Did you know that more than half of Americans get a financial rejection because of a bad credit score? Whether you’re applying for a loan or a new credit card, you need a good credit score to get accepted.
Are you one of many people who are wondering how to improve your credit score? Keep reading to learn how to boost credit score overnight with these 5 secret hacks.
- Fix Delinquent Accounts
You could be paying all your bills on time for one account but if you have another account with outstanding bills, your timely payments will be canceled out.
This is why you should be aware of all your accounts that are behind or labeled as ‘delinquent’. As long as these exist, your credit score will remain bad and could get even worse. It’s best to pay off all the excess debt on these accounts so that they’re current.
For further help, consider debt consolidation for bad credit.
- Know Your Closing Date
Your account has a due date, but this is different from what is called a ‘closing date’. The only way to figure out your closing date is by calling the issuer of your credit card and asking. The closing date is when your issuer reports your balance to various credit bureaus.
To boost your score, it’s important to pay off most or all of your balance before the closing date rather than the due date.
- Increase Your Credit Limit
If you want to know how to increase credit score, consider raising the credit limit on your credit cards. With this strategy, you can often keep your utilization ratio under 30%, which is ideal for boosting a credit score.
To do this, you’ll need to call your credit card company and negotiate a bit. Just be sure that you have a history of paying your bills on time. If you don’t, then they could reject you outright.
- Diversify Your Credit
Having a range of different credit can help boost your score. Of course, this will only help you if you are able to make timely payments.
Aside from getting a new credit card, for instance, you can try getting a low-rate car loan or a mortgage. Doing this proves to the credit bureaus that you’re more than just a one-trick pony and can handle any responsibility.
- Avoid Closing Accounts
If you’re wondering how to improve your credit score further, you should remember not to close old accounts.
It may seem reasonable to close an account you don’t use anymore, but keeping it open actually helps your score. The reason is that the balance in that unused account is always zero. This positively contributes to your utilization ratio.
Are You Ready to Boost Credit Score Overnight?
Now that you’ve learned all about how to boost credit score overnight with these 5 secret hacks, you can start having your applications accepted.
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