Underrated Tips to Improve Your Credit Score
When it comes to either obtaining or maintaining a good credit score, there is a good chance you are already aware of some of the primary basics. You know that it is important to consistently pay your bills on time and not go into too deep of debt.
Sometimes doing these things is either easier said than done, or they can only get you to a certain level. There are other ways to view your credit and other actions that you can take at times that can help out as well. Some of these things are not as commonly talked about but are certainly worth knowing.
Frequently Pull Credit Reports
Some people are shocked to see that their credit score has either not gone up, or has even taken a hit when they believe they have done everything correctly in terms of credit. Oftentimes this is because they truly do not understand what is happening with their credit.
Not only is it important to know your credit score, but it is important to know why your score is the way it is and why it is or isn’t changing. Make sure to pull up credit reports consistently so you have better credit awareness.
Open a Secured Credit Card
Many people have trouble getting qualified for loans and credit cards that they feel they need to improve their credit card in the first place. One potential workaround to this is to open a secured credit card where your initial deposit is your credit line, on top of the annual fee.
This can be a great alternative to opening up a card with even higher fees and APY, as it can be more impactful on your credit score. In addition, having a secured credit card will often lead to better offers on unsecured cards after a short amount of time of good payment history.
Ask for a Limit Increase on Open Credit Accounts
Length of credit is an important factor of your credit score, which is why it is a good idea to work with active credit sources rather than attempt to open new ones at times. If you need more credit, see if your current creditor is open to increasing your limits on active accounts.
If they increase it, do not even use it. This will maintain a good length of credit while simultaneously showing that you have more open credit.