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Keeping this rate under 30% is key because higher utilization can negatively impact your score, she explained.
If your utilization exceeds this threshold, prioritize paying down your balances to bring it below 30%.
Once you achieve this target, then take out your loan.
Disputing errors sooner minimizes the possibility of their causing issues when obtaining credit in the future.
Unfortunately, a late payment can affect your credit score by up to 100 points, according toCapital One.
Plus, it can stay on your credit report for seven years, perEquifax.
The lender may or may not approve your request, but it doesnt hurt to try.
Consolidate Debt
Baynes said that another beneficial approach for boosting your credit score is debt consolidation.
Typically, this would be a responsible family member or good friend.
Otherwise, it wont do you any good.
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