Quick ways to increase your credit score
by: JasonKlein |
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Are you trying to build your credit history, and want to increase credit score? You might want to know a few ways to use the system to increase credit score rapidly, and not waiting for the usual slow process of building it up over years.
The first rule of earning good credit is keeping credit applications to a minimum; the more you apply, the lower your score goes. If you do want to fill out several applications, without damaging your score, do so all in one week. This way, the applications are seen as a maneuver for getting the best rates. Otherwise it will appear you are going on a shopping spree!
An easy way to establish creditworthiness is to use a cosigner. Choose a cosigner with a long history of good credit. Get permission from a cosigner for your access to their credit. Becoming an authorized user on an already established account with a good history can help boost your credit rating.
Older accounts can help boost credit your credit score, since long credit history is looked on well. If you plan on establishing credit, but not using it, you can benefit just from being on the account without making purchases. In some cases, you won't even need a card to build the credit. In this way, your friend won't have to worry since their billing statements will remain private, as they won't be sent to you as well as them. Making bad decisions with your friend's credit accounts can be detrimental to their credit as well as yours; remember that you can lose your friend too, if you mess up the credit.
Another suggestion for earning good credit quickly is to establish a secured credit card account. Open three such accounts, borrow money from each and place it in separate bank accounts. Using the borrowed money to pay the accounts off in installments will help to earn history with the company from which you got the cards.
While this is a great option, it is not free. Cash deposits are required for secured accounts. You will also be responsible for the interest and any fees associated with the account. At first, you score will be lower, since you will have to access your credit history to apply. After a few months, you will increase your score for paying on time and earning the credit card company a little interest, which they like.
A note about how you use any of your revolving (credit card) accounts - you may not realize it, but if you pay off your accounts each month, you actually don't have as good a score as if you leave some debt in the revolving accounts. If you want to increase credit score, you will need to carry some debt, as this shows that you can manage your debts without getting into trouble. Just make sure that you don't carry more than a quarter of your available credit on any one account.
Make your payments on time as late payments will hurt your credit score. As any delays in the mail will make a last minute payment late, you should make sure to send payments early. Following all these rules will help your credit score immensely and rapidly.
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About the Author
Looking for the best in credit score information? Make sure you view Jason Klein's credit score tips site and sign up for his free 7 day email credit score ecourse. Jason Klein also gives out the best tips for you to increase your credit scores for free!
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