Need a FICO Score Boost?
How fast will a secured credit card improve my credit score is the number one question on most peoples minds who are trying to boost their FICO scores. The answer is hard to answer because every situation is different. However there are some things that you can do as a borrower and consumer to make sure your credit score rises as fast as possible. These tips are listed below and when put into practice will help you get the most from your secured charge card and your efforts to fix your FICO scores.
Three Self Credit Repair Tips To Help You Improve Your Credit Score
Pay Your Secured Credit Card On Time– Although this may seem like a simple thing to do many people simply make the same mistakes that caused their FICO scores to drop in the first place. To avoid this problem you need to sign up for the lenders auto pay option to make sure your payment gets to them on time every month.
Keep Your Cards Balance Low– When you are using charge cards to help you rebuild your credit it is important that you do not max the account out. The ideal number to keep your balance around if you carry one is 35% of the accounts limit. And make sure that you balance goes down every month and does not increase or you scores rise can start to slow as it appears you are taking on more debt.
Do Not Apply For More Accounts– One of the biggest mistakes that people make when they are trying to make their credit scores better is to get excited and apply for all kinds of accounts,this is a bad idea for two reasons. First it puts yo in the position to get yourself in to debt troubles very easily. Second to many inquiries in a short period of time can reduce your scores. So play it smart and use restraint.