Credit repair - Complete Controller

Every financially responsible adult is aware of the importance of your credit score. Most credit scores linger around the good to poor range due to unpaid or slow paid debts. Even if you have a decent score when making large purchases such as a car or home, a higher credit score can be the difference between higher interest rates or lower payments. These differences could cost or save you hundreds of dollars. Here are five easy ways to boost your credit score and stay on top of it. Check out America's Best Bookkeepers

Find Out When Your Issuer Reports Payment History

For a major boost to your credit, you must know your credit cards’ reporting date. The reason is that your credit can receive a boost if you carry less than 10% of your credit card limit each month. Regardless of your credit limits or minimum payment requirements, you will always want to ensure your balance is under 10% of your credit limit.

The reason you must know the reporting date of the credit holder is that if you get your balance below 10% or even pay the entire balance, but it is after the reporting date, it will do nothing positive for your credit score or may even lower it slightly depending on what percentage of your limit you are holding.

For the best results, pay your bill down just before the reporting date, which can be a monthly boost to your credit score. Check out America's Best Bookkeepers

Pay Down Debt Strategically

To boost your score, you now know you need to keep your balance below 10% of your credit limit. So if you have more than one credit card, you will want to pay down the balances to get them all below 10% of their limit. For those cards already below this percentage, you can make a minimum required payment.

The other strategy you want to utilize is to pay more towards loans or credit cards with the highest interest. The more quickly you pay these down, the bigger the savings and the better the boost to your credit score.

Pay Twice a Month

While sometimes finances are such that even making one payment on a loan or credit card can be a challenge, if possible, it is suggested you attempt to make two payments. This will boost your credit score and help save you money by paying off interest, gaining debt far more quickly.

Raise Your Credit Limits

If you are a shopaholic, you may be getting excited about this option; however, raising your credit limit is not so you can spend more and get into more debt. In this case, raising your limit and keeping your ratio below 10% will boost your credit score.

Only ask for an increase in credit if you have been on time on all your payments with the creditor as if you ask for an increase and have not paid on time or at all, this raise of your limit request may alarm the creditor and in some cases, they may even lower your credit. Check out America's Best Bookkeepers

Mix It Up

While having diverse credit is only accounts for 10% of your overall score, having a mix will boost your credit. Having a mix means that you need different types of current credit that you are paying off. Suppose your only credit is revolving credit, such as a credit card or an installment payment on a long-term loan such as a mortgage. You will need to diversify your credit. If you can purchase something on credit, pay it off quickly to give your credit score a quick boost.

Conclusion

Your credit score should always be a financial priority. While you may never need it to make large purchases, your credit score is used to determine interest rates and, in some cases, can be used by phone and utility companies to decide on down payments or additional fees. It can also be a factor a potential employer considers before hiring you. Whatever the reason your credit score may be used, it is important to keep it as high as possible so use these quick boosts to raise your score. Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers