#5. Maintain a good mix of credit. Mixing 2 or 3 revolving credit accounts, with 1 or 2 installment accounts, such as an auto loan, can help boost your credit. While your credit mix only accounts for 10% of your FICO score, sometimes that extra little bump can mean the difference between good credit and fair credit. (at New York, New York) https://www.instagram.com/p/BzoCx5lBA-t/?igshid=1x6tr943uh15z

4. Raise your credit limits Now, if you tend to have problems with overspending, don’t try this. The goal is to raise your credit limit on one or more cards so that your utilization ratio goes down. But, again, this only works out in your favor if you don’t feel compelled to use the newly available credit. I also don’t recommend trying this if you have missed payments with the issuer or have a downward-trending score. The issuer could see your request for a credit limit increase as a sign that you’re about to have a financial crisis and need the extra credit. I’ve actually seen this result in a decrease in credit limits. So, be sure your situation looks stable before you ask for an increase. That said, as long as you’ve been a great customer and your score is reasonably healthy, this is a good strategy to try. https://www.instagram.com/p/BzVyuJBBN2J/?igshid=7ebu4640rx0q

3. Pay twice a month Let’s say you’ve had a rough couple of months with your finances. Maybe you needed to rebuild your deck (raising my hand) or get a new fridge. If you put big items on a credit card to get the rewards, it can temporarily throw your utilization ratio (and your credit score) out of whack. You know that call you made to get the closing date? Make a payment two weeks before the closing date and then make another payment just before the closing date. This, of course, assumes you have the money to pay off your big expense by the end of the month. (at New York, New York) https://www.instagram.com/p/BzTPSQ1BjCK/?igshid=vtws96rni3xh

2. Pay down your debt strategically! Okay, let's build on what was stated in our previous post. Since the FICO score also looks at each card's ratio, you can bump up your score by paying down the card with the higher balance first and foremost. (at New York, New York) https://www.instagram.com/p/BzDq5JthSym/?igshid=ow3d3vhjucti

1. Find out when your issuer reports payment history Call your credit card issuer and ask when your balance gets reported to the credit bureaus. That day is often the closing date (or the last day of the billing cycle) on your account. Note that this is different from the “due date” on your statement. There’s something called a “credit utilization ratio.” This is the amount of credit you’ve used compared to the amount of credit you have available. You have a ratio for your overall credit card use as well as for each credit card. It’s best to have a ratio — overall and on individual cards — of less than 30%. But here’s an insider tip: To boost your score even quicker, keep your credit utilization ratio under 10%. But here’s the problem. Even if you pay your balance off every month (and you should), if your payment is received after the reporting date, your reported balance could be high — and that negatively impacts your score because your ratio appears inflated. So, pay your bill just before the closing date. That way, your reported balance will be low or even zero. The FICO method will then use the lower balance to calculate your score. This lowers your utilization ratio and boosts your score. (at New York, New York) https://www.instagram.com/p/BzBYGnEBSiz/?igshid=su4chiq4a6x1

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You cannot control what scores lenders use, but you can control how you manage credit. Fortunately, a small set of good credit habits have the power to benefit all your scores. Paying your bills on time and using 30% of you available credit limits (the lower the better) will help build a strong score, regardless of the scoring model. That's because FICO and VantageScore both emphasize having a good payment history and low credit usage when calculating scores. To accurately track how your credit is doing, make sure you're looking at the same score (FICO or VantageScore) generated using data from the same credit report. (at New York, New York) https://www.instagram.com/p/By6k6YIhLt1/?igshid=114yg18f7lysh

1. Stay on top of payments. 2. Keep tabs on your credit utilization rate. 3. Leave old debts on your report. 4. Take advantage of score boosting programs. 5. Time your applications carefully. 6. Be patient. 7. Monitor your credit. (at New York, New York) https://www.instagram.com/p/By2YU1EhL1S/?igshid=ev7k0sth2845

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