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October 3, 2024 at 5:24 pm #1046KikoffKeymasterOctober 3, 2024 at 5:39 pm #1069KikoffKeymaster
While there are no quick fixes to improve your credit, there are a few habits that can make a big impact on your score. These are five tips that can help you build credit faster.
- Make sure to pay off all credit debts on time. This accounts for 35% of your total score, and missing a payment may have a large impact.
- Keep your credit utilization low. Using less than 30% of your total credit limit is recommended; the lower the better.
- Request a credit limit increase. Increasing your total credit limit makes it easier to maintain a low utilization rate. Avoid the temptation to spend more money because your limit is higher.
- Consider a Credit Builder loan. For this kind of loan, you pay a bank or credit union a lower amount (typically between $300 and $1,000), which is stored in a separate account. You then pay off the “loan” over 6 -24 months, after which you’ll receive your full deposit. This is a great way to show consistent on-time payments.
- Review your credit report and look for any incorrect information. You may dispute incorrect information that may be harming your score on your report.
Kikoff is another tool you can use to build credit faster. Our Credit builder plans start at $5 a month and can help you build credit when you pay on time. You can also set these up with Autopay, so you can build credit in the background. Our Premium users can also build credit by reporting the rent they already pay. You can sign up in minutes and cancel anytime. We also have no credit checks, no hidden fees, and no interest.
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