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Quick Ways To Increase Your Credit Score

07-04-2021 03:45 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ESBO ltd

/ PR Agency: ESBO ltd
The credit score, unfortunately, dictates numerous important things in your financial life from being approved for credit cards to interest rates offered for most loans. The economy is teetering and there is a pretty high risk of dealing with the recession in the near future. This is why it is the perfect time to think about your financial security.
Fortunately, it is very easy to increase your credit score when you know what to do. Use the following strategies first to help you out, as they were curated and recommended by:
Clean Up The Credit Report
The very first thing you need to do is to check your credit report. The good news is you can get one for free from all the large reporting companies: TransUnion, Experian, and Equifax. According to the law, you get a free report every year. Get it, print it, and then save it so you can analyze it.
After you get the report, simply examine everything. Look for all the accounts showing unpaid bills and late payments. When information is inaccurate, the report includes information about where disputes can be sent.
Pay Down The Balance
Remember that 30% of the FICO score will be calculated based on how much you owe. This is compared with the credit. The ratio is called the credit utilization rate. As a result, when you pay down your balance, your credit score goes up.
If the credit utilization rate is too high, the simple step of paying down balances is one of the fastest ways to boost the score and lower the rate.
Make Payments Two Times Per Month
Many believe they can pay off the card one time per month and everything is ok. However, the creditors just report your balances once per month. When the balance is big every month, some might think you overuse the credit.
Alleviate this problem by making 2 payments per month. Charge all to get your rewards and send payments 2 times per month or more. This helps you keep the running balance much lower.
Increase Credit Limits
There are situations in which paying down the balance is difficult. A way to get rid of the problem is to increase credit limits since this improves credit utilization rates.
For instance, when your credit card limit is $1,000, you can increase the limit to $2,000. This cuts the credit utilization rate to 50%. Just do not spend anything from the new credit you get. This defeats the entire purpose of the move.
Open New Accounts
When the credit card issuer is not willing to increase the credit limit, you can apply for a brand new card from someone else. This helps with the credit utilization rate as this takes into account all balances and lines of credit.
The problem is when you open many accounts you might have problems. When you have many accounts opened, you can look desperate. Just do not risk the credit score through the application of more than just one new credit card. Use this as a last resort to reduce the credit score.

Sava Mutkurov 53

Finance blog

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