Improve your credit score

Lenders are boosting the credit scores they require to lend consumers money. Just last week, GMAC, the finance arm of GM, said it would require a score of 700 in order to lend to borrowers buying cars. Here's what you need to know.

1) Pay your bills on time

That's 35 percent of your score right there. Lenders look at your payment history as far back as seven years, but the older the data the less impact it has. They really scrutinize the last 24 months.

2) Get a mix of credit

You need to handle several types of credit successfully to get the very best scores. Credit cards are part of the picture, but certainly not the only thing. Having a mortgage improves your rep with credit bureaus and can enhance your score if you pay it faithfully on time. You should also have and pay on time an installment loan, like a car loan.

3) Credit Application

People who have credit scores in the 760-780 range aren’t applying in the department store for a credit card. In fact, they aren’t applying for anything. Another key if you want the best credit – use only 10 percent of your available credit limit on any credit card and don’t cancel old cards.

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