How do I boost my credit score?
My score is already very good (>700), will getting more credit cards or increasing my limits on my current cards help? I pay all my bills on time. I want to boost my score so I get better credit cards with lower APRs.
Public Comments
- If you already have a good credit score and payment history, talk to your current creditors about getting an increase in your credit limit before you get new credit cards. You might also mention your APR concerns to your creditors when you contact them.
- i have a great credit score as well and i was told that if you have more money available on the card then you owe, that will boost your credit score rating.
- Getting MORE cards can actually hurt your score (so can a great deal of inquiries about credit, i.e. constantly applying for more cards). Just keep doing what you've been doing... increasing the limit of your current cards may help, but be sure to stay at least 75% below your credit limit. Having too high of a balance on an account can hurt your score, so keep that in mind. Otherwise, your score should automatically go up over time, provided that you continue paying on time and staying well beneath your limits.
- There are 3 main things you can do to boost your credit score: 1. Pay at least minimum payments on time, every month. This is the biggest factor. 2. Keep your credit used / credit available ratio low. For instance, if you have a $2k balance total out of $10k, that's OK. $5k out of $10k will hurt your score. Paying down debt will help the most here. 3. Do not apply for credit very often. More credit checks tend to hurt your score. Greater than 700 is a good score, and you shouldn't have many problems getting good credit deals. If you want better deals from your credit cards, click on the link below for my tips on how to do that.
- Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- : # Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.) # Never Miss a Payment, Starting Today # Never use more than 20% of your Available Credit # Keep Credit Cards that Have No Annual Fees Open For as Long as Possible # Extend Your Credit Limit on Cards You Already Have before You Get New Ones # Get Credit Cards that Have CashBack Rewards to Contribute to your Balance # Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- # If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan # Take out a Small Personal Loan and Repay it Over a Year # Ask Someone With Good Credit if They will Account Shadow you Read more here: 10-Ways to Boost Your MyFico Score http://millionster.com/articles/debt/increase-fico-credit-score/ When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: 35% - Payment History 30% - Credit to Debt Ratio 15% - Credit History 10% - New Credit 10% - Credit Types in Use If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score Best of luck to you, I hope this info helps you figure your credit situation out!
