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Factors that may raise your PLUS Score could include making payments on time and ensuring you do not have any incidence of bankruptcies, overdue accounts collection, or charge-offs. In short, you want to make sure the “Public Records” section of your credit report is spotless. Further, high credit limits are also good for your credit score; especially if the generous limits are paired with low balances. Also, be sure to check your credit report periodically to ensure inaccurate information is not hurting your credit score. And remember, potential credit grantors will likely consider your debt to income ratio, so be sure to keep your level of debt well below your income.
Additionally, pay your bills on time. Simply paying the minimum balance on your revolving account could demonstrate to potential lenders that your capacity to assume additional credit is strong. In practice, this means paying at least the minimum monthly payment on your credit cards and the specified monthly payment for cars or mortgage loans by the specified due date. Another good idea is to only apply for new accounts when absolutely necessary. The number of credit cards you apply for is reflected in the inquiries section of the credit report. Too many inquiries of this nature can lower your score. It’s also advisable to close any credit card accounts that you’re not using. Finally, devise a plan to pay off your debt and see the plan through. If you need additional advice, seek the help of a trusted financial advisor or credit counselor.
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