Top 5 ways to improve credit
- Pay Your Bills on Time
Sounds simple but it’s easier said than done. This has a huge impact on your credit Negatively if you don’t pay on time, Positively if you do. Set reminders days before your bills are due. I use www.prismmoney.com to send reminders and keep track
- Leave Old Debt on your report
Provided that the debt is paid off with a good payment history, you should leave it on your report. Keeping old debt on your report gives you the longevity of your credit history. This is a great attribute to your score.
- Don’t Max out your cards
In order to maintain decent credit, creditors want to know that you can use credit responsibly. Leaving your balances below 30% every month will help you maintain credit. Paying your balances down to 10% will build your credit tremendously. Do not pay cards off completely.
- Pay your bills twice a month
Sounds crazy but this is the way to build credit fast. Making two payments before the debt is due helps build your credit. Paying a twice a month pays the debt down fast because the second payment goes to the principal of the debt, not the interest.
- Mix it up
Using a different kind of credit can make for a modest boost to your score. For example, you might take out a small personal loan from the credit union or buy a piece of furniture or appliance on installment (but only if you’re 100% sure you can and will meet the payment schedule).
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