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by uniondocs

5 Tips to Raise Your Credit Score 100 Points

If the recent trends in the economy has taken its tole on your finances, and also your credit, here are five tips to raise your credit score 100 points, and help you get back on track.

1. Request your free credit report, and view your credit score. You may have inaccurate things or claims you are unaware about on there. Keeping track of your credit report will help you monitor what is going on and keep you up to date about your financial situation.

2. Pay all of your bills on time. If you are currently behind on bills, catch up and start making sure that they are being paid when they are supposed to be and get current. If you are having a hard time paying your bills, you may need to set a budget for yourself, or cut back on certain things. Maybe you need to take a standard cable package, make sure you turn lights off, or not spend as much money on entertainment. Staying current on your bills is the most important key in raising a credit score quickly.

3. Don’t shuffle debt around. Putting debt on credit cards and combining it with other debts isn’t going to help you. You need to start paying it off. Pay of the smallest debts first, and then work your way up. Remember that negative marks on your credit are going to stay their for 7 years. It will better for you to have more claims closed than have a bunch of different open ones. Set aside and allotted amount of money each month that you are going to use to pay off your current debts.

4. Don’t keep balances high on credit cards. Keeping your balances low, and paying off debt on time is going to help your rating. It is good to have 3 open lines of credit, however you are going to want to have low balances and not be drowning in debt. Also closing credit cards isn’t going to raise your credit score.

5. Lastly, don’t apply or open many lines of credits at once. This will severely hurt your current credit ranking. Each and every time that someone pulls your credit score and views it, your score will go down. Only apply for credit when it is necessary, and don’t apply to multiple different companies at once.

Following these 5 simple steps you help you boost your credit score over a fairly short amount of time. Even if you haven’t in the past, start managing your debt responsibly and paying your bills on time. You only have one credit score and what you do today can effect you long term, so be careful.

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