How To Increase Your Credit Score: Tips and Tools
Common questions that we receive usually look like this:
“How do I increase my credit score?”
“What credit cards do I need to build my credit?”
“How can I build my credit?”
“My credit score is bad! I can’t get my scores up! Help!!!”
I’m sure you guys have seen lots of information circulating around this very subject.
The answer is simple:
You have to be STRATEGIC with your Credit, use your Credit WISELY, & BUILD your Credit RESPONSIBLY.
Before you start implementing suggestions you see on social media, I strongly suggest you break down your credit report to determine what kind of credit types you need to add to your credit profile in order to build your score.
If you have student loans, a car note, a mortgage, a personal loan(s); chances are you should not be adding on another installment loan.
If, however, you DO NOT have any or many installment loans, consider Self Lender.
Be sure to check out their Q & A page that answers almost any question you can possibly have about how their program and how it works. The BEST thing about a Self-Lender installment account, credit scores are not heavily considered. This means that if your scores are 400 or 500 you’ll be approved.
It’s not the case with credit building loans from your local bank and/or credit union; they will deny you in a heartbeat if you don’t meet their credit guidelines. I typically recommend my clients to credit unions when their scores are between 550 - 580 (the type of data you have on your report matters too).
Now, if you break down your reports and see that you do not have any credit card/revolving accounts positively reporting; it’s important that you add some! (See Below)
Where Can I Order My Credit Report?
Identity IQ monitor your personal credit especially while repairing your credit.
$1.00 for a 7 day trial.
You get all 3 credit reports and consumer scores every 30 days.
You get credit monitoring and alerts.
You get identity theft protection.
What are the 3 credit types?
Revolving Credit - example(s) : credit card
Installment Loan - example(s) : loan or car note
Mortgage - - example(s) : home loan or real estate loan
Below is a list of Secured Credit Cards to begin building your positive credit.
Self Lender (Installment Account)
If you do not have an installment loan such as auto or personal loan, Self Lender is the best route to go. It allows you save money and build credit at the same time and reports to the top 3 credit bureaus.
Credit Builder Card (Revolving Account)
You can open 2 cards. No Credit Check and it reports 6 times a month to All 3 Credit Bureaus.
My Jewelers (Revolving Account)
$5,000 credit limit (read below for more details) Best card to apply for to increase your credit limit and lower utilization.