Mammoth AwardsSome think credit scores are only crucial when it comes to getting a loan or opening a credit card. But a credit score can impact your life in many other ways, which is why you want to ensure yours is as high as possible.
Did you know that some employers will check your credit before making a hiring decision? It’s true, especially if you are applying for a position that could have you handling money. And did you know many landlords will check your credit as well? They will, as your credit history can help them see if you’ll have issues providing on-time rent payments.
Whether you’re looking to get hired for a new job, want to rent an apartment, or need to get a loan or a credit card, these credit-boosting tips can help you get your score where it needs to be to earn approval.
See If You Can Get Your Rent And Utility Payments Reported
Have you made your rent and utility payments on time in the past? Then you’ll be glad to know that they could give you a credit score boost.
What’s the problem with rent and utility payments as it pertains to credit? Most of them do not get reported, meaning you could be missing out on a much-needed boost. Here’s how to fix it: Sign up for a service like RentReporters, which will work to get your on-time rent payments reported to the credit bureaus.
Why do you need a service like RentReporters? Because many landlords do not report rent payments to the bureaus, and as of late, this is a way to increase credit scores. RentReporters claims some of its users get as much as a 40-point boost in their credit scores within 10 days of signing up. And while that can certainly help, similar services will also work to get your utility payments reported to the bureaus for an even bigger boost.
Pay Down Existing Credit Card Debt
This tip may not work if you’re on a limited income, but if you have extra cash sitting around, try to pay down as much of your existing debt as possible. Doing so expands your available credit and lowers your credit utilization ratio, which makes up 30 percent of your score. The goal should be to get your utilization ratio below 30 percent. Do that, and you should see a higher score.
Open A New Card Or Increase Your Limit
If you don’t have the cash to pay down existing debt, you could also lower your credit utilization ratio by taking out another card or asking for a credit limit increase on an existing card. The second option may be easiest, as it involves zero fees, no application or credit check, and can usually be accomplished with a quick phone call to your card company.
