Hack your credit score: A simple method for huge boost

in #life8 years ago (edited)

Here I will talk about some easy steps you can take to push your credit score past the 800 mark.

I made a post before on how to fix bad credit but what do you do when you have good credit? What if you're sitting at 730 - 740 and you want to break into the 800s?

Here are a couple of tips to do just that:

A mix of healthy credit 

It is important to show the credit bureaus that you utilize credit, and you have a plan. A healthy mix of cards is the best way to do that. If you just have a bunch of credit cards, that doesn't say much. You want to have different forms of credit lines. Your credit should tell a story.

Below I listed what a healthy use of credit consist of:

  1. Anywhere between 4-6 credit cards
  2. At least one charge card
  3. A gas card
  4. One department store card. It can be something like a Macy's card, but I like Lowes or Home Depot because they offer insane starting credit lines, 15-20k+
  5. 1-2 secured loans like a car loan or a home loan

What's important is that you have a reason for your credit and it all stays current.

source

A high credit line 

You want to have a high credit line, this does two things:

  1. It keeps your utilization low. If you owe 2.5k, and your total credit line on two cards is 5k, then you are at a 50% utilization but by having 10k between those two cards you only have a 25% utilization.

  2. It shows that you have available funds and you don't need to use it. Someone will feel better lending you a lot of money if you have a credit line of 200k and only 20k in debt.

Always request for credit increases even if you don't need it or use it. A hack I use is leveraging my cards against each other. Right now my Capital One card has a credit line of 45k and I called Chase and let them know I would prefer to use their card but the credit line is too low, and I would need them to at least match or exceed my Capital One card. They checked my Capital One card and matched it bringing it up another 20k.



source


By following these simple steps, you will see an increase in your credit. Next week I'll cover a hack that makes a huge impact on your score.




Resteem and help spread the love





Sort:  

The more interesting question is, why would I want to have debt in the first place?

Dude this is gold! Keep it up!

Thanks a ton!

These are great tips. All of these are going to be really helpful, thanks!

Thanks bud!

That little hack with capitol one and chase is AWESOME! Great Post

Thanks man, let me know if you try it out and what the outcome was.

Good info....needed this.
Interesting. Up voted and up voting my new blogs will be appreciated. Following

https://steemit.com/jokes/@hanamana/joke-of-the-night-we-need-laugh-at-nights-too

This post has been linked to from another place on Steem.

Learn more about linkback bot v0.4. Upvote if you want the bot to continue posting linkbacks for your posts. Flag if otherwise.

Built by @ontofractal

Tag Spam = Using irrelevant tags, especially popular tags. Using tags improperly makes it hard to find good and relevant content.
Please use relevant tags when posting! Abusing tags can potentially lead to people flagging you, even from dan himself.

Specific Tags

#steemit / #steem

Please only use the steemit tag for articles distinctly related to steemit itself.

Got it, I'd change it but apparently you can't edit tags.

You should be able to change any tag except the first one.

Ok, figured it out. I had to delete all 5 tags and redo them. When I tried to change one tag it said I couldn't use 6 tags. It might have been chrome, either way it's fixed now.

And knowing is half the battle!