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Taking Action to Improve Your Credit Score
Improving your credit score is a gradual process that requires consistent effort. Start by ensuring that you pay all your bills on time, as missed payments can significantly impact your score. Reducing your overall debt, particularly credit card balances, can also have a positive effect. Aim to keep your credit utilization ratio below 30% to demonstrate responsible credit management2.
Another effective strategy is to maintain a diverse mix of credit accounts, such as credit cards, installment loans, and retail accounts. This diversity can contribute positively to your score if managed well. Additionally, avoid opening too many new accounts in a short period, as this can lead to multiple hard inquiries on your report, temporarily lowering your score.