In the US, many Americans get a good credit score. This happens because they don’t spend beyond their means and pay their bills on time.
But for those who don’t score well, they have to find a way to make ends meet by cutting down on their expenses and paying these debts gradually. A good idea will be to talk to your creditor about the situation so they can come up with a payment plan so this will never appear on their permanent record. That is perhaps the smartest thing to do if you had a good credit score the year before.
If you have many credit cards, you should cancel the others and only keep two. You should keep the one that you have had the longest as this will look good on your credit score.
One mistake some people make especially when their credit history is less than 3 years old is opening a new account even when it is not necessary. You just have to think smart to see if it is worth the risk.
If your credit score is just a few points from 700, look at the document and see if everything stated there is correct. Who knows, you might get lucky and find out that there was an error made. You can call the credit agency to tell them about it and send the supporting documents so an investigation can be done and this matter can be corrected.
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