Frugal Tips

Frugal tips for all. Simple ways to save and earn.

How to Raise Your Credit Score Instantly

Jun-27-2017 By Frugal 101

If you want to raise your score instantly, there are a few simple things you could do.

1. Call your credit card companies and see if you can raise your credit card limits. Remember, this is not an invitation for you to start spending more money. This is simply done to increase your total credit. You credit score depends on the difference between how much you owe and how much credit you still have available. The bigger the difference the higher the score.

2. If you can, pay off your credit cards as soon as possible. If you have some extra money, it makes sense to put them towards your credit card debt instead of your mortgage.

3. Use your credit cards as lightly as possible. Even if you pay your balance in full every month racking up your balances hurts your credit score. Use cash or debit cards whenever possible and save credit cards for emergencies.

4. If you happen to have some old credit card which you haven’t been using for a long time, it is a good idea to get them out and use them to make a few small purchases. If you have a card which you didn’t use for a long time, lenders may stop updating your accounts at the credit bureaus. This will shrink your credit card total limit, which will hurt your score. Don’t forget to pay off these cards as soon as you make your purchases. Paying late fees is the last thing you want.

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