If you want to buy a house, get a good rate on a car, or even secure a good job you will need to have a good credit rating.
I was shocked when the job of my dreams was on the line because of my credit score.
It is very easy to ruin your credit.
Just making a few late payments on a credit card can do grave damage to your score.
Most people are not taught how to really value their credit or how to manage it.
I want to share some tips with you that I have found to be, let's say loop holes in the credit score game.
The first thing you need to do is examine your current situation.
If you have credit cards it is vital that you: 1.
Make on time payments.
This should really go without saying but I said it anyways.
2.
You must keep your available balance below the 50% line.
If you have a credit limit of $500.
00 and your balance is $475.
00, even if you make payments on time you are not helping your credit score.
You may not be hurting it, but it will not move up for you at all.
3.
Tip 3 is make sure you follow tips 1 and 2.
They are that important.
If you can pay any card off do so immediately.
I can guarantee you, your score will jump within a month.
Creditors want to know that you are responsible with your credit lines.
To be running at the limit shows you are not properly managing your finances.
We should not be living off of our credit lines, so there is no reason to be maxed out on three credit cards.
So let's say that you are in a real pickle and you have already totally destroyed your credit.
The re-building will take some time if this is the case; but do not worry it can be done.
Option #1 Go to your bank and give them $250 or $500.
00 and ask them to give you a loan of $250.
00 or $500.
00.
Make your payments on time and always pay more than the minimum payments.
By the way that should also always be done on credit cards so you kill some interest with each payment.
By using your bank in this fashion you will build your credit rating with your bank which it's always a good thing to have your bank in your corner especially if your with a credit union.
Option #2 Apply for a second chance credit card.
Your available credit is only going to be around $150.
00 or $300 dollars.
But this will help you get back into the game.
Now this is where the ultimate trick or loop-hole comes into play.
Ultimate Credit Score Tip The ideal situation is to have two credit cards.
One card you activate but you never use it.
You just want to have it active on your credit report.
Keep it at home in a shoe box and try to forget you have it.
The second card you buy gas, and gas only with.
Maybe not even gas, use it for very small tasks like candy or lunch snacks or something.
At the end of the month you pay the card completely off.
So at the beginning of the month you keep showing two credit cards with full available balances on your credit report.
I honestly can not tell you why this is so powerful but this will skyrocket your credit score.
After maybe three months you need to switch the cards and place the snack card in the box and start to use the other credit card monthly.
This will keep them both active and current.
By doing this before you know it both cards will offer you a credit increase and your credit score will be steady rising.
Then you can apply for a better card or in my opinion just keep the two cards to help build up your score so you can buy the house or car and get an excellent interest rate.
I was shocked when the job of my dreams was on the line because of my credit score.
It is very easy to ruin your credit.
Just making a few late payments on a credit card can do grave damage to your score.
Most people are not taught how to really value their credit or how to manage it.
I want to share some tips with you that I have found to be, let's say loop holes in the credit score game.
The first thing you need to do is examine your current situation.
If you have credit cards it is vital that you: 1.
Make on time payments.
This should really go without saying but I said it anyways.
2.
You must keep your available balance below the 50% line.
If you have a credit limit of $500.
00 and your balance is $475.
00, even if you make payments on time you are not helping your credit score.
You may not be hurting it, but it will not move up for you at all.
3.
Tip 3 is make sure you follow tips 1 and 2.
They are that important.
If you can pay any card off do so immediately.
I can guarantee you, your score will jump within a month.
Creditors want to know that you are responsible with your credit lines.
To be running at the limit shows you are not properly managing your finances.
We should not be living off of our credit lines, so there is no reason to be maxed out on three credit cards.
So let's say that you are in a real pickle and you have already totally destroyed your credit.
The re-building will take some time if this is the case; but do not worry it can be done.
Option #1 Go to your bank and give them $250 or $500.
00 and ask them to give you a loan of $250.
00 or $500.
00.
Make your payments on time and always pay more than the minimum payments.
By the way that should also always be done on credit cards so you kill some interest with each payment.
By using your bank in this fashion you will build your credit rating with your bank which it's always a good thing to have your bank in your corner especially if your with a credit union.
Option #2 Apply for a second chance credit card.
Your available credit is only going to be around $150.
00 or $300 dollars.
But this will help you get back into the game.
Now this is where the ultimate trick or loop-hole comes into play.
Ultimate Credit Score Tip The ideal situation is to have two credit cards.
One card you activate but you never use it.
You just want to have it active on your credit report.
Keep it at home in a shoe box and try to forget you have it.
The second card you buy gas, and gas only with.
Maybe not even gas, use it for very small tasks like candy or lunch snacks or something.
At the end of the month you pay the card completely off.
So at the beginning of the month you keep showing two credit cards with full available balances on your credit report.
I honestly can not tell you why this is so powerful but this will skyrocket your credit score.
After maybe three months you need to switch the cards and place the snack card in the box and start to use the other credit card monthly.
This will keep them both active and current.
By doing this before you know it both cards will offer you a credit increase and your credit score will be steady rising.
Then you can apply for a better card or in my opinion just keep the two cards to help build up your score so you can buy the house or car and get an excellent interest rate.