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How to Improve Credit Score — Pay Down Your Credit Balance
April 30th, 2009 by admin
For some reason, Americans have become addicted their credit cards. The amount of credit card debt currently being held by the American population is staggering. What many people don’t understand is that carrying a credit card debt that is more than one third of your credit limit on any particular card has a negative impact on your credit score. The formulas used by the credit reporting agencies consider a balance above one third of your credit limit as a warning sign that the person holding the card may not be able to pay back the money on a timely basis. So if you have enough money available to pay down your credit card to a point where the balance is one third or less of the total available credit you have, this will have a positive impact on your credit score. This is one of the simplest ways in learning how to improve credit score.
