While these major companies have different names for the credit score, they still use the same formula for coming up with it. While the names used by the major credit companies are essentially the same, lenders often use just one credit report, to analyze your loan application. Myth No. 2 To Repair Your Credit Score, Simply Pay-off All Your Debts The truth is that your credit score will be influenced, and determined by your past credit history, and not by your current amount of debt. The FCRA therefore, enables you to directly contact these credit reporting agencies, and formally relay your disputes or complaints. Make Sure Each Report Is Not Past The 7-Year Limit Once you get a copy of your credit report from the major credit agencies, compare each of the reports, and ensure that these are not past the seven year limit for reporting of any errors or negative information. Keep Your Credit Card Debt Ratio To Manageable Levels Always remember to keep your credit card balance paid off on a monthly basis. Also keep your card at a maximum charge level of 30 percent, and pay them off at the end of the month. By keeping your card s charge levels low and manageable, you re actually showing restraint and responsibility, and you re keeping your credit score high as well. This can be a nice start towards rebuilding your credit score. Once you've gotten approval, pay off the loan in the quickest time possible. Evaluate Your Credit Report For Errors Your credit report must still need to be fully evaluated, even if you've already been declared to be bankrupt. Check out any errors or inconsistencies on your credit report, because any negative item is only allowed to be reported for 7 years. Your landlord can actually report that he or she has evicted you for defaulting on your apartment rent, and this would surely sne dshivers down most property management companies and mortgage lenders. Mounting Utility Bills Paint a Bad Credit History While late payments on utility, cable TV and telephone bills are not often reported to credit agencies, a number of US states actually report these types of delinquencies to collections agencies. Will too many inquiries pull your credit score down? Here's a look at the real score when making credit report inquiries. When Making Inquiries, Check Your Credit Report With A Fine Comb According to most credit experts, a lot of people often check out their credit report every month. However, the sad thing is that whenever they check the report, they don't look at the finer details, and usually don't check the report for any errors, or any inconsistencies and flaws in the data entered.