Chris O'Shea
When money is tight, finding ways to raise your credit score can be hard. One of the easiest ways to boost your score is by paying off debts. However, some ways exist to improve your credit score without paying debts. Here are two ideas to try.
Keep Cards Open
The best way to raise your credit score is to pay your bills on time, every time. Debt payments are the biggest factor considered by VantageScore and FICO. However, your credit history is also a big factor. While debt payments account for about 35 percent of your score, credit history makes up about 15 percent. With that in mind:
- Keep your oldest credit card open.
- If the card charges an annual fee, ask the lender about downgrading to a version of the same card that doesn’t have the fee.
Check Your Credit Report
You should check your credit report regularly for errors. If you have inaccurate info on your report, it could drag your credit score down by quite a lot. This is especially true if there has been identity theft or a late payment showing up that isn’t correct.
How to Resolve Inaccuracies. If you find incorrect info, here’s how to resolve it:
- Dispute the errors with the three credit bureaus.
- Once you file a report, it should be resolved in about a month.
Once the inaccurate info is removed your credit score will get a boost.
Do One Thing: Monitor your credit report for false information. Those inaccurate items can hurt your score.
