How To Raise or Establish Credit Scores

  • Pay your bills on time. Delinquent payments and collections can have a major negative impact on a credit score.
  • Keep balances low on credit cards and other "revolving credit." High outstanding debt can affect a credit score. Typically keep your balance 50% below your Credit Limit.
  • Apply for and open new credit accounts only as needed. Don’t open accounts just to have a better credit mix. It probably won’t improve your credit score.
  • Pay off debt rather than moving it around. Also, don’t close unused cards as a short-term strategy to improve your credit score. Owing the same amount but having fewer open accounts may lower your credit score.

Lack of Credit Scores:

Need 3 open tradelines open for 12 months.

A secured card is a good option for consumers with no or very little credit. After a year or so of on-time payments, you’ll build enough credit to qualify for an unsecured credit card. Recommend to use one time and pay off in full

Be added as "Authorized User" on spouce's credit card

A credit builder loan from your credit union is an installment loan with terms ranging from six months to 18 months. Because credit builder loans are reported to one or more of the three national credit reporting agencies, on-time payments of the loan will build up your credit.

No Tradlines: Need clean 12 month payment history on items like the following:
Cell phone bill , vehicle payment, insurances, rent payment.

See resources:

You’re entitled to one free credit report a year from each of the three bureaus. Many sites offer you free reports, but the legitimate site is



Information on this page is for information purposes only and no guaranteee's if sources are utilized.

Tim Schuck

Broker Mobile: 207-356-1211

NextHome Experience

57 Washington Street
Bangor, ME 04401