The average credit score in America is 695, which is high, but not anywhere near exceptional. And while many people pay their debts off on time and keep credit cards balances low, they’re still unable to maintain a high credit rating.
If you’re one of them, you’ve come to the right place! Here are five unconventional ways to increase your credit rating:
Pay Your Rent On Time
While private landlords don’t have enough time—or simply don’t care—to report your rental payments to the credit bureaus, apartments managed by property management companies regularly report to them.
Hence, it’s important to pay rental payments on time. Moreover, you can ask your landlord to report your rental payments, as regular payments increase your credit score.
Return Your Library Books
Did you borrow books from the library that you forgot to return? Now is a good time to return any overdue books and pay the fine. Believe it or not, overdue fines on library books can also hurt your credit score.
Not returning a couple of old books is fine, but if your fine balance is too high, the library might report your overdue balance to credit bureaus.
Don’t Forget About Store Credit Cards
To remain competitive, many departmental stores offer store credit that works like credit cards. You can purchase items on credit (at discounted rates) and pay for them later. If you have store credit, make sure to keep up with your deadlines and pay your dues on time.
Don’t leave any balance on your store credit, no matter how small. Late payments can accrue interest over time and turn into a big debt, which can hurt your credit score as payment history is a key metric that influences your credit ratings.
Try To Increase Your Credit Limit
Credit utilization ratios play a big role in determining your credit score. You should keep it as low as possible to enjoy a healthy credit score. A smart way to enjoy a good credit utilization ratio without limiting your purchase is by asking the bank for a credit limit increase.
All you need to do is provide your annual household income and information pertinent to your ability to pay back the money. Most credit card providers will grant your request after a soft credit pull.
For instance, if your credit limit is $3,000 and you have $1,500 accrued, your credit utilization is 50%. If you manage to get your credit limit increased to $5,000, it will drop down to 30% without making any repayments.
Ask Bank To Waive Late Penalties
If you have a track record of good payment history, simply ask your credit card provider to waive late penalties. They want to maintain good customer relationships with clients, so it’s likely that they will agree to your request.
If they don’t concur on waiving penalties, ask them to at least not report the late payments to the credit bureaus.
Looking for credit repair and restoration services? Contact Masters Credit Consultants today! Based in Spartanburg, SC, we’re a consulting firm that we help our client’s to improve their credit score and build stellar credit ratings. For more information, call us at 1-844-620-8796 or drop us an email at firstname.lastname@example.org.