Ever wanted to improve your credit score? Do not fall for the false internet claims of "raising your score overnight!" I've got 3 tips that cost nothing and will help you raise your credit score over time.
1. Make sure your credit report is accurate
Are you sure the information on your credit report is up to date? Small errors on your credit report may affect your credit score. Here's an easy way to improve your credit score: With the Fair Credit Reporting Act in place, you are entitled to make any changes of errors that appear on your credit report. By identifying the error and submitting proof to any of the 3 credit bureaus (TransUnion, Experian, and Equifax), you can get inaccurate items deleted from your credit report! This can help raise that FICO score!
2. Maintain balance on credit cards accounts at 30% of your limit
Credit bureaus do not like seeing your credit card accounts maxed out. It shows financial irresponsibilty. A safe percentage to have circulating each month on your credit card balance is 30% of your credit limit. If your credit card balances are higher than 30% of your credit limit, pay down the balance so it remains at 30% or lower of your credit limit. This will also help raise your FICO score.
3. Make payments on time each month and every month thereafter
Your FICO score is based on the past 2 years of payment history on any credit card or install accounts. Making one late payment on any account can lower your score significantly. By making timely payments each month, you can increase your credit score over time.
These are just 3 simple tips that cost nothing that can help raise your credit score over time. I hope you've found them helpful in your quest in gaining a better credit history.