My credit score has been improving
slowly?
My score was 511 in december last year since then i have not missed a payment and my score went up to 608 but i was paying out over 500£ per month so i consolidated all my debt into 1 loan and payed off all my 6 accounts do you think this will bring my score up?? also i have cleared the balance of a store card should i keep it open and use it now and again and clear it in full every
month or
close it?? p thank you in advace.
Answer
It depends when you
k out the consolidation loan. new loans generally have a negative affect for the first few month . . . but will have a positive effect once you have
established payment history (about six months). available credit is
part of your score - so make sure you keep your major accounts open with a low balance. for instance, i keep my major card at 30% of total credit.
