Here`s my advice to increase your credit score as fast as possible:
1. Increase your credit limit! Did you know you can go into your bank app or website and ask for a credit increase online? It`s not a lengthy process and it doesn`t affect your credit score! You will either get a yes and the amount your credit limit increased to or a no with a reason. Just because you get more credit doesn`t mean you have to use it!
2. Keep your credit utilization to 30% or less.
If you have a
credit card with 50% of the credit used and another with only 5% used then pay down the one with 50% usage first and if you absolutely have to use a credit card use the one with 5% usage. If you can keep your credit utilization to 7% that would be ideal.
3. Pay down your credit card debt. Yes, I know you`ve probably heard this one before but it is the most important thing you can do. Even if it`s an extra $50 each month, it still counts! Not having Netflix or eating out for a few months will give you way greater benefits down the road.
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Happy New Year