Build Credit Score - Five Tips To Increase Low Credit Score
To build credit score you have to do more managing of debt than credit repair. My credit has increased by 45 points just by managing the accounts and putting into practice all the tips I'm going to detail below. I'm no credit expert. I simply researched information that helped me get rid of some duplicates. The rest were just accounts that needed a little tweaking to improve my score.
The first thing I learned about credit that really proved to me how little I knew about credit was how closing credit accounts affects your credit. I wasn't aware of how damaging it is to close down credit accounts. We often hear of people paying their bills and closing the account. Thinking its going to help them! It has the exact opposite effect on credit scores. To build credit score up, you have to maintain the account open. Especially if it's an account you've had for years and has a high credit limit. When you close it, you lose the years of history and it lowers your total available credit, which is always a bad thing!
To get a quick boost, you can have a family member add you to one or two well established credit accounts. Doing this automatically increases the total available credit and adds the well established payment history to your credit. Boost and boost.
If adding you to someone's account is not possible. Getting a new credit card, preferably with a high credit limit accomplishes one of the above. You will automatically have more open credit. This will reflect well on your score and raise it.
Another tip to build credit score is to manage your balances around between your credit cards. What you want to do here is keep a low percentage of balance on each card. Keeping credit cards at 30% of the total available credit is about optimal. When you use the tactic above, getting a new credit card, the idea is to transfer a portion of a balance on another card that might be to close to its limit and bring it down to 30% if possible. You can also transfer to other cards you may have that don't have balances or have low balances.
The last tip to build credit score is a little bit of disputing. This requires a little of know-how about credit. Let me explain. It's not a major increase but it can increase about 2 point per account per bureau. That's about what I estimated on my own credit report. Here's what you look for and what you do. Credit card companies don't always report your credit card in its best possible way. If you review a credit report, you'll notice that some accounts say "paid" and others might say "paid as agree." The best reporting for the consumer is paid as agreed. This can give you slightly more points. If there are several accounts, let's say four. That's a possible 20 to 24 points that it can go up.
These five tips help build credit score higher, and help qualify for cars, homes and other essential aspects of life.
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