How Can I Boost My Credit Score?
How Can I Boost My Credit Score?
There are mutiple ways to boost your credit score. The first way is to pay your bills on time. This may seem obvious but it's something many people don't practice. Collections, charged off credit cards, utility bills etc. can lower your credit scores 50 or even 100 points. Big drops in your scores can mean you will pay much higher interest rates on loans if you can get one at all.
The second way is to establish good installment and revolving credit accounts. An example of an installment credit account would be a home or an auto loan. These loans have set payoff dates and the interest is calculated differently than a revolving credit account. Examples of revolving credit accounts are credit cards and home equity lines of credit. These accounts have no set payoff date. Even if you have bad credit you can get a secured credit card and start rebuilding your credit. Use caution with your credit cards if you carry a balance over 50% of your total credit line it will lower your credit score.
Want to learn more about how credit works? Visit us at www.ohiocreditexpress.com and get our free Credit Tips Newsletter.
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