Keep your credit cards – but manage them responsibly.

In general, having credit cards and installment loans that you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.

Don’t open multiple accounts too quickly, especially if you have a short Credit History.

Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers.

Don’t open new credit card accounts you don’t need.

This approach could backfire and actually lower your score.

Don’t close an account to remove it from your record.

It’s a myth that closing an account removes it from your credit report. This is untrue—even closed accounts remain on your report, possibly for an indefinite period of time and may still be factored into the score. In fact, closing accounts can sometimes hurt your score unless you also pay down your debt at the same time.

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