4 Interesting Ways to Boost Your Credit Score


April 12, 2021 | AtoZ Markets – There are many simple ways to improve your credit score quickly, like paying for all your bills on time, but there’s also numerous other ways you might not have thought of. If you find that you’re having a hard time getting your credit score under control, there are steps you can take and people that can help you.

The concept of credit scores started in 1989 as a system invented by a group of bankers. They put together a set of criteria that determines whether you’re worth giving a loan to for a car or a house. Your ability to get approved is based on how much you make, how much your bills are and how much debt you have. In its current form, this system excludes many people from ever being able to achieve good credit. It’s a hard system to go up against, but until it changes, here are some interesting ways you can try to improve your score today.

1. Get a credit card

Even if you’ve never had to rely on credit and can always pay for things yourself, not having a credit card actually looks worse on your credit score. By having a credit card, you’re helping to improve your credit utilization ratio; the more credit you’re able to access, the higher your credit score will be. Once you do get a credit card make sure to use it and pay it off right away.

2. Don’t close unused credit cards

Keeping unused credit cards open seems strange on the surface, but as long as they’re not costing you money in annual fees, it can be a smart strategy. Choosing to close a credit account could have the potential to impact your credit utilization ratio. Having fewer open accounts may lower your credit scores, much like not having a credit card at all.

3. Dispute any inaccuracies

If you don’t check your credit statement often, you should consider doing so. Now that the entire world is relying on technology, it’s much easier to be vulnerable to fraud. Review your statement every few weeks and make sure to dispute any issues right away so they don’t affect your score. You can’t always trust your bank to catch these errors; unfortunately, there have been wide scale scenarios, such as when Wells Fargo created fake credit accounts under their customers. Protect yourself by staying on top of your own statements.

4. Look into tradelines

Tradelines are one of the quickest and most reliable ways to boost your credit score and rating. It’s basically a friend that can vouch for you by using their credit. There are many options for cheap tradelines that will help you boost your rating and is something you should look into if you really need help.

While there’s definitely a growing interest in digital currency amidst the pandemic that is causing people to look to a cryptocurrency future, the systems we have in place right now aren’t going anywhere any time soon. Take a deep breath and implement some of these methods to boost your credit score.

 

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