| February 7, 2013

Quick Fixes for Your Credit Score

Your credit score is one of the major aspects of your financial life. It allows you to buy a car or a home. If you racked up a lot of credit card debt in the past and have had trouble paying it back, your score may have taken a hit.

While it generally takes some time to repair your credit score, there are some quick fixes.

Ask for a credit-line increase – 

Your credit utilization ratio is one of the major factors that contributes to your credit score. If you use too much of your available credit, you could see your credit score take a tumble. While you can fix this issue by paying down your debt, sometimes you may not be able to afford it.

To avoid having a low score, you should call your card provider and ask for a reduction of your interest rate. This could help you pay off your credit card balance quicker. 

Consolidate your debt – Another quick way to help you improve your credit score is to consider consolidating your credit card debt. This can make it easier to pay down your debt and also increase the average age of your revolving credit lines, which can help your credit utilization ratio. 

Take out an installment loan – Obviously, you shouldn’t add an installment loan to your credit portfolio just because, but if you are in need of a student or personal loan you may be able to quickly improve your credit score. Creditors want to see that you can handle a wide array of debt, so having this type of loan can be beneficial. If you are in dire need of improving your score, taking out a small personal loan that you can pay back over time could help. 

Use an old card – If you have a card that you haven’t used in a while, you may want to start making purchases with it again. Not using a card for an extended period of time could lead to your provider no longer reporting it to the three major bureaus. By simply using an old card, you can increase your credit utilization ratio and extend your history, both of which can boost your credit score. 

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