How to Boost Your Credit Score

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更新日期：2019-03-28

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How to Boost Your Credit Score?

A healthy credit score is essential for your finances for various reasons. When banks try to take a decision on whether they wish to lend money, good credit scores are what they actually look for. Even landlords and insurance brokers often check your credit while trying to determine whether they should engage in business with you. Here are some tips on how to boost your credit score in an easy way.

Make timely bill payments

When you are trying to increase your credit score, this is the thumb rule that you should follow. Make sure that you make on-time payments for all types of bills, whether it comes to credit cards, cell phones, home phones, cable and more. There will be a direct impact on your credit score in case you are late on your bills or miss the payment for the same. If it is discovered that you are late or missing on the payments, a loan might not be approved to you.

Do not let your bills land in collections

Although it is simplistic to say this, the existence of a collection agency is due to the fact that many people forget about their bills. You should never let your bills land up in collections. Even if any of your unpaid bills land up in this way, your credit score will take a hit and you will be expected to pay major interest or surcharges. This is one of the easiest tips on how to boost your credit score.

Keep your credit card balances low

If you want use a credit card, keep your balance as low as you can or possibly at 0. It will be better to have less of credit. The number reflecting your own credit score is the latest balance available on your credit statement. Even while paying a full bill each month, you need not surpass over 30% of the credit that is available. It will be better if you use it less.

Check your credit scores one time annually

It is possible for credit scores to change quickly, even from day to day. Checking the score annually is fine, but doing it regularly or multiple times a year can have a negative impact on your score. It is best to check them only once a year. You should dispute any errors, such as late payments or unpaid bills, when you are sure that the payments were made on time or that there could be some other problems.

Use the old credit cards

When it comes to how to boost your credit score, it is not a good idea to change from one credit card agency to another. In case you jump about and open and close your credit cards constantly, there can be an adverse impact on your credit score. Even if you mainly use some other credit card than the ones that you used earlier, make sure that the earlier ones are active. Use the previous ones once every now and then. Ensure that you fully pay it off every time.

Here is a preview of what you will get with the how to boost your credit score:

• What Is Credit Score?