[US] Appraise your Credit Score without doing anything

Saturday, August 2, 2014

[US] Appraise your Credit Score without doing anything

Everybody in US wants an excellent credit score... Me too...

Here are some tips to greatly improve your credit score within a short period of time. As the image shows, "Payment history" and "Amounts owed" takes up the major portion of the score and these are easy to work with...

0. Get a credit card

Yeah, right! There is no credit without a credit card, first thing you need is to get a credit card with a major bank. Like, Bank Of America. Some banks won't issue a credit card until you have good credit. Look for a secured card if you can't get a normal card. Secured card means, you will have to pay the amount before using the card. It is like a debit card, but works like a credit card. If you want credit limit of $1000, then you will have to deposit that amount with the bank.

Let's do credit...

1. Use your credit card

Use your credit card. Without using it, it is just a piece of plastic and won't do you any good. Use your credit card for anything and everything. If the purchase/transaction allows a credit card, then credit card it is.

If you can pay your house mortgage/rent using the credit card, then do so. If you rent-a-car, use your credit card, that saves you a lot of hassle. Gas, use credit card, saves you money.

Save when you use! Most credit cards will give you cashback on all your purchases.

2. Pay your bills

Just pay your bills on time. Don't let a late payment fee ever be shown on your credit card. That is bad!

3. Don't pay, overpay

Always keep your credit card on a positive balance. Don't wait for due date, don't pay the amount due. Just top-up your credit card with a sum of money to keep you at least 20% over 0. Like, if your credit limit is $1000, keep a balance of $200 always. Just let that money stay there, it is worth it.

Be more careful about this during the last 5 days of the month.

4. That's all

Not bad, huh! Try it out... worked for me...

Here is my credit score from Credit Karma... My Credit Score

 See also... » FICO Score aka Your Credit Score

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Unknown said...

Very intersting article, i would purchase many times use with credit cart, but i don't know about credit score...
Now this article very helpful to me, thanks for this sharing...


atoztoa said...

Get your credit score free.


Rajeev said...

I do my online purchase from credit card but i was unaware of credit score. thanks for sharing.

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