3 Simple Ways To Improve Your Credit Score Before The End Of 2018

By Nolan Lewis | November 27, 2018

If your Credit Score has been down in the dumps all this while, here are three ways you can start improving it before the year runs out.

3 Simple Ways To Improve Your Credit Score Before The End Of 2018

Maintaining a good Credit Score can be hard work, but it certainly isn’t impossible. All it takes is diligence and steadfastness on your part. If you’ve spent most of 2018 fumbling about with your Credit Card and loan repayments because your finances have more holes than a Swiss cheese, then it’s time to knuckle down and start getting your score up before it sinks without a trace.

In case you aren’t already aware, a good Credit Score is extremely important if you’re looking to take on any credit in the future, regardless of whether it’s in the form of Credit Cards, Personal Loans, Home Loans, Car Loans etc. In fact, with a high Credit Score, you can even get lower interest rates when you apply for a loan.

So, if you’ve ever scoffed at why a good Credit Score is a vital component of your financial health, then it’s time to rewire your circuits and think again.

Additional Reading: The Importance And Benefits Of A Good Credit Score

With the year winding down at Mach speed, now is as good a time as any to start picking your score up. Why wait for 2019 and make a resolution you probably won’t keep once the festivities have worn off?

Here are three ways you can improve your Credit Score before 2018 comes to an end. Your financial future is in your hands.

  • Make Regular Repayments

If you’ve been missing Credit Card or loan repayments every now and then, now is the time to put a stop to it. And by ‘stop’ we don’t mean stop paying your dues. We mean start making regular repayments every month before the scheduled due date.

Every time you miss a repayment your Credit Score is adversely affected, so you can imagine what happens to your score if you miss payments on a regular or even sporadic basis. If you find it hard to make payments every month, then it’s time you drew up a monthly budget and allocated your income accordingly.

Cut down on unnecessary expenses and ensure that any extra funds you have goes towards paying off your outstanding dues. Keep this up and you’ll see your Credit Score rapidly increase in a fairly short span of time.

Additional Reading: How To Get Your Dream Credit Score Of 900 Points

  • Lower Card Utilisation

Did you know that Credit Card utilisation has a whopping 30% impact on your Credit Score? In essence, you should not be utilising more than 30% of the credit limit on your card. The lower your card utilisation ratio is, the better your Credit Score will be. It’s that simple.

So, if you’ve maxed out the limit on your Credit Card or cards, you can start by paying off a sizeable chunk of your outstanding debt to bring your utilisation ratio down. You could also ask your bank to increase the limit on your Credit Card or maybe even apply for a brand new Credit Card. Doing this will raise your credit limit on the whole and, in turn, will positively affect your Credit Score.

Additional Reading: 6 Mistakes Your Commit In Your 20s That Affect Your Credit Score

  • Use Your Credit Card To Pay Bills

If you haven’t used your Credit Card before, or if you don’t have a Credit Card, one of the best ways to improve your Credit Score is by getting yourself a Credit Card and using it to pay utility bills every month.

In fact, you can use your Credit Card for small payments or purchases and pay off the entire outstanding amount every month since it won’t add up to a substantial amount of money. You can also automate your Credit Card payments every month, so you won’t miss a single payment. Not only will this help your score increase, but it will show lenders that you have a good track record when it comes to making monthly repayments.

Additional Reading: How Long Before Your Credit Score Starts To Improve?

Like we said before, all you need is a little bit of focus and determination to get things moving. Sure, it’s easier said than done, but as is the case with most things in life, the road to your destination always starts with a single step.

So, don’t hesitate any longer. Get cracking and don’t stop until your Credit Score finds itself frolicking among the stars.

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Category: Credit score
Nolan Lewis

About Nolan Lewis

Nolan is an avid conspiracy theorist and moonlights as a heavy metal musician when he's not trying to figure out what those strange lights on Saturn are. He loves science fiction, comics and is a massive alternate history buff.

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