@ayana_weissnat Increasing your credit score can take a while, and as this is your goal, you most likely want to get results instantly. Below are some tips you can follow to raise your credit score by fifty or more points with a shortened process.
Pay down high balances on your credit card
The balance on your credit card plays a significant role in your credit score. A small ratio on credit utilization is essential, which is the current balance on your credit card compared to its limits. The recommended ratio for credit utilization is 20% or lower. If you go above that, you should try to put extra cash into credit card debt as much as possible.
Make payments in good time
The aspect that heavily influences your credit score is your history of payment. Paying loans or credit cards on time improves your payment history, while being late by thirty or more days affects it. Consistently making payments on time will help improve your credit score over time.
Dispute errors you may have on your credit report
Removing negative items on your report is a great way to help raise your credit score. Some of these items may include late payment, which may be incorrect, and you can contend with the credit bureau online or using your phone.
Refrain from applying for a new loan or credit card
Each time you apply for new credit, it influences your credit score because an application calls for the lender to carry out an inquiry on hard credit. It reduces your credit score by a slight amount each investigation. Applying for new credit cards also reduces the age of your credit card accounts, affecting your credit score.
Combining debts from your credit card
A simple way to reduce your credit utilization is paying down high balances. However, there are other options like merging credit card debts. You could open a credit card for a balance transfer, which will give you time to pay debt with no interest and add to your total credit, lowering your credit utilization.
Another way to combine credit is getting a loan for debt consolidation, which has a reduced interest rate compared to credit cards making it possible to pay it in fixed monthly installments. It also decreases your credit utilization as installment loans do not affect the credit utilization ratio.