How To Boost Your Credit Score in 3 Easy Steps
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How To Boost Your Credit Score in 3 Easy Steps
Let’s talk about 3 easy steps you can take to boost your credit score.
Now, what’s the big deal about credit scores? Well, think of it like a baseball game. You can hit it out of the park and claim victory…or strike out and lose.
When you win the credit score game, you win countless opportunities. These include:
- Good rates
- Affordable loans
- And, in the end, hundreds of thousands of dollars.
Yeah, really. Hundreds of thousands of dollars. Because a good credit score means cheaper bills that add up over the years.
So, what does a winning credit score look like? Ideally, you want to aim for 700 or higher. But the higher your score, the better your chances of taking home a big trophy.
Let’s take a look at 3 easy strategies to help you prepare for this financial game.
Increase Your Available Credit
Call your credit card company and apply for a higher limit. That way it’s easier to keep your credit usage at around 30%. What do we mean by that? Well, let’s take a look.
If your credit card balance is $800 and you have a maximum credit line of $1,000, then creditors can see you’re using 80% of your available funds…which, to them means you’re living on the edge and struggling to meet your financial obligations.
Ouch.
Now, if your credit card balance is $800 and you have a maximum credit line of $2,000, then creditors see you’re only using 40% of your available funds. Still not a home run, but you’ll definitely score a few runs.
Because the better your credit usage, the better you’ll look to creditors. They’ll see you as someone who’s financially responsible. AKA, you pay your bills.
Pay Extra
A large part of your credit score is based on your monthly reported balances to the credit bureaus.
If you can find cash to pay down extra on your credit card before your next statement due date, then the credit bureau will be very happy with you. And your credit score will go up.
If those first two strategies don’t work for you, then you can always take a third approach.
Get a 60 to 90 Day Note
You can get one from a bank, a family member, a friend, or a private lender—like us! Use the funds to pay down or pay off your credit cards so you can keep your projects moving along. And your cash flow…well, flowing!
If you take one, two, or all three approaches to boosting your credit score, then we can guarantee you will knock it out of the park and win the credit score game!
Happy investing!
