Credit Score Hacks – Easy Ways To Raise Your Credit Score
Credit Scores have generated interesting discussions on various platforms. Have you wondered if there are guideposts that can show you how to raise your Credit Score? We explore some proven resource that guarantees you good Credit. There are so many dynamics that come to play when anyone wants to boost their scores, but these tips can set you on the right path. A smart move to latch on to this information and work with it can give you the lift you desire.
The first move before even employing any of the hacks is to get a free copy of your credit report from the leading three credit bureaus. Check thoroughly and report any inaccuracies in the report.
1. Pay off Lump Sums:
This trick is one of the easiest ways to get massive Credit Scores without any complexity. There are times where you experience a windfall or something amazing happens in your life that keeps the income streaming. You can take advantage of this to boost your credit score rating by paying off a significant amount on your Card in one swoop. It is important to mention that you need to find out the details of how your Credit Card Company operates. On a general scale, this method would improve your score with ease.
2. Use far less than your Credit Limits:
It is a sad reality that paying off your bills before each billing cycle does not necessarily help your Credit score. Many individuals have realized that despite their consistency to clear their bills, it does not necessarily reflect their credit standing. Now, this is the catch. Use less than 25% of the available limit on your Credit, and you would be enjoying a very positive rating. You can join savvy individuals by following this trick to enjoying the good side of life.
3. Request for a higher limit:
If your Credits have remained the same for many years, you can ask for a higher limit especially when you witness a jump in your income. The rule is that you would not raise your Credit card usage, and this would help to improve your credit scores. However, it's important to note that you must not make this move if you are on the verge of taking on a major life event like taking out a mortgage to buy your home. The company would request for a “hard inquiry” on your accounts which would temporarily cause your scores to dip. You can use this window if you are planning for the long term to hold a very positive credit score.
One of the best experiences in life is to know that you can revamp your life with ease. The above hacks will help you improve your score. You can put yourself in a great position and revamp your Credit by working with any of these tips or employing a combination of both. But remember, paying your debts timely and spending within your means is a sure way of maintaining a healthy credit score.
Linda Hoffstader is a former mortgage banker, real estate investment advisor and loan underwriter for financial institutions such as Prudential, Merrill Lynch and Franklin First Financial. Now semi-retired and living in Boca Raton, Florida, she spends her days sitting poolside educating people via her blog about the current state of economy and financial affairs while also helping underwrite home loans for Franklin First Financial.
The post Credit Score Hacks – Easy Ways To Raise Your Credit Score appeared first on Budget My Wallet.