Simple Ways To Boost Credit Score

Having A Variety of Credit

If you’ve heard having very little credit is a good idea, you must rethink your way of thinking, as a variety of credit on your report shows you are a good borrower, and it helps you boost your score faster. If you only have a credit card, you’re not doing yourself any favors. This is not to say you must go out and purchase a car if you don’t want to have a payment or you should buy a home, but you should look for different credit types. Take out a personal loan and pay it off quickly before interest begins to accrue. If you are going to finance a car but don’t want to do so for long, do it anyway and pay it off. Having a variety of credit on your report shows you are a responsible borrower and can increase your credit score rather quickly. However, do not go out and apply for a variety of different credit accounts all at the same time, because making too many inquiries in a short amount of time is a negative look.

Continue reading to find out how loyalty can work in your favor.