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3/31/2015 Five ways to boost your credit score CSMonitor.com
http://www.csmonitor.com/Business/SavingMoney/2015/0330/Fivewaystoboostyourcreditscore 1/5
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Five ways to boost your credit scoreWith the huge amount of information about credit scores out there, it can bedifficult to figure out what 'tips' will actually help your credit. Here are five proven,relatively simple ways to raise your credit score.
By Tracy Becker, NerdWallet (http://www.nerdwallet.com) MARCH 30, 2015
You can find a huge amount of information about credit scores, and it can
be very difficult to figure out what will actually help your credit. Some
credit “tips” have little impact on scores, while others can even harm them.
Fortunately, there are some relatively simple ways to boost your score. Here
are five moves to consider now.
Focus on your score — not your income
As a credit expert, I encounter hundreds of highnetworth individuals who
assume they have a great credit score because of their wealth. But your
income has nothing to do with your credit score. If you have $7 million in
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the bank but are late on your credit card payments, your credit score will
still be poor. Missing a payment will affect anyone’s credit score. So make
all payments on time, no matter what.
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Keep a good balance-to-credit-limit ratio
When you want your credit scores to be as high as possible — for example,
when you are applying for a mortgage — keep your outstanding balance on
each card below 10% of the credit limit for a few months prior. So, if your
credit card has a charge limit of $1,500, keep your outstanding balance
below $150. It’s also helpful to have a limited number of credit cards with
outstanding balances. Do not close credit cards; just pay off the balances.
Become an authorized user
If done correctly, being added as an authorized
user on someone else’s older credit card
account can boost your credit score. Since the
average age of credit accounts has an impact on
scores, being placed on an old card can age
your credit and add points. But you have to be
careful. The individual should have a strong
payment history and low credit card balances.
In addition, some card issuers reward
cardholders with extra cash, points or miles for
adding an authorized user.
Pay attention to when balances are paid off
Many people assume that when they pay off
their balance on a credit card, that fact shows
up right away in their credit score. But most
credit card companies report customer
balances to the three major credit bureaus at
the beginning of each month, and it can take
30 to 60 days for your credit score to reflect that. Use this knowledge before
deciding when to apply for a mortgage or personal loan. A higher credit
score can help you win better terms on a loan.
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Look into credit repair, but carefully
Using the right credit repair expert can help you see improvements in your
credit score. There are complex laws involving creditors, credit bureaus,
collections companies, judgments, tax debt and more. A seasoned expert
can help you navigate this confusing maze, and you may be able to see a
boost in your credit score of 10 to 200 points in just months.
The key is to choose a reputable company, and to make sure they review
your credit before taking you on. Without a full credit analysis, there is
really no way of knowing whether a credit profile can be improved. To allow
a prospective client to sign up for credit repair services without a thorough
credit analysis would be unethical.
Learn more about Tracy at NerdWallet’s Ask an Advisor
(http://www.nerdwallet.com/finance/financialadvisors/).
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