5 Way to Increase Your Credit Score
July 13, 2018
5 ways to increase your credit score
- Manage all late payments. Pay off debt strategically.
Setting up payment due date alerts with all credit cards and loans is a great way to stay organized and on top of things! Make sure to coordinate your payment due dates to appropriately fit your paycheck schedule.
- Don’t let old mistakes worry you.
If you have filed for bankruptcy or gone into foreclosure, you may be questioning how long it will affect your credit. Over time the impact will lesson and eventually disappear from your credit report. Due to federal laws that limit the amount of time it can impact you.
- Open a credit card
This is a useful tip; just make sure not to open too many new credit cards at the same time. Also remember to stay on top of making on-time payments and in full. Bad payment history will damage your credit score.
- Keep your credit card balances low.
Do not carry around a balance if not necessary. Pay as much possible towards current balances. If you are able, go ahead and pay off any remaining balances.
- Don’t close old credit cards.
When factoring in your credit score, the length of your credit history is a significant factor. Therefore, the longer you have a credit card open and if you have paid balances on time, this will have a positive effect on your credit score!