January 31, 2022 –Hispanic Solutions Group
According to analysis and studies by specialists. It is known that There is no formula for trying to raise your credit score by one certain amount of points, But, if you want to see an improvement in your credit score, most specialists agree that they should follow the guidelines below:
- Review your credit report once a year and correct any mistake that may be hurting your score and going against your goals.
- You must pay your bills in due time, without delays.
- Keep your accounts managed correctly for a long period of time. (The longer a account in good standing, better for your credit score).
- Avoid making queries that are not necessary in your report credit.
- You should keep your credit balances as close as possible to zero. That is, pay off your credit cards in full every months.
- Use your line of credit, but maintain your utilization rate credit below 30%. That is, instead of maxing out your cards credit, use less than 30% of your available credit limit on a Given moment.
According to specialists, the other metric that affects your credit score is your credit utilization rate, that is, the highest percentage of your credit available that you use during a given month. If you want a better score credit, you should not spend close to your available credit limit, in no time during the month.
What ratio should you aim for exactly?
There’s no clear answer to that, but as a general guideline, think of 30% as the upper limit and try lowering it. Somewhere around 20% is probably a good rate to aim for, and 10% is an even safer target.
If you seem to be keeping a constant track of the utilization rate of your credit can be a challenge when you’re just trying to live on your anyway, you’re probably right. But it is such an important factor that affects your credit score that innovative credit card companies credit like Jasper have found ways to help clients track it and optimize it.
Example, Jasper Mastercard ® cardholders can choose to receive a notification if your credit usage becomes too high, to bring your credit card balance back below the threshold recommended 30% (or even lower threshold of your choice). even you can set up automatic payments to cover this, so they can continue making purchases all month without problems.
If you have any questions related to finances, credits in the United States and other related issues, but do not know who to turn to, contact us by going to Hispanic Solutions Group, writing to info@hispanicsolutionsgroup.com.
If you need to make an appointment you can ask here or accessing financial information on YouTube, the credit channel, our specialists in charge Jessica Aliaga-Froelke will be informing you of any concerns regarding this and other financial issues of general interest and guidance as in this topic, today we provide you with the following report so that you can make your most important economic decisions, also him We invite you to follow our social networks: LinkedIn, Facebook, Twitter, tiktok and instagram.