Your credit score is a number that tells lenders if you’re reliable or not – do you pay things back on time and in full or not. It’s a super important number in the financial world, and the higher it is, the better your chances are of getting a loan.
If your credit score is on the lower side and you’re looking to get a better credit card, a car loan, a mortgage loan, or maybe a personal loan, you need to boost your credit score, and you need to do it quickly. Many people think it takes months to increase your credit score, but that’s not true! There are ways you can increase your credit score QUICKLY!
Here are 4 easy ways you can increase your credit score that will have an instant impact:
1. Pay off your debt
We know, it’s easier said than done. But if you have a credit card with $1,000 on it and you have that money in your bank account, just pay it! Not only will it feel good to pay off that debt, but you’ll also instantly boost your credit score.
2. Decrease your credit card utilization
Credit utilization is the amount of money you used out of your total credit limit. For example, if your credit limit is $10,000 and your balance is $5,000, you’re utilizing 50% of your credit limit. We always recommend only using 30% or below your credit limit. The less you use your credit limit, the higher your credit score will be. If you’re trying to boost your credit score, lay off using your credit card for a month and your score will go up.
3. Make payments every time you get paid
This is a super-easy way to increase your credit score quickly! If you have a large loan you need to pay off, pay it down each time you get paid whether that be weekly or bi-weekly. This will show your credit company that you’re reliable and on top of your payments and it’ll increase your credit score quickly.
4. Don’t cancel any credit cards
We know it sounds weird, but your credit history is a major factor when determining your credit score. The longer you have your credit cards, the better. Just because you have a card, doesn’t mean you have to use it! You can calculate your credit history by looking at each one of your cards, determine how long you’ve had each card, add those years up, and divide by the number of credit cards you have.
Getting your credit score higher will only make your life easier – you’ll get approved for that loan you want, whether it be for a house, car, or a personal loan. This is something you’ll want to start increasing as soon as possible – you don’t want to be looking for a house or car and not get approved because your credit score is low. Give yourself time to boost it. Your credit score is much more important to you than most people think and by doing these 4 things, you’ll boost your score in no time!
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?