Five Simple Ways to Raise Your Credit Score

raise your credit score

Raise Your Credit Score

There are several reasons why you need a good credit score. You might want to raise your credit score in order to qualify for a loan, get a new credit card, or make a large purchase. There are many ways you can raise your credit score. Here are five simple ways to raise your credit score:

  1. Open a secured credit card – If you have no credit history or a low credit score, a secured card can help you build credit as long as it reports information to the credit bureaus. You have to make an upfront security deposit of at least a couple hundred dollars, which the card issuer holds as collateral.
  2. Setup payment reminders to pay your bills on time – Paying your bills on time is important for your credit. If you can’t remember to pay them on time then setup reminders for yourself. Pay as many bills automatically as possible and pay your credit card off in full every month if possible.
  3. Check your credit report for free – You can get a free copy of your credit report online with Credit Karma. Sign-up, input your info, and get your free credit report. Check your credit report for any errors. If you notice errors make sure you contest them and report them to get your credit report fixed.
  4. Don’t go overboard on the number of credit inquiries – Since your credit score gets pulled when you shop for a loan, submit applications to potential lenders within a two-week period. Having lots of credit inquiries can decrease your score, so don’t go overboard on the number of credit inquiries in a short amount of time.
  5. Pay down your debt on credit cards and never max out a card – If you carry a balance on your credit cards pay your balance down as much as possible. Never max out your credit cards because your credit score will take a hit.