Easy ways to boost your credit score!
●1 Focus on shrinking debt!
You know that paying down balances on credit cards, loans and other debt helps you get a good credit score— and now it’s even more important! That’s because credit reporting bureaus are taking into account your overall financial trend (if your debts are steadily decreasing or increasing) to determine your credit score. If your debts continue to go down, your score will go up!
●2 Pay other bills on time!
Sure, making on-time payments for credit cards and loans is a major factor in bringing up your credit score. But did you know other on-time payments—for instance, for utilities and wireless service—also raise it? That’s because your records are sent to credit bureaus who take your payment history into account when calculating your score. So set reminders or mark your calendar to be sure you’re paying these bills by their due dates!
●3 Transfer a balance!
Have one credit card with no balance and a high limit and another with a high balance and low limit? If the balance transfer fee and interest rate are reasonable and you plan to pay off the balance before the interest rate rises, consider transferring your balance to the card with the higher limit. This immediately improves your credit utilization ratio (how much debt you have compared to available credit), which is an indicator of how well you manage credit, boosting your score!
●4 Use your credit cards!
Paid off your credit cards and now use cash instead? Use your cards for small purchases (up to 25% of your total credit available), then pay them off each billing cycle: Your credit score will climb higher! Credit bureaus view high credit card debt as a warning you have trouble handling credit, and they also consider it a red flag when you don’t use any credit at all! By showing you can use credit cards responsibly, you improve your credit-worthiness!
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Good news: Your credit score may soon rise, thanks to new measures by credit bureaus to remove errors and certain overdue bills (such as parking tickets) that have been weighing it down! And to get your score even higher—securing you lower interest rates on loans and credit cards—use these easy tips: