An extreme overhaul of your credit score: 5 tips for getting credit (fast)

WESTCHESTER COUNTY, NY – March 11, 2021 – If you check your credit report with half-closed eyes and mortgage approval seems like a distant fantasy, your credit might not be as healthy as you want it to be to be. Credit scores can go down for a number of reasons, including late payments, overuse of available funds, overdue accounts or recent credit requests.

Bad credit is a general disappointment resulting in higher interest rates and lower chances of approval for loans. However, if your low credit rating puts you on the wrong track, all hope is not lost. Follow these tips to build credit fast, and your financial confidence will increase as fast as your score.

Use your credit card wisely

When it comes to building credit, there are a lot of misconceptions to be unlearned. Start by debunking the myth that the use of the card is ultimately harmful to your credit score. By responsibly using a student credit card, such as the one from 1st USA Financial Bank, you can harness the power of your card by paying your bills on time and maintaining a low usage rate to give your credit a much needed boost.

Just ask (and know what to ask)

If your credit union increases your card limit while your balance remains the same, your credit score will increase significantly. Fortunately, increasing your account limit is easier than you might think. Call your bank and ask them for updated rates and limits, without a serious credit check that lowers your score. The answer won’t always be yes, but if you can prove that your income has increased and that you have had a positive credit experience, your chances of getting a limit increase are reasonably high.

Become an authorized user

If you have a financially savvy grandparent or a credit master uncle, now is the time to call them. Ask a friend or relative with well-aged, well-built credit if you can become an authorized user on their own. You don’t have to use their card or accumulate fees. Your mere presence as an authorized user will increase your credit report and increase your score.

Correct errors in your report

All continuously negative scores on your credit report will put your credit score in a tight spot, other strikes on your account are due to processing errors. Fortunately, credit unions or banks can often solve low score issues in a flash with proper proof. Order a free copy of your credit report and examine it for errors. If you notice any inaccuracies, contact the credit bureau immediately to open a dispute.

Vary your accounts

When opening lines of credit, consider mixing accounts to significantly improve your score. There are several factors that credit bureaus take into account when considering your official classification, including your various lines of credit. Shake things up a bit by incorporating loans and cards that you don’t have yet and strive for a healthy balance between them.

Final result

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

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