Personal finance expert shares 3 relatively easy things you can do to raise a lower credit score. - NBCNewsBETTER
If you’re letting your cards collect dust that may mean you’re not overspending, but it could lead to problems. If you don’t use your credit card, an issuer may deem the account inactive and shut it down. That could lower your overall available credit and increase your utilization rate.
Credit utilization, as it’s called, is the ratio of money you have on your credit cards to the total amount of credit you have available. And it plays a big factor in calculating credit risk and therefore credit scores. When you use more than 30 percent of your available credit, your credit score is typically going to be lower because it signals to credit card companies that there’s a greater risk you may not pay it all off, or that it may take a while to do so.
To combat this, Aliche recommends paying off your pennies. By that, she means if you have a credit card you don’t use that often and it has a zero balance, use it to pay a very inexpensive bill., put it on your credit card and then pay it off. You can, of course, automate your payment so you don’t forget about it. The key is to make sure the payoff happens after you receive the statement via e-mail or mail and before the due date.
“You do those three things and your credit score will start jump, jump, jump, jump jumping,” Aliche says.
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