Level 3

Credit score

Hi,

 

You are not disclosing enough information to provide a more detailed answer.  So the answers here are generic in nature:

 

Here're my methods, tested.

 

1. Don't payoff your monthly CC bills each month.  If you want to save in interest but also bring up your Credit Score (CS), then pay off all except $1 each month.  Carry over that $1 each month is a sure way of showing you are a Credit Worthy (CW) person.  Paying off the entire balance each month will show up as no credit history.  You can also carry over more from month to month to let them earn a bit more interest, but there is no relationship between this and raising your CS.

 

2.  Watch and control the percent of credit you used relative to your Credit Limit (CL).  The whole idea to bring up your score (or not lower your score) is to keep this ratio as low as possible.    If you have good income which increases yearly, consider asking your Credit Card Issuer (CCI) to increase your CL.  This has the effect of lowering your % used credit.  However, having higher CL may also drops your score because the logics is that if you have a higher CL, you may be prone to using it carelessly so the risk of not able to payback or pay back on time is higher.  If you ask for a reasonable increase of say $3,000 and your monthly credit usage is says $2000, this will not likely to hurt your score (may be one time when you get it, but it will comes back up within 1-2 quarters (3-6 months).

 

3.  Don't open too many CCs.  3-4 cards should be ok.

 

4.  Don't arbitrarily close any of your CC; especially those that have high CL and also have been held for a long time.  

 

5.  If you have CC with high CL and you don't use it for a while, and have zero balance or negligible balance, call CC and ask them to lower your CC.  This can help bring your CS up.

 

6.  Try to use your CCs more often, and be sure to pay on time each month at least between the minimum payment and the total balance minus $1.

 

Your CS should go up in 3-6 months if you apply the intents herein.

Good luck.