Top 5 Ways to Improve Credit
DO NOT MISS PAYMENTS!
I think this goes without saying but DO NOT MISS ANY PAYMENTS! Autopay is your best friend while trying to improve your credit score. Set Multiple reminders on your calendar if you have to! Contact your creditors before payments become late to discuss your options, what ever you need to do, just DO NOT miss any payments by more than 29 days!!!
Use Experian Boost
My #1 Recommendation time and time again is Experian Boost. This FREE Service reports to at least one of the three Credit Bureaus immediately. Using your reoccurring payments like Netflix, Amazon Prime, Utility Bills, Cell Phone payments and now even rent payments, if they qualify, to behave like open lines of credit with on-time payments.
Become an Authorized User
The second thing I would do is make sure to ask all of my friends and family members with long-standing credit if they would be willing to add me as an authorized user on a line of credit with at least the last 100 payments being less than 30 days late. I have prepared a video to help make this request. I really do believe this is the best gift anyone can give.
Open a Secured Card
Opening a Secured Card WOULD be my #1 suggestion if it were free but the Chime Secured Card is Almost *FREE. You MUST make a deposit into the account to qualify but unlike most secured cards Chime has no pre-set credit limit, which means it won't report percent utilization to the major credit bureaus. Built in safety features like these ensure that using this secured card will NOT harm your credit!
Credit Consolidation*
Credit Consolidation can be tricky, *I ONLY recommend this option if these Three criteria are simultaneously met.*
1.) The new credit limit is higher than the old credit limits when combined.
2.) The new interest rate is lower than the previous interest rates of each consolidated line of credit.
3.)The new monthly payment on the proposed line of credit is less than the total monthly payment amount on each line of credit that is being consolidated, COMBINED.
*Request you Free credit report One Time per year from www.annualcreditreport.com (Credit Scores are not included with this Credit Report)
