Having a good credit score is important to qualify for loans and credit cards. If your credit score isn’t as high as you need it to be, ACCC has 7 tips to help you improve your credit score:
- Pay bills on time
This includes rent, utilities, phone bills, car loans, and student loans.
- Keep credit card balances low
Lowering credit utilization will improve your credit score.
- Get a higher credit limit
Keeping the balance the same with a higher credit limit lowers the credit utilization ratio.
- Limit credit card applications
Too many inquiries on your credit report will lower your score.
- Hold on to unused credit cards
Keeping unused credit cards can increase the credit utilization ratio.
- Check credit reports
Errors on your report could lower your credit score.
- Leave old debts on credit report
Old debts can help your score if the payments were timely and completed.