5 Credit Hacks That Will Change Your Life

  • Posted on: 24 Dec 2022

  • We all know that credit is a big part of our lives and the economy. But, did you know there are some hacks to getting your credit up? One easy way is by opening up new cards with small limits and use them for small purchases like gas or groceries.

    You don't need to carry balances on these cards because they will have no effect on your credit score as long as the balance remains under 30% of the limit. Another hack is paying off your card in full every month; this will keep interest rates low and your credit high.

    Top Credit Hacks That Will Change Your Life!

    Keep at Least Three Major Credit Cards

    If you have three major credit cards, you can save yourself from being overburdened by a single card. If one of them is compromised or maxed out, you'll have a backup to use while waiting for the issue to be resolved. Carrying at least three credit cards will also help you avoid paying high-interest rates on purchases and balance transfers because it will allow for more time for your monthly payments to be applied before the next statement goes into effect.

    Finally, if you get lost without access to any of your cards and need cash in an emergency situation, a third card should provide enough money until another form of payment becomes available.

    It’s All About That Credit Utilization

    Credit utilization is the amount of your credit limit that you use and it's an important part of your credit score. Regularly using a low percentage or less than half of your available credit can help moderate spending, which in turn will lower your debt-to-credit ratio. If you have a high debt-to-credit ratio, this may negatively affect your FICO® Score. In order to avoid any potential negative impacts on their FICO® Scores, consumers should regularly check their balance across all accounts and keep track of how much they are using their current balance as well as how close they are getting to the maximum percentage allowed for each card.

    Increase Your Credit Limits as Much as Possible

    If you're a credit card user, there's an easy way to increase your credit limit without having to open up another account. The best way is by simply asking the bank for more money. This may seem like a simple task, but many people don't know that it's possible and they end up with revolving balances month after month. If you take just 30 minutes out of your day to call the customer service line, you'll be surprised at how quickly they can authorize an additional $1,000 on your existing card or even higher if you request it! It doesn't hurt to ask!

    Resist Those Hard Inquiries

    Getting a hard inquiry on your credit report can be tough. It may not seem like the end of the world, but it is an indication that you are in riskier territory than someone without any inquiries at all. If you have experienced one or more, don't panic and take a deep breath before deciding how to proceed.

    The first step is to identify why you received the inquiry in the first place. Is there something about your credit profile that might have prompted this? Maybe they saw something online or through another source that piqued their interest and they wanted to know more about who you were as a person. The next thing would be to look for anything unusual on your credit reports such as new accounts, and maxed-out cards.

    Focus on Those Installment Loans

    Installment loans can be a great way to pay off your credit card balance, but some people may not know the benefits of these types of loans. Installment Loans are designed for those who have financial obligations that they need help meeting.

    They're perfect for someone who needs a little extra cash before their next paycheck comes in or wants to avoid having large payments due every month. With installment loans, you only have one payment per month which is half the amount on most payday and title loan types. Interest rates are also competitive with other lenders so you can keep more money in your pocket and get out from under debt faster!

    If you’d like to find out more information about five credit hacks that will change your life, or if you just have additional questions that you’d like to discuss with someone in a bit more detail, please don’t delay – Call us (888) 803-7889 today.