How Can I Improve My Credit Score Fast in 2020? | Cash 4 You

Your credit score — those three little numbers that can determine whether or not you can finance your dream car at a low interest rate, or whether you can even get approved for a credit card at your favorite department store. Moneylenders, banks, and even landlords use this magic little number to gain a better sense of your financial profile to determine whether or not you are likely to repay funds or make on-time payments.

When you have less than perfect credit, poor credit, or no credit at all, it’s essential to your financial well-being that you find opportunities to improve your credit score. Doing so can give you more financial freedom and stronger purchasing power so that you can live the lifestyle you desire. Even if you have good credit, strengthening your credit score, even by just a few points, can reduce your interest rates, monthly payments, and more. If you’re looking for ways to improve your credit score quickly this year, your friends at Cash 4 You have some handy tips to get you started down the path to success. Check it out!

Check Your Credit Score

The best way to know where you stand on the credit spectrum is to check your credit score. You should be sent an annual credit report from the top credit bureaus annually, so use this to your advantage. What’s more, you can use online credit check programs to track your credit score; however, do your due diligence in researching these credit companies before joining their program or using their tools. You can also talk to your bank to find out if they offer a credit tracker program free of cost for their members. 

Pay Your Loans and Credit Cards On Time

This is the most important thing you can do to build your credit fast this year. Always pay your loan payments, credit cards, and other bills on time and in the full payment amount (or more) that was agreed-upon in the terms of your loan. Doing so shows that you are responsible with your finances. That way, whenever a lender makes a credit inquiry on your profile, they can see that you are a reliable borrower, which can lower your interest rates, reduce your monthly payment amount, and give you larger loan amounts. Paying your bills late or missing payments will negatively affect your credit immediately, and it can be hard to recover from these negative marks on your credit profile quickly.

Pay More than the Balance Due

Use the information provided on your credit card statement to determine how much you need to pay and when. At the top of your statement, you will see the payment due date, new balance, and minimum payment due. Your new balance reflects any additional charges, plus interest fees, that were accrued during the last bill cycle. The minimum amount due is simply a small monthly payment amount that keeps your credit card active. But if you only pay the minimum amount due each month, it could take you years to pay off your balance due, and you will be charged hefty interest fees that increase the total amount. 

Rather than paying the minimum, try to pay the full amount statement balance on the due date to boost your credit score and to eliminate credit card debt fast. Another trick you can use to improve your credit is to pay off the recent credit card charge before your bill comes due. This may be more appropriate if you are building mileage points or you get rewards and points for using your credit card.  

Don’t Over-Apply for Credit Cards

One of the worst things you can do for your credit score is to over-apply for credit cards and loans. Lenders make a hard inquiry on your credit each time you apply for a credit card or loan, which can reduce your credit score. Having too many inquiries at once can reflect poorly on your credit profile. Timing is of the utmost importance, so keep this in mind when you apply.

Keep Unused Credit Cards Open

Paying off your credit cards will absolutely boost your credit score. One way to give your score an extra boost is to keep unused credit cards open. Doing so shows that you can refrain from using borrowed money even when it’s readily available to you. This also shows that you are financially stable enough to not have to rely on credit cards to make purchases, which can increase your purchasing power down the road. Just make sure that your open, unused credit cards aren’t costing you in annual fees.

If you are concerned that you can’t refrain from using an open, paid-off credit card, you can always freeze your card, or cut it up to prevent use. 

Start Boosting Your Credit Now

If you’re ready to transform your credit score for the better, there’s no better time to start than now, and these tips can get you started. What’s more, Cash 4 You offers personal loans that can not only give you the instant cash you need to pay off credit cards and fund large purchases, but which can also help you build your credit score one payment at a time. 

All you need to do is apply for a loan online, or stop by one of our 100+ stores conveniently located in cities across Ontario. As long as you meet our relaxed credit requirements, we can approve you in minutes and give you up to $15,000 cash-in-hand the very same day. Then, simply pay your installment loan payment on-time according to the agreed-upon terms of your loan, and enjoy watching your credit score rise. It really is that easy! Stop in and see us today and enjoy all the benefits of boosting your credit score by making your loan payments on time.  

Want to watch tips and tricks for boosting your credit score, saving money, and more? Subscribe to the Cash 4 You YouTube channel where you can watch entertaining and insightful videos that are created to help you make the most out of your personal loans and strengthen your financial well-being.

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