10 Surprising Credit Score Increase Tricks You Need to Try Today
A high credit score unlocks better interest rates, credit opportunities, and financial freedom. While paying bills on time and maintaining low credit card balances are common advice, there are lesser-known strategies that can give your score the boost it needs. Below, we delve into 10 unexpected credit score increase tricks that actually work.
1. Become an Authorized User on a Creditworthy Account
Ask a family member or friend with excellent credit to add you as an authorized user to their credit card. This allows you to “inherit” their positive payment history and the length of credit history associated with their account, giving your credit score a significant boost.
2. Request Credit Limit Increases
Contact your credit card issuers to request higher credit limits. By increasing your available credit while keeping your spending the same, you lower your credit utilization ratio—an essential factor in your credit score calculation.
Credit Score Increase Tricks: 10 Unexpected Ways to Boost Your Score
3. Dispute Inaccurate Information on Your Credit Report
Errors on your credit report can hurt your score. Obtain free annual credit reports from the three major bureaus (Experian, TransUnion, and Equifax), check for inaccuracies, and dispute errors promptly. Removing negative but incorrect entries can lead to a quick score increase.
4. Pay Off Small Balances Across Multiple Cards
Having small balances on multiple cards may negatively affect your score. Consolidate balances by paying off smaller debts first. This improves your credit utilization ratio and reflects positively on your credit report.
10 Little-Known Credit Score Increase Tricks That Actually Work
5. Use a Credit-Builder Loan
Credit-builder loans are designed specifically to help improve credit. These loans work by depositing your payments into a savings account, which is released to you after repayment. Successfully completing the loan builds positive payment history and establishes a longer credit history.
6. Take Advantage of Experian Boost
Experian Boost is a free tool that allows you to add utility, telecom, and streaming service payments to your credit report. Including these on-time payments can instantly improve your credit score, particularly if your report is thin.
Boost Your Credit Fast: 10 Surprising Credit Score Increase Tricks
7. Set Up Automatic Payments to Avoid Late Payments
Late payments can stay on your credit report for up to seven years. Automating payments ensures you never miss a due date, safeguarding your score from unnecessary drops.
8. Diversify Your Credit Mix
Lenders like to see a variety of credit types, such as credit cards, installment loans, and mortgages. If you only have one type of credit, consider diversifying by responsibly opening another credit product, such as a secured credit card or personal loan.
10 Proven Credit Score Increase Tricks That Work Like Magic
9. Keep Old Credit Cards Open
Even if you no longer use an old credit card, keeping it, open helps maintain a longer average length of credit history. Closing old accounts reduces the overall age of your credit history, potentially lowering your score.
10. Negotiate with Creditors for “Pay-for-Delete” Agreements
If you have collections accounts, some creditors may agree to remove negative marks in exchange for payment. This approach can clean up your credit report and lead to a substantial score improvement.
Why the Length of Credit History Matters
The length of credit history is a crucial factor in determining your credit score. It accounts for 15% of your FICO score and includes:
- The age of your oldest account.
- The average age of all your accounts.
- The age of your newest account.
Keeping old accounts open and building a consistent credit track record positively affects this aspect of your credit score.
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At Cents Savvy, we specialize in credit repair services and tax resolution to help you achieve financial freedom. Our tailored strategies are designed to resolve credit issues, improve scores, and secure better financial opportunities.
Call to Action:
Take control of your credit today! Visit Cents Savvy to learn more about our proven credit repair solutions and start your journey to better financial health.