How to Raise Credit Score with Koi.credit

How to Raise Credit Score with Koi.credit

How to Raise Credit Score with Koi.credit

As we all know, your credit score has a big influence when it comes to your financial success. It can affect the interest rate of your loans and can even help or hinder your loan approval.

That is why many people are trying very hard to keep their scores in the highest position possible. And if you are one of the many individuals who want to raise their credit score you need to have a better understanding of how credit works.

Your Credit score is calculated based on several factors such as:

  • payment history which is 35%

  • the length of your credit history which 15%

  • new credit which is 10%

  • types of credit which is another 10

  • amount of debt 30%

Rebuilding or maintaining a good credit score can be done in several ways.

How do you improve your credit score?

Check or get a copy of your credit report

There are tons of websites or agencies where you can check or get a copy of your credit report for free. But don’t be tempted to pay for your credit score.

There are a lot of websites that will provide your credit score to you for free. You might be thinking that maybe you can do these multiple times because it’s just for free. But it is not recommended. You can only do this once a year because if you do this too many times, it can affect your credit score.

Checking your credit score once a year will help you know what your current credit score is and also help keep track of your credit report. This way, you can make sure that nothing is wrong or if there is, you can immediately report it to the credit bureaus and have it fixed.

Responsible credit card usage

You need to see to it that you are using your credit card responsibly and that includes keeping your utilization rate low and paying off the money that you borrowed in full, on time every single month as agreed.

Keeping minimal expenses in your credit card can really help you a lot, so keep that in mind. 

Debt can decrease your credit score, so if you want a better credit score make sure you are free of any debt.

Pay all of it in full and do not put more unpaid debt on your credit card. This will help you rebuild your score.

Pay off your credit card on time and in full

Late payments are a big “no-no” if you want to maintain a good credit score or rebuild it. Most of the time, credit cards require you to pay a huge amount of fees when you pay it off late.

Plus, you are also obliged to pay the interest so you now have tons of bills right in front of you. You don’t want to be bombarded with bills that you didn’t ask for, right? So, make sure that there are no late payments.

Don’t close old accounts

15% of your credit score is the length of your credit history. After paying off your long-time debt, do not close your account or cancel your credit card.

The credit history you have had on that credit card can help credit score go up. Yes, that is right. You don’t need to close anything just because you are finally out of debt.

Keep it open and in the years to come, it will be beneficial for you. But it is not enough that you just keep it open and not use it at all because that too, can affect your score.

You need to at least keep it functional for the credit bureaus to see that you are being responsible with your finances.

You can also ask for the help of rent reporters or other credit institutions to use your rent payments in increasing your score. And no matter what your credit score is currently, you can always work hard to improve your credit score.

If you need someone who will help you understand Credit Score Improvement or if you are looking for Rent Reporters to help you report your rent payments and raise your credit score, visit www.koi.credit now!

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