The 5 Steps To Building Credit This Summer
1. Get Up To Date Information
If you haven’t pulled your credits score this year then what are you waiting for?
Your FICO Score is what lenders look at and this what you need to
Stay on top of. You can easily go to AnnualCreditReport.com to request it. Legally, you’re entitled to one free annual credit report from each credit bureau, but free weekly credit reports are currently available through 2022.
Without this information you’re operating in the dark without knowing what you need to work on. Credit report mistakes happen all the time and
You need to stay abreast to them. That’s so you can dispute these blemishes and get them off of your report.
2. Chip Away At Credit Card Balances
When you have a balance on your credit cards it can be good but too much or a good thing can be bad. You shouldn’t have more then 35%
Utilization on your credit card balances. What you do is pay double per month to get your balance down. If your monthly payment is $20 minimum then you should pay at least double the amount. This will cut down your credit card balance quickly.
3. Don’t Over Do It When Using Your Credit Card
I know life happens and emergencies come up but try not to spend more credit then you can afford. You want to keep your credit card usage at a minimum. Try to be able to have your money tucked away and ready to pay the amount you have spent on your credit card soon as possible.
4. Pay On Time All The Time.
Come hell or high water you have to pay your credit card bill on time. This
Will give you the credit score you need to get the things you want.
Paying late can easily destroy your credit score but Technically, your payment isn’t considered late on your credit history until it’s 30 days past due. If you pay your credit card bill 29 days late, it would count as an on-time payment for credit score purposes.
5. Be selective about applying for new cards
We as humans are selective with almost anything in our life but when it comes to applying for credit especially when we are try to build our credit we tend to apply and apply and apply without really understanding the damage we are doing to our credit.
You can literally bring your credit score down by just applying to too many credit cards. If you understand this then you’ll know that applying to random credit cards is a no go and you have to be more selective.
So there you have it these are the 5 tips to Boost your Credit Score
If you want to check out the article that I received some of this information from the link is in the description. Also if you’re really serious and ready to build your credit then check out the Wealthbuilderz credit builder in the link.