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5 Ways to Boost Your Credit Score Faster
Should You Improve Your Credit Score Before You Apply for A Mortgage?
May 12, 2020How to Start Building Your Credit
May 26, 2020Your credit score is one of the most important factors in determining whether you’ll receive favorable terms when applying for a mortgage, loans or credit cards. Having a high credit score in essence will save you money.
If your credit score isn’t where you want it to be right now, the good news is that you can turn things around. While improving your credit score takes time, the sooner you start to make changes, the faster your credit score will go up.
Here are 5 ways to improve your credit score starting from today.
1. Pay Your Bills on Time
You can boost your credit score by paying all of your bills on time every month as you’ve agreed to do. When you pay late or settle an account for less than the original agreement, it can negatively impact your credit cards.
Make sure that you pay all of your bills on time—not just loan installments or credit card bills. You need to pay your rent, utilities, phone bill and other bills as well. Set up automatic payments and calendar reminders to help you stay on track.
2. Keep Balances Low
The credit utilization ratio is another factor in determining your credit score. If you want to improve your score, pay off your debt and don’t run your credit cards up to their limits. Try to keep your utilization ratio at 30% or less.
3. Apply for and Use New Credit Accounts Only as Needed
Don’t apply for or open new credit accounts unless you absolutely need them.
4. Dispute Inaccurate Information on Your Credit Reports
Check your credit reports with all three credit reporting bureaus for any inaccurate information. Inaccuracies can negatively impact your credit care. If you see errors, dispute them right away.
5. Pay Off Your Credit Card Bill in Full Every Month
If you have minimal credit history, don’t believe the myth that you have to carry a monthly credit card balance to build your credit history. Pay off your credit card bills in full every month.
Having good credit can open doors for you. By taking the steps now to improve your credit score, you’ll make it that much easier to obtain favorable loan terms when you’re ready to buy a home.
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April 27, 2020Your credit score is one of the most important factors in determining whether you’ll receive favorable terms when applying for a mortgage, loans or credit cards. Having a high credit score in essence will save you money.
If your credit score isn’t where you want it to be right now, the good news is that you can turn things around. While improving your credit score takes time, the sooner you start to make changes, the faster your credit score will go up.
Here are 5 ways to improve your credit score starting from today.
1. Pay Your Bills on Time
You can boost your credit score by paying all of your bills on time every month as you’ve agreed to do. When you pay late or settle an account for less than the original agreement, it can negatively impact your credit cards.
Make sure that you pay all of your bills on time—not just loan installments or credit card bills. You need to pay your rent, utilities, phone bill and other bills as well. Set up automatic payments and calendar reminders to help you stay on track.
2. Keep Balances Low
The credit utilization ratio is another factor in determining your credit score. If you want to improve your score, pay off your debt and don’t run your credit cards up to their limits. Try to keep your utilization ratio at 30% or less.
3. Apply for and Use New Credit Accounts Only as Needed
Don’t apply for or open new credit accounts unless you absolutely need them.
4. Dispute Inaccurate Information on Your Credit Reports
Check your credit reports with all three credit reporting bureaus for any inaccurate information. Inaccuracies can negatively impact your credit care. If you see errors, dispute them right away.
5. Pay Off Your Credit Card Bill in Full Every Month
If you have minimal credit history, don’t believe the myth that you have to carry a monthly credit card balance to build your credit history. Pay off your credit card bills in full every month.
Having good credit can open doors for you. By taking the steps now to improve your credit score, you’ll make it that much easier to obtain favorable loan terms when you’re ready to buy a home.
