Use These Tricks to Raise Your Credit Score
October 12, 2020 | Peyton Sawyer
During these times, it is arguably more important than ever to raise your credit score. But the question is how? Luckily for you, we have all the answers. Let's get stuck in straight away so you can get on with raising your credit score as soon as possible.
Top 5 Tricks to Raise Your Credit Score
1. Negotiate Your Current Balances
Unfortunately, you can't make your past credit mistakes disappear. However, you can control how they affect your life now. The best way to do this is to settle them.
You need to make sure that your negotiation doesn't just conclude verbally. You must request the amount in writing so that they can't accuse you of foul play later. Sometimes, it is best to hire a professional debt consolidator to help with this but in some cases, you will be able to do it yourself.
2. Pay Your Balance
It isn't just about how much money you owe. That amount in relation to how much credit you currently have is far more important. In the industry, this is called credit utilization.
Put it this way, if you have a $5,000 credit limit with a $2,500 balance, your credit utilization is 50%. However, if you have used up your entire credit limit, then your utilization is 100%. If your percentage is worryingly high, paying off your balances is a sure-fire way to lower it and increase your credit score at the same time.
3. Pay Twice a Month
Whenever you put big purchases on your credit card or overdraft, you are undoubtedly going to experience a decrease in your credit score. So, paying twice a month can really help to boost it back up. Make one payment every couple of weeks before the report date and then make your second one just before. Trust us, you will look amazing in the eyes of the credit bureau.
4. Raise Your Credit Limits
Okay, don't do this if you are known to overspend frequently. If you can raise your credit limit on a few (or even just one) of your cards, your credit utilization rate will go down. Thus, your credit score will increase. Remember, this will not work if you then go out and use your new-found limit. Practice self-control!
5. Figure Out When Your Issuer Gives Payment History
Give your card issuer a quick phone call to learn when your balance is told to the credit bureau. Generally, it will be the last day of your billing cycle, but you can never be too sure so always check! As long as you pay off a part of your balance by this point, you should see a somewhat significant rise in your credit score in the following report. It's a win-win situation!
Bonus Tip: Take Out Loans in Wisconsin
Didn't think we'd leave without giving you a bonus tip, did you? Well, in the state of Wisconsin, you can take out a title loan or an installment loan. Easy to get and not based on your credit score, these loan types can help you when you’re in a pinch. Here’s how they work!
The Benefits of These Loans
There are a number of benefits to these loans but here are some of our favorites!
- For a title loan, you get to keep and operate your car as you normally would.
- You can have a great credit score, an average score, a terrible score, or even a non-existent one. Regardless of which loan type appeals to you, your credit score won’t matter. Applying is easy, thanks to our process that can be started online and completed in just 30 minutes.
Things You Can Use Your Loans For
You are probably using your title loan that you found by searching for "title loans near me" for raising your credit score in this instance. However, you are allowed to spend it on anything you could think of! The providers don't tend to ask you why you need the title loan so have some fun with it (after ensuring all your bills are taken care of!).
How to Apply For a Title Loan
You start by filling out an online form that involves you inputting your contact information and your vehicle information. Within minutes, a representative will call you to schedule a face-to-face meeting, during which you’ll be asked to provide some information that will help your representative determine how much money you’ll receive. You can receive up to $15,000!
How to Apply For an Installment Loan
Similar to car title loans, you start by filling out a quick installment loan online form after which you’ll receive a call from a representative who will go over the process with you and schedule a face-to-face meeting. For an installment loan, you can receive up to $1,500! Raising your credit score takes time and financial emergencies won’t always wait for you to find extra funds. When this happens, Wisconsin Auto Title Loans, Inc. has got you back.