Have you exhausted all the basic tips to boosting your credit score? Here's five more credit score boosting tips you might have missed.
1. Don't forget to check your limits.
You might be unaware of it, but it's possible that your lender is showing a limit lower than what you actually have. This will affect your score negatively if you don't act. That's why it's important to check your limits regularly and point credit card issuers to erroneous information that can only ruin your score.
If your an American Express card user, this tip practically applies since the company don't have it in their policy to report consumer's limit. The company rather uses your highest balance as a substitute for your credit limit and here's where the problem comes in. If you charge the same amount every month, the bureau could have mistaken it as if you're regularly maxing out that card.
2. Review your credit score goals.
This includes being honest about where you are situated financially. Did your score actually improved and you're getting closer to your ideal score? Or did you lose your motivation to achieving your goals? Most consumers are too busy in the execution plan that they even fail to gauge the impact of their actions. Review your assess your goals is an important part of the process. It leads you to where you should be going and helps you avoid sweating the small stuff.
3. Set incremental goals.
The problem with doing it altogether or trying to accomplish more than what you can handle is not only frustrating. It can also be counterproductive. You can easily lose your focus when so many financial tasks are trying to get hold of your attention.
When setting incremental goals, the key is to visualize the whole picture or to get hold of the general plan, and partition them into small steps. This ensures that each step is move towards your desired result.
4. Diversify, diversify, diversify.
Having a wide variety of credit experiences and loans is an opportunity that you can't afford to miss. That's simply because diversification suggests that you have enough credit for a variety of loans. Have an assortment that includes auto loans and mortgages rather than limiting yourself to credit cards.This makes your profile more attractive to lenders and other financial institutions.
5. Make use of automated payments.
The most basic and, not surprisingly, the most important credit score tip to follow is this: pay your dues on time.
But how? Manual payments work. It still does. But there's an easier easier way that speeds up the process and helps you balance your payments and other financial tasks. Automation.
When you automate your payments, you no longer need to keep track of dates and deadlines. You'll no longer have to remind yourself over and over of scheduled payments and up paying late. It's a simple task often ignored-always to the peril of the consumer.
Most lenders offer the automatic payment feature.They let you specify the amount or the minimum payment so that you can pay the balance in full each month.