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An Extreme Credit Score Makeover: 5 Tips for Building Credit (Fast)

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WESTCHESTER COUNTY, NY — March 11, 2021 — If you check your credit report with your eyes half-closed and getting approved for a mortgage loan feels like a far-off fantasy, your credit might not be as healthy as you’d like it to be. Credit scores can take a plummet for several reasons, including late payments, overuse of available funds, unpaid accounts, or recent credit applications.

Bad credit is an all-around bummer, leading to higher interest rates and lower chances of approval for loans. However, if your low credit score has you down in the dumps, all hope is not lost. Follow these tips for quickly building credit, and your financial confidence will grow as fast as your score.

Use Your Credit Card wisely

When it comes to building credit, there are a lot of misconceptions to unlearn. Start by debunking the myth that suggests that card usage is ultimately detrimental to your credit score. By responsibly using a student credit card, like one from 1st Financial Bank USA, you can harness the power of your card by paying bills on time and maintaining a low utilization rate to give your credit a much-needed facelift.

Just Ask (And Know What To Ask For)

If your credit union raises your card limit while your balance remains the same, your credit score will undergo a significant boost. Luckily, upping your account limit is easier than you might think. Give your bank a call and ask them for updated rates and limits—without a hard credit inquiry which lowers your score. The answer won’t always be yes, but if you can prove your income has grown and you’ve gained positive credit experience, your chances of being allowed a limit increase are reasonably high.

Become An Authorized User

If you’ve got a financially savvy grandparent or a credit master uncle, it’s time to ring them up. Ask a friend or relative with well-aged and well-built credit if you can become an authorized user on their account. You don’t have to use their card or rack up any fees. Your mere presence as an authorized user will bulk up your credit file and pump up your score.

Correct Your Report’s Errors

While continuous negative marks on your credit report will place your credit score in a sticky situation, other strikes on your account are due to processing errors. Luckily, credit unions or banks can often remove score-lowering mishaps in a flash with proper proof. Order a free copy of your credit report and examine it for mistakes. If you notice inaccuracies, contact the credit bureau right away to open a dispute.

Vary Your Accounts

When opening lines of credit, consider mixing up accounts to improve your score substantially. Credit agencies consider several factors when factoring in your official rating, including your varying lines of credit. Shake things up a little by incorporating loans and cards you don’t already have and strive to obtain a healthy balance between them.

Bottom Line

Taking on credit repair is a complicated and delicate process, but if you make the right moves, you can be on your way to decent credit faster than you can say “FICO.”

Source: on 2021-03-11 20:18:45

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