Six Ways to Boost Your Credit Score
Small changes can make a big difference in your credit score.
Credit scores are a vital part of financial wellness, but getting and keeping a high score can be tough. Here are six ways you can start boosting your credit score today.
Pay Your Bills on Time
Your payment history is the most important factor in determining your score. A missed credit card payment can have a huge impact on your score, and it can take months to recover the loss. Set a regular reminder for a few days before your bill is due to ensure you never miss a payment.
Reduce Your Credit Utilization Ratio
Your credit utilization ratio refers to the amount of available credit you use. It’s best to keep your utilization under 30%, or even 10% if you can. It can also be a good idea to accept offers of increased credit or to request an increase on your own, which can instantly bring down your credit utilization ratio.
Look for Errors on your Bill and Credit History
You need to use your cards to keep your score high. A great way to make sure you use your cards on occasion but don’t overspend is to charge fixed expenses, like monthly subscriptions, to your card. Just be sure to pay the balance in full before the credit card bill is due.
Become an Authorized User on Another Cardholder’s Account
Becoming an authorized user on another cardholder’s account can be a great way to get quick results. Team up with someone who has excellent credit and never misses a payment; your partner’s responsibility will reflect well on you.
Lafayette Federal is Your Trusted Financial Partner
At Lafayette Federal, we exist to serve our members and guide them on the path to financial success. We offer a wide range of financial products and services designed to help you achieve your financial goals, increase your credit score, and more by offering education, competitive rates, low fees, and a personalized service experience.
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