6. Open a secured credit card opening a secured credit card can help raise your credit score. This type of card involves you depositing money into a checking account to secure the line of credit the lender is extending to you.
Payments come directly out of this account so you can’t miss a payment and because you can’t miss a payment and make all your payments on time your credit score could improve over time.
7. Dispute credit inquiries. Most credit inquiries are hard inquiries. This means they impact your credit score. In fact, a hard inquiry stays on your credit report for an entire year. While each individual hit is relatively small it can push you over the edge from one credit score tier to one below it.
Hard inquiries over a short period of time can drop your score by a lot. Like any other negative factor on your credit report, you can dispute credit inquiries. If you didn’t approve the inquiry into your credit you may be able to get it removed. This could easily increase your credit score but only slightly.
8. Maintain revolving balances. If you carry a large amount of debt in relation to your available credit your score can suffer. In fact, credit utilization accounts for 30% of your credit score. So, if your total credit card available credit is 10,000 USD$ and you’re currently using 8,000 USD$ of it paying down those balances can increase your scorekeeping your utilization rate at around 30% is recommended that’s 3,000 USD$ in debt on a 10,000 USD$ dollars available limit for example.
9. Increase your credit limits. If staying at a 30% credit utilization ratio mark is difficult for you there is always the possibility of having your credit limit increased. If you have a good payment history and have improved your credit since opening the account. Most creditors will consider increasing your maximum.
This quickly improves your credit utilization and can raise your score. By improving your credit score you open up a whole new world of purchasing power. You might no longer need to worry about being approved for that home vehicle or other items that you need to take the next step in your life. Never give up on your credit by following some of the tips above you could boost your credit score.
Now Go Get That Money.