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Having an excellent credit score opens up so many more possibilities for you. But if you suffer from a low credit score, all hope is not lost. Here are seven ways to be one step closer to getting a credit score over 800…
1. Pay On Time
Think back to when you were in grade school, and your teacher drilled you to always turn in your homework on time, on the date it’s due, no exceptions. Credit card payments are the same. Make sure to turn in payments to your cards on time, without running a balance on them.
2. Consider Using Payment Tools
If remembering payment dates proves too difficult for you, you can always set up an automatic bill pay, or set up payment reminders. There are even some banks out there that will provide complimentary bill pay reminders via texts or emails.
3. Look for Large Limits on Credit Cards:
It is better to have a large credit limit on a card, as it doesn’t affect your rating if you spend more on that card. Conversely, if you have a lower credit limit, then it is easier to hit the limit, and that will negatively affect your credit score. Don’t fall for the temptation of thinking that just because you have a $50,000 credit, you have $50,000 to spend. To maintain a high credit score, you should use very little of that. In fact, you should keep it under 10% of the credit limit.
4. Don’t Over-Apply
Don’t be swayed by every credit card offer that arrives in the mail. Each time you apply for a new credit card, your overall credit score drops. Instead, work on getting higher limits on the cards you have.
5. Variety is the Spice of Life
Having a variety of diverse loans (including credit cards) in your overall credit collection also boosts your credit score. This can include not just credit cards, but also mortgages, automobile loans, et cetera. If you can prove that you can pay on several accounts reliably, your credit score will be higher.
6. Don’t Forget About those Under-Used Cards and Don’t Cancel Them
You need to prove that you can pay your cards on time, including those underused cards. It’s highly recommended that you not cancel those cards you don’t use regularly, because doing so will reduce the total amount of credit you’re approved to borrow. You also want to show that you indeed have a history of paying all of your cards on time, including the lesser used ones.
7. Check for Errors on your Credit Report
Yes, it is a fact that even the credit score agencies are not perfect, and sometimes have errors on their reports. Be sure to locate these mistakes and then call and have them corrected. Your credit score will benefit as a result.
8. Try Asking for a Break
It doesn’t hurt to call and ask to have late payment penalties taken off of your credit history. Sometimes if you’re polite about it, companies will remove the causes of your bad scoring, so you won’t need to wait. You have nothing to lose in asking.
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