How to Improve My Credit Score Fast
How to improve my credit score fast? There are three tips you could use to repair your credit score quickly. Not difficult. But, you have to know the right ways. What is the first and make a big impact?
As described in the previous article. the improvement cannot be instant. It must go through a process that takes time. In addition, it should be carried out in accordance with the rules.
Three Tips to Improve Your Credit Score Fast
Here are three tips about fixing credit scores provided by FICO, credit institutions are reliable.
1. Pay Monthly Bills on Time
You need to know that one of the biggest contributing factors to your credit score is the installment payment 35%.
This means that you have to pay attention to the loan installment payments. You have to pay it on time. Never too late, although only one day. Why? Because of the delay has a negative effect long enough: seven years.
If you get a financial hardship that cannot pay the monthly bills on time, you immediately contact the lender or a legitimate credit counselor.
There are several ways you can do to your credit installment payments are not late. For example, the automatic payment through a bank or ask a reminder letter from the bank.
If it’s possible, immediately pay off your debt. Do not just pay the monthly bills to a minimum. The goal is you pay a low interest.
2. Minimize the Amount of Your Credit
You should immediately lower your credit. Large credit
accounted for 30% of your credit score. Therefore, if your outstanding balance is great, you should immediately reduce them.
Yes, you have to keep the balance is always low. Your credit ratio must be 30% or lower of your credit limit. The lower is the best, said the a credit specialist.
If you have many credit cards, the card that you have not used should not be closed. Why? A card with a low balance will be a positive effect on your score.
On the other hand, do not open new credit cards you do not need. It could be backfire. It will lower your credit score.
The point is you are not need to having too many credit cards. A maximum of three or four only.
3. If you are a New User Credit Card
If you’re just a few months of having the credit card, do not open a lot of accounts. This will negatively affect your credit score.
You should build a credit score. If you have grown high score, you can apply for a new credit card from another.
However, as suggested in point 2, you should only have 3-4 credit cards. All cards require good management. If not managed properly, they can lower your credit score.
Essentially, you have to manage a credit card well and responsibly. Regardless of your credit card. However, preferably 3-4 cards.
Those are some tips to answer your questions: How to improve my credit score fast. I hope you can successfully repair your credit.Source: thestudentcreditcards.com