3 Easy Steps To Boost Your Credit
Your credit Score needs a boost so you could unlock a world of financial opportunities? I’ve got some helpful tips that will make it clear and easy.
My name is Natallia Mann, and I am with IMortgage4u here. Today I will give you a few helpful tips to quickly build an improve your credit score.
Pay your bills on time
Paying bills on time is the cornerstone of building a strong foundation for your credit. Just like a solid foundation supports a sturdy house, timely bill payments support a healthy credit history.
Remember that timely bill payment is the most important component of credit score (it is responsible for 35% of it!), and any missed payment will remain on your credit report for 7! Years.
Set up auto payment for your credit cards and auto-loans, and of auto-pay is not available for some of your bills, set up calendar reminders in your phone.
Use no more than 10% of your credit limit
Balancing the scales of credit utilization is key. Aim to utilize no more than 10% of your available credit limit. So, if you have a $1K limit on your credit card, spend no more than a $100 or pay off the entire balance by the end of the billing cycle.
Think of it as finding the perfect equilibrium on a scale – keeping your credit utilization in check.
Keep all your credit cards opened
Here’s an important tip – resist the urge to close any credit cards. Closing a credit card will reduce your available credit limit and potentially drop your credit score. Let’s visualize it as a locked door that prevents your credit potential from fully opening up.
Sometime banks close credit cards due to inactivity. So if your goal is to build your credit fast, make small transactions on each credit card at least once every 3 months.
So let’s sum it up:
🟠 By paying your bills on time
🟠 By keeping your credit utilization low, and
🟠 By avoiding the closure of credit cards,
you’ll build a solid credit foundation, maintain balance, and keep credit doors wide open to your wealth foundation through homeownership!
Remember, building good credit takes time and consistency, but with these strategies, you’re on the path to financial success.
Natallia Mann
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(Note: this blog post is intended for informational purposes only and should not be considered as legal, tax, or financial advice. Consult with a qualified professional for personalized guidance.)
