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Improving your credit score is something that is very important. If you plan on taking a business loan, buying a house or renting a car you made need some form of credit. Recently while renting a car I was told that they do not accept debit cards, only credit cards. So you can see the importance of improving your score. The higher your credit score the better chances you have at having a higher credit limit.
If you are trying to raise your credit Score there are a number of things that you can do. You will want to keep your Credit card balances low. A common misconception is that you need to keep your credit cards balance low. If you have 3 Credit cards That is your total revolving credit. You will want to make sure that between the 3 of them that the balance is below 35%. You will want to make sure that you make your payments on time. It is important to make on-time payments or it can cause a negative effect on your credit report and credit score.
You will want to check your credit report at least once a year. You are eligible to get a free credit report from all 3 of the major credit bureaus. The 3 major credit bureaus are Equifax, Transunion, and Experian. Get your Free Credit Report. After you get your Free Credit report you can dispute any errors that you find. It is important to do this so that your score rises.
If you already have Credit Cards you can ask them for a credit increase. The higher credit limits you have the better chance you have to have a higher credit score. That is if you do not utilize your new credit limit. Keep those balances low. Don't close any unused Credit cards. Older accounts help show that you have a strong credit history.
If you have larger loans such as car loans or mortgages you will notice that the lower the balance on these loans the higher your credit score will go. So as you may have noticed by now having credit cars and accounts open is good but you want very low balances or accounts that have been paid off in good standing.
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