding the best rates on your purchases and that will lower your debt ratio, which will give you the chance to save money on interest.
How many accounts do you currently have open? When you ask your creditors about their maximum limits for credit, they want to know exactly how much you owe them. So the more accounts you have open, the lower your total debt ratio will be. This means the higher your score, the lower your debt ratio will be. The accounts you do not use are an asset to yourself, so keep those accounts open but make sure you keep them organized and current.
Your total debt ratio is the amount of money you actually owe divided by the total amount of credit available to you. It is called your credit score because it is a measurement of your financial responsibility. The longer you have held a credit card, the more debt you have. If you only have the smallest balance on the card, then it does not create too much of a credit score impact. But if you have hundreds of credit cards and a high debt ratio, it will lower your FICO score. That is why it is important to manage your credit cards well to prevent that problem.
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