Credit
How to improve your credit score in 7 Points
Ways to Improve Your Credit Score
Avoid Late Payments
Paying your bills late will significantly affect your credit score. Your payment history is responsible for approximately 35% of your credit score, it pays to pay on time
Keep an Eye on Your Credit Report
It is important to regularly verify your credit report for any errors. Errors in your report may be caused by an identity theft amongst other possible complications. It is possible to report such errors by contacting a credit bureau.
Keep Old Credit Reports
It is important to have a credit report. You can improve your credit score by keeping old credit accounts open, by doing so, it proves to lenders that you have been paying your bills on time in the past and a long history of good credit is always welcome among lenders.
Raise Your Credit Limit
If possible, it is a good idea to raise your credit limit. This only applies if you can manage your credit responsibly and pay your bills on time. By doing so, it will keep your overall utilization low and can help improve your credit score.
Set Up Automatic Payments
Automatic payments can be a good idea if you frequently forget to pay your monthly bills. This can significantly affect your credit score. By using automatic payments, you can now avoid having to think about paying your monthly bills on time while simultaneously improving your credit score.
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Use Your Credit Frequently
Your credit score improves when you demonstrate your ability to pay your bills on time. The more you use your credit card responsibly, the more your credit score will improve.
Apply for a Secured Credit Card
With a secured credit card, you will be asked to deposit a certain amount of money up front but when used responsibly, and by paying your bills on time with it, it will help improve your credit score. These cards are very useful when unable to obtain a regular credit card.
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