If you want to buy a home, a car, or just about any other high-priced item, you must have good credit. Building good credit takes time, while ruining credit can be done with just a few poor choices. If you find yourself with a low credit score, know that raising that score is possible. It just takes time and determination.
Pay on Time
Pay your credit card bill by the due date or before if possible. The credit card company reports the balance and payment history of its accounts to the credit bureaus monthly. Late or missed payments will be detrimental to your credit score. If you are behind in payments, catch up as quickly as possible. The longer you are behind, the lower your score will fall.
Balance-to-Limit Ratio
The larger the gap between your credit limit and your balance, the higher the credit score. Lengthen the gap between the balance and the credit limit by making larger payments. According to Liz Weston from MSN Money, keep the amount you owe on your credit cards to no more than 30 percent of the credit limit. For example, if your credit limit is $1,000, do not charge more than $300.
Check Report for Errors
Go through your credit report line by line. Look for any mistakes such as old or incorrect information, late fees, missed payments and collection notices. If you have these items on your report and they are incorrect, contact the credit bureau immediately. These small fixes can raise your score substantially.
Avoid Lowering Your Score
To avoid lowering your score, don't request a lower credit limit on your cards and don't cancel any cards before paying them off. If you do, this will lower the gap between what you owe and what your credit limit is. The shorter the gap, the lower the credit score. Do not open any new credit accounts. New accounts will also lower your credit score.
Went through a divorce and found out that my X trashed my credit. In December when I took back my financial life, I was ruined. I discovered my FICO score was at 533, all account was late, over limit, mostly charge offs. Debt was worth $60k. Immediately I put a plan of action on how to fix my credit, because I needed a car for myself. But with my current credit score then I won’t get approved due to the charge offs and debts coupled with low credit score which appeared in my credit report. Thanks to ROOTKITS CREDIT SPECIALIST who was there for me when I needed them the most. After when I spoke with my dad I explained my situation to him, he introduced me to rootkits credit specialist, immediately I contacted them via: rootkitscreditspecialist@gmail.com also texted on +1 760 474 3440. I got replied few minutes and I explained myself and they promised to get job done. Within 5days my credit score changed, charge offs were deleted from my report, all debt cleared and my credit score was raised to 815 across the 3 credit bureaus. My car loan has been approved, I’m super excited to jump into my 2019 Mazda CX-5 car.
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