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How to improve your credit for greater loaning power

On Behalf of | Nov 8, 2022 | credit card debt |

Applying for credit can help you make major purchases, such as a new car or a home, but is sometimes a daunting task, especially when your credit score is not as high as you would like. According to CNBC, securing credit and loans are now more difficult to secure for the average American, putting larger purchases out of reach.

If you want to raise your credit score to gain more financial opportunities, performing a few simple financial actions may help you do so.

Avoid late payments

While you may already know that late payments to your credit cards lower your FICO score, other payments made late to lenders, whether to your auto finance or your landlord, may also cause your score to drop. Making payments a few days early or on the payment date can help you avoid late fees and build better credit.

Avoid credit cards with high interest rates

While that department store credit card that comes with perks and rewards may seem tempting, many of these store-specific cards come with high interest rates and annual fees. These costs can have you struggling to keep up with monthly payments, especially if you use the card often.

Use credit sparingly

Keeping an open credit card for sudden emergencies, such as an unexpected car repair or a sick pet, is a common practice, but you may want to use the card as sparingly as possible. Instead, build a savings account for such problems so you can pay these fees directly instead of using a credit card, especially in cases of a high-cost item or service.

Reviewing your credit report once a year may also help you build better credit, as paying off small bills and successfully disputing those you do not recognize may raise your credit score.

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