Little Known Secrets to Boost Your Credit Scores

• December 22, 2016

Everyone admires good credit scores, but they are reluctant to do what’s necessary to raise their credit. Sadly though, a credit score is not like a race car where you need to rev the engine and see instant results. It requires time and concerted effort to build it and sustain it at those rosy levels. Fortunately, there are little known secrets you could use regularly to reestablish or boost your credit score. They include the following:

Be keen on the credit card balances

Watch out for those credit card balances. Pay down the balances so that you can keep them to the least possible values. The optimum should be 30% or lower and if it is possible simply pay up everything and eliminate the nuisance called “credit card balance”.

Don’t eliminate old debt from your report

Most people fight hard to remove old debt from their report thinking that it will lead to bad credit rating, yet this is not true at all. If you had a debt that was well handled and you paid as agreed, it is referred to as a “good debt” and it is good for your credit ratings. The longer the history of the debt, the better it will be for your report. Therefore, don’t be in a hurry to do away with the home or the car you successfully paid off.

Pay bills on time

Another secret to avoid bad credit rating is to pay your bills on time. You should remember that your credit scores are determined by the actual items on your credit report and if you are poor at paying bills, this will definitely hurt your scores.

Avoid risky payment behaviour

By this, we mean that you miss on a payment then suddenly pay less than what you normally pay. Other than attracting fines and charges which might scare your card issuer, the dent left on your credit report may stay for a little longer.