If your credit score is not where you want it to be, why not tackle this problem in 2020 to gain access to more favorable loans and better credit card deals? If your credit score is in the bad and fair range, you'll see dramatic results from a score increase. For those with better credit, it doesn't hurt to improve your score and get approved easily for any loan or credit card offer you want. Here are some tips to help with credit repair in Miami.
BECOME AN AUTHORIZED USER
If you know someone who has a high credit card limit, ask them to put you on as an authorized user. They don't need to give you access to the card or show you the account number. This works best for people who have little to no credit history.
PAY ALL YOUR BILLS ON TIME
Payment history is one of the most important factors that count towards your credit score calculation. Late payments will stay on your report for years to haunt you. If for some reason you miss a payment by 30 days or more, call the creditor immediately to arrange for full payment and negotiate with them to not report your missed payment to the credit bureaus.
MAKE FREQUENT PAYMENTS
A factor called credit utilization is used to measure your credit score. This factor is calculated as a ratio between your credit card balance and your credit card limit. The higher the ratio, the more it will bring your score down. A simple yet powerful trick to keep this factor down and improve your credit instantly is to make frequent payments throughout the month towards your credit balance. Even micro-payments count.
KEEP YOUR CREDIT CARDS OPEN
If you are trying to improve your score, it's not advisable to close your credit cards. Closing a credit card means you'll lose the credit limit on that card, and this will affect your credit utilization ratio which contributes to the calculation of your score.
ASK FOR A HIGHER CREDIT LIMIT
Another trick to manipulate the credit utilization ratio is to lift your credit limit. Even if you are not sure you'll get it or not, call up your card issuer and ask for a limit increase. This doesn't mean you can spend more and increase your credit card balance to match the new increase. In fact, keeping the balance low while increasing your credit limit is the key to a better score.
There you are! Five simple tips to help boost your credit in no time. Don't hesitate to contact us for expert advice on credit repair in Miami.