Credit scores can make or break you for big purchases. Without a high credit score, lenders are less likely to let you borrow big amounts. You can boost your credit score FAST with a few tips and tricks.
If you’re on a time crunch to get a car, a house, or some other big-ticket item, there’s still hope. Here’s how you can bump up your credit score in no time!
Pay Off Old Balances
Any old credit balances are going to ding your credit score. The faster you pay those off, the faster you can be on your way to boosting your overall score!
Paying off anything that’s past due may require some budget cuts in your current spending. Try to cut out any unnecessary expenses so you have extra money to put toward your balance.
A tighter budget now means that you’ll end up spending a shorter amount of time focusing on paying that debt off.
Know Your Statement Date
Your score naturally fluctuates from month to month. However, you don’t want any of your purchases or payments to put a dent in your credit score without you knowing. This is why it’s important to keep track of your statement date.
Set reminders for yourself to check your account before your statement is made and your purchases are all set in stone. If you have multiple credit cards, it might be easier to request your statement for the same day on each card.
Keep Your Spending Low
Your credit utilization counts for about 30% of your score. Because it’s such a significant quantity, you don’t want to have a large outstanding balance by the time your statement period comes around.
Keep your spending as low as possible. Using less of your available credit proves to lenders that you’re not financially reliant on the amount that you borrow.
It’s ideal to bring your account back to $0 each and every month. However, if that’s not feasible, experts say that it’s best to keep your credit utilization ratio below 30%.
Pay Right Away
It can be easy to let your credit card bills accumulate over the course of the month until your statement is due. However, it’s much more to your benefit if you pay off your balance right away.
One way to do this is by treating your credit card like cash. The moment your purchase is authorized, pay off your credit card balance. This will help you minimize your credit utilization by the end of your statement period, which counts for 30% of your overall score.
These tips can’t guarantee immediate results. Much of that depends on the current status of your credit score and the money you have available to repair it. However, if you’re looking to boost your credit score fast, these methods will certainly help you achieve your goal!
