Pay Down Your Debt!!

    Remember that the second most heavily weighted factor in credit scoring is how much of your available credit you're actually using. The lower your balance compared to your limits, the better.
    The score gauges how much of your limit you use on each card or other revolving line of credit, as well as how much of your combined credit limits you're using on all your cards. The score also factors in any progress you're making on paying down installment accounts such as auto loans and mortgages.
    Paying down your debt over time is a way to shoe consistent, responsible credit- handling behavior and will boost your score.
    You Need To Reduce What You Owe, Rather Than Just Moving Your Balance Around
    With Credit card companies battling each other fiercely for customers and low-rate balance transfer offers how commonplace, it has become write a sport for some people to bounce their balances from one low-rate credit card to the next. These folks often are quite proud of the "savings" they think they're getting from taking advantage of such teaser rates.
    If you continue to charge on your cards instead of paying down your balances, you're using more and more of your available credit limit-and doing more and more damage to your score.
    The way to improve your score is to stop the merry-go-around and start actually making a dent in your debt.
How to Find Money to Pay Down Your Debt
    Paying down your debt is a lot like losing weight-easier said than done. But most people can find ways to trim their expenses, boost their incomes, and free up more money to pay off debts. Here are a few examples.....
  • You can sell stuff-- Hold a yard sale, take clothes to consignment shops, sell unneeded vehicles, and auction off unneeded items on ebay. The money generated might go a long way toward paying off your debts.
  • You can trim your spending-- The easiest ways to save are to eat out less often, shop using a grocery list, and entertain yourself at home rather than going out, but you probably can find several other places in your budget to trim. Personal finance software, such  s Quicken or Money, can help you track your spending, but you also can try just writing down every penny you spend for a couple of weeks. You're bound to find a little ways that money leaks out of your wallet. Stop those holes and you can redirect that savings toward debt.
  • You can moonlight-- Few people would want to hold two jobs for long, but you might be able to handle it for several months or however long it takes to put a dent in you debt.