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1. Guarantee you won't ever miss a payment. Make things pretty simple by establishing automatic payments so that due to, ever ding your credit merely by forgetting to mail a check mark. You should ideally be automatically repaying the whole balance with your credit cards every month. Bonus: For other credit lines including student education loans, you can even generate income for starting autopay. A 0.25% rate of interest reduction for automatic payments is standard along the student lending industry, including right here at CommonBond.



2. Understand, and optimize, your credit card debt utilization. This is a somewhat trickier but highly worthwhile step -- approximately thirty percent of your FICO score is dependent upon "Amounts Owed," which FICO considers in relation to the debt utilization rate. Your debt utilization is (a) how much within your available credit you employ, divided by (b) your total available credit.



1,200 on that card. For 2015, morph it into a rule a utilization under 20 %. Lenders (perhaps paradoxically) want to see low utilization rates simply because believe this predicts an increased likelihood of repayment. 3. Raise your debit card limits. Sometimes finance companies automatically present you with higher credit limits, but it is worthwhile to check your is the reason any credit limits that contain remained unchanged for quite a while -- they're great candidates to be raised.



Your credit limit will depend on the credit background and income information you provided if you were first approved for the financing line. If you think you've are more creditworthy - for example, if you have earned a raise or repaid other debt - speak with your lender in regards to the process to increase your credit limit.



This will assist lower your credit card debt utilization so long as your spending stays precisely the same. 4. Protect yourself. You're eligible for three free credit files per year, one report from all the major canceling bureaus (Equifax, Experian, and TransUnion), however, you won't receive your reports unless you ask. If you find a challenge, the Federal Trade Commission has information on how to dispute your credit track record. 5. Get personal. Your credit situation is very tailored on your individual situation, which is the reason so few "one size fits all" credit solutions exist.