Avoid this Risky Strategy to Improve Your Credit Score
Sunday, 31 March 2024, 11:30
Avoid Risky Strategies to Increase Credit Score
One tactic to boost your credit may backfire if not careful. Lowering your credit utilization ratio is key to improving your credit score, but requesting a credit limit increase can be risky. It's essential not to increase your balances once the limit is raised in order to avoid further financial challenges.
Steps to Improve Your Credit Score:
- Make credit card payments on time
- Correct errors on your credit report
- Lower your credit utilization ratio
Important: Paying down existing credit card debt can significantly lower your credit utilization ratio and positively impact your credit score.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.