How do you gain credit score points with credit cards?
Question: I’m trying to boost my credit score as much as possible. I have credit cards but find it harder to get loans due to my score. I need help figuring out a sure-fire way to gain points by using the credit that is already available.
Answer: Stop charging on your cards. Make you payments on time. A good payment history helps a lot in boosting your score. So does your debt to available credit ratio. That’s why it’s important to pay down those cards. Also, do not close out old cards that you don’t use because it will shorten the length of your history. Having a history that’s “too new” dings your score. Monitor your credit score monthly. You can do that completely free to see how you’re doing.
Click here for a free credit score. All you have to do is create an account. There’s nothing to buy and there are no sneaky memberships.
Here are a few ways how you can improve your credit rating.
1)Make Payments on Time~If you want to build and maintain your credit rating, pay your bills on time and don’t miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history.
2)Pay Off Your Debt~Don’t transfer it all to a credit card and then transfer it from card to card to card. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.
3)Establish Credit History~Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills.
4)Don’t Apply for or Take on Too Many Credit Cards~Having and using a credit card wisely can be beneficial to your credit rating. However, if you’re constantly applying for new credit cards, it can hurt your rating, especially if you’re getting turned down for them.
Your credit score is based on a lot of things. Here’s what you can do to higher your score.
- Get rid of your debts, pay off all of your cards.
- Don’t open new accounts
- Get your debt to income ratio low
- Keep old accounts open
- Use your credit each month but pay it off in full.
I use this strategy, and continue to keep a 800+ score.
Good luck!