Financial expert Rachel Langlois shares sneaky ways you can increase your credit score. For more information, go here.
Correct Errors
• 1 in 4 have some type of error on their report
Pay on time
• Late payment = loss of 60 - 110 points
• Find out when your issuer reports to the credit bureaus
• Set up automatic payments
Keep Balances Low (Credit Utilization of 30% or less)
• Changes in two ways: you reduce debt or increase credit
o Pay down the card/loan with the worst utilization first (if interest is comparable or lower)
o Increase Limit: if you can be responsible, increase your credit limits when you aren`t able to pay completely off
o Only do for cards you have no missed payments or it could signal distress and they may lower your limit instead
Don`t Cancel Cards
• This can affect length of history and credit utilization
Only Open Accounts as Needed
• Become an authorized user on someone with good credit history
