If you have a good credit score, you are more likely to get good terms regarding mortgages, car loans and credit cards. In short they get lesser interest rates, fees and more sign up bonuses. Make 2018 your year to shoot up your credit score and save money.
Though it wouldn’t be easy and all at once, but at least it can be done. You can control your credit score with just few ways that we are sharing.
Fix any errors: Your first move towards boosting credit score would be finding any error in your credit score report. Get a free copy of your report and look for any suspicious entry like accounts you fail to recognize, any kind of payment you think you never made or any open account that was supposed to be closed. Hold an investigation in any such cases.
More credit cards, more score: Getting new credit card would help you increase your credit score in such a mathematical tricky way for an instance you have $1500 in your credit card with the maximum limit of $3000, your utilization rate would be 50%. However, if you add another credit card of same limit your utilization would become 25%. Feel the trick? But you need to be careful in this to avoid unbalance.
Large and frequent payments: Make large and multiple payments in a month that would enhance the score because each time you pay it takes a snapshot of your balance and the score gets down while lower balances gets your score up so making larger payments in more frequent shifts would risen credit score.
Become Authorized user: Parents often make their child an authorized user so they can draw and cash money. This technique is found good for account holders, any payment done by authorized user makes their payment increase and so the credit score.
Keep Balance and Simplicity: In order to keep your score maintained you need to balance everything, just make sure you keep an eye on all your stuff. To sum up, we can say if you are going to pay bills on time for a long time, keep balances low without applying for new credit, you are ultimately going to achieve greater score.
Let these points resonate in your mind and make you act upon them, 2016 would be your year!