Are you using credit cards to work on increasing your credit score? Are you making purchases and paying them off quickly thinking that this will increase your score tremendously? Though having, using, and paying off accounts can help a little, I want to show you how to maximize the use of credit cards to increase your score.
Don't Pay Off Your Debt
Making purchases and paying them off quickly is not the thing to do. Why?? Creditors and lendors want to see that card users are responsible over periods of time in terms of paying bills. In their eyes this shows signs of credibility. You may be saying to yourself that if I don't pay them right off I will pay more interest over time. This is true but the ultimate goal is to increase your credit score. You want to increase your score so that you can purchase what you want like a car or home without hastle.
Good Credit Is Worth It
Did you know that the lower your credit
score, the more you will pay in interest when you finance a car or pay a mortgage. This also applies to other things you may want to buy. So it's worth it in the longrun. It's safe to say that what you pay will even out. You will either pay more now or later. When you have good credit you will even receive rewards from certain companies.
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So here's what you need to do to increase your score using credit cards. Whatever you do, please don't max your credit cards by making purchases up to your limit. Make purchases as small as you can, then only pay what credit card companies require you to pay each month. Make certain you do not miss any payments or pay late. Lastly, when you are finished paying off your bill, make another purchase quickly and do the same thing. You want to never have credit cards that you are not using. Please only use the cards if you (CAN AFFORD) to pay the bill each month.
If you are thinking that credit card companies are there to only see us in debt, change your mindset. The debt you are paying now is only helping you to increase your score. Many that have great credit scores are able to purchase cars without paying a downpayment. Some that try to rent homes or apartments end up paying more because of their low credit score. They are charged more for deposits because of credit status or asked to use a co-signer.
Think of it like this...I am working on increasing my credit score so that I can live and be financially stable.
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That's all for today! Thanks for visiting my blog!
There is more to come!
Need help with increasing your credit score or want help with writing dispute letters, I can help.
For a Credit Repair Consultation, email me at sheffieldenterprise123@gmail.com
Credit Repair Specialist, Financial Advisor
Dr. Victoria Sheffield
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