5 Ways To Pull Your Credit Score Out Of The Basement

Monday, February 27th, 2017

If you’ve been turned down for a credit card you wanted, it could be because your credit score isn’t so great. A low credit score can shut you out of being approved for the very best rewards credit cards, the lowest APRs, not to mention a mortgage or other type of loan.

So, if your credit score could use some improvement, what should you do? Don’t despair: there are ways to pull your credit score out of the cellar and qualify for all those low interest credit cards with fantastic rewards.

Here are five ways to improve your credit score:

1. Go ahead and apply for a credit card. If you don’t already have one, you’ll need a credit card in order to improve your score. Apply for a card that’s designed for folks with limited or poor credit. A secured card for bad credit is one option, if you can’t be approved for an unsecured card.
2. Make a payment plan to pay down debt. In order to improve your score, you’ll need to contact all your creditors and bring your accounts into good standing. They are almost always willing to work with you to make a payment plan of some type, so don’t be afraid to call.
3. Don’t apply for more credit than you need. You will need one card, as stated above, but don’t go overboard. Every time you apply for a line of credit, you risk losing a few points on your score for repeated hard inquiries to your credit history.
4. Keep some credit available. It’s never a good idea to max out your credit line. A good rule of thumb is to keep your total due to less than 30% of your total available credit. So don’t be tempted to spend up to your limit
5. Take regular stock of your credit report. Ordering a copy of your credit report is free, and many banks and credit issuers give you a free snapshot of your FICO score each month. Make a habit of looking over your credit report to make sure all the information is accurate, and to keep tabs on your progress.

With some patience, your credit score will be on the mend, and soon, those rewards credit cards will be within your reach.

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