3 Tips To Improve Your Credit Score
From renting your first apartment to buying a new Buick in Bensalem, having a high credit score can make achieving your financial and life goals easier. But if you’re still struggling to build credit, how can you make your score go up faster? These three easy tips will help you build up your credit score more effectively over time.
- Mark your payment due dates. About 35% of your FICO credit score comes from your payment history. This means that the best and most reliable way to increase your score is to make all of your credit card and loan payments on time. If you have trouble remembering when each payment is due, mark each of your due dates in a cell phone calendar or on a desk calendar where you’re likely to see them.
- Don’t close old credit cards. If you’ve fallen into credit card debt in the past, it’s natural to assume that closing old credit cards will increase your score. However, when you close a credit line, you reduce the total amount of credit you have access to, which actually hurts your score. Instead of closing cards, shred the physical card or leave it with a trusted family member to prevent overspending.
- Apply for a secured credit card. Some types of credit cards require a down payment when you open it. That down payment then becomes your line of credit, meaning that a secured card carries no risk for lenders. As you use your secured credit card, credit card companies will report your on-time payments and balances to credit reporting bureaus, which increases your score. If you have bad credit or no credit, a secured credit card can be a great place to begin.
Do you need credit to purchase your new Buick car in Bucks County? Faulkner Buick GMC of Trevose makes it easy to apply for credit directly online. Pay us a visit online or give us a call at 267-984-4658 to learn more or explore financing options.