Tips & Tricks to Boost a Credit Score
Having a good credit score can save you money because you're eligible for lower interest rates on loans and credit cards. To boost your credit score, focus on payment history, amount owed, length of credit history and types of credit.
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Credit Use
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Pay down credit cards so the amount owed on each card is no more than 30 percent of the card's limit. Keep the ratio of debt to credit high by increasing credit limits when possible and keeping credit card accounts open even when they are not needed, especially long-standing accounts.
Automatic Payments
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If a person with a credit score in the 700s misses a payment or makes a payment more than 30 days late, his credit score can drop by about 100 points, according to MSN Money. Build a spotless payment history by scheduling automatic payments for credit cards, student loans, auto loans, mortgages and any other lines of credit.
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Credit Report
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You can check your credit reports for free once a year through the official Annual Credit Report website. Check your free report at each of the three credit reporting bureaus for accuracy. Correct any errors that have a negative effect on your credit score, such as inaccurate reports of late payments.
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References
Resources
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