This The Secret To Improving Your Credit Score

For years now it has always been seen as a great convenience to use a credit card compared to having to make a purchase using cash. Especially nowadays that advanced technology has taken over the world, just like how almost every credit card holder can connect their cards and add it to their mobile wallets so they can use it for purchases even if they didn’t bring their card with them.

This is why more and more people are trying to get credit cards or at least have more than one or two. However, it’s convenience is not something everyone can make use off. There is such thing known as credit score, which is a three-digit number that determines if someone is worthy if it reaches a certain low point then that means the person may face issues.

It would seem that it is mostly women who have low credit scores compared to men. This could then lead to some issues that will make it difficult for them to borrow money. There are of course ways to improve a credit score, and here are just a few of them.

As of earlier this year, the American Banking Association revealed that there are currently 364 million credit card accounts in the entire country and its number increased by 4.1 percent since 2016.

Always Pay On Time

One of the very first things that credit bureaus look into is your own debt repayment history. That is because this will determine if you pay on time or not. Your credit payment behavior will let them know if you are suitable to be a trusted card holder. Ensuring that you pay your outstanding credit on time whether it is a loan or a credit card bill, will definitely improve your credit score.

Some financial experts say that there are people who make massive and unnecessary purchases even if they know that they won’t be able to pay for the credit bills on time, which leads to them having their credit scores hit rock bottom.

Check Your Credit Reports

It is very important to make sure that you check your credit card reports at all times, this is a way for you to monitor whether your debt history is going the right or the wrong way. Some people find it very hard to believe that they don’t need to try to eliminate negative items even if they have a bad effect on the credit scores.

This will automatically come after seven years but some cardholders can’t seem to wait and want it off their reports. Everyone knows that having a good debt means you as a cardholder managed everything well with the amount paid at the right time. This is of course very good for your credit score and the longer this is part of history, the better score you’ll have, but only if you manage to bounce back from the bad ones.

Don’t Apply For Multiple Credit Cards At Once

Another thing that most women do that they don’t know is hurting their credit score is when they apply for multiple loans and multiple credit cards in just a short span. The major reason for this is because when you apply for one, the lender would get all your credit records and too many inquiries will be considered as hard inquiries. Coming out as being desperate and credit-hungry will definitely have a negative effect on your credit score.

Experts said that in about 7 in 10 Americans own at least one credit card which means over 190 million people in the united states have at least one.

It does not even matter if you file for an application to different lenders, that is because they will eventually get your credit reports from the same credit bureaus. What you can do instead is to go online and research what kind of options you may choose from the financial marketplace online.

This will then give you an opportunity to get your own credit score without having to pay for anything. Once you have down this, your inquiries will then be considered as soft inquiries. This will not affect your credit score or even your credit reports. Keep in mind that your credit reports are known as the holy grail for lenders since they will be evaluating it to see if you are qualified for the loan or credit card.