Simple Tips for Improving A Credit Score

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Simple Tips for Improving A Credit Score

Posted By: Hunter Stuart | Posted On: 2009-10-08 | Article ID: 265110

Drive-through windows, next-day service, and quick fixes; in our culture of immediacy, we like things to happen quickly. The same mentality is common when it comes to improving our credit scores. We know it's important to have as high a score as possible and that when practiced over a long enough time period, using credit responsibly will cause your credit score to rise. But what if you need results sooner than that? If you're searching for an easy way you may be able to increase your score by a few points, here are 3 tricks of the trade:

1) Make payments on your credit cards immediately before the reporting date so your reports show lower balances. Your credit report should show what day of the month your creditors are sending updates to the credit bureaus. When you find out this date, make it a point to make your credit card payments about 3 to 5 days before when the accounts get reported. Your reports will then reflect the lower outstanding balance,instead of the balance after your last payment plus new charges added since the payment, giving your credit score a little boost.

2) Use old credit cards every once in a while. Most of us have a few older credit cards that were used when buying that new electronics equipment, or a department store account you opened to get 20 percent off your purchase. Pull those cards out now and then and use them for small purchases that you will be able to easily pay off the next month. These established accounts will show activity again (positive activity because you paid them off), and that will help out your credit rating.

3) Available credit is good, so keep your utilization ratios at about 30 or less across all of your cards. For example, if your credit limit is $20,000, maintain a balance at or below $6,500. Furthermore, ; same total outstanding balance, but better credit score. Although it seems like it shouldn't matter, it does and playing the game will help you achieve the best score.

A few quick fixes are great, but it's going to take much more to restore a poor credit score. If you are looking to increase a low credit score by more than a few points, in less time than it would take for a credit score to improve on its own, you'll need to look past tricks and simple fixes. Depending on your credit situation, raising your credit score may require removing the questionable negative items on your credit reports, paying down high account balances, diversifying your credit portfolio, reorganizing your account balances, or a combination of all the above.

Solving credit score problems requires more than quick fixes. It takes time and perseverance to clean up your credit reports. It will be worth it in the end, and in a culture where instant gratification is expected, credit repair proves that there are things worth waiting for.

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About The Author
Hunter Stuart
For over 18 years, Lexington Law, the trusted leader in credit repair, has been helping clients take action on their credit. For more information about Lexington Law or about your credit score, visit LexingtonLaw.com

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