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Tips to Improve Your Credit Score | Credit Intel by American Express
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The better your credit score, the better chance you may have to secure a mortgage for a house or get approved for that premium credit card. Watch this short video from Credit Intel by American Express to learn how to improve your credit score.
Tips to Improve Your Credit Score
A credit score is a way for credit bureaus to evaluate the probability that someone will pay their loans back on time. For example, the better your credit score, the better chance you may have to secure a mortgage for a house or get approved for that premium credit card.
Building a good credit score takes time – but by having a strategy can help you build your credit more quickly. Here are a few things you can do today to set yourself up for success.
First, know what your credit score is today. There are dozens of free credit reporting services, like American Express MyCredit Guide, that you can use to find out what your credit score is without impacting it.
Second, experts suggest: it’s a good idea to start paying off the credit card balances that you can. 1/3 rd of your credit score is based on how much you owe and the portion of your available credit that is used. Paying down your balances can help improve your score.
Third, consider requesting an increase to your credit limit so you can reduce your “credit utilization.” Credit utilization is the percentage of your credit limit that you’re currently using – and staying under 30% of your credit limit can help improve your score.
About: American Express is a global service company, providing customers with exceptional access to charge and credit cards, insights and experiences that enrich lives and build business success. Get up close to the passionate lives of rising artists, a new wave of entrepreneurs, and everyday people. Join us for everyday inspiration on the official American Express YouTube channel.
More from American Express!
Tips to Improve Your Credit Score | Credit Intel by American Express
Tips to Improve Your Credit Score
A credit score is a way for credit bureaus to evaluate the probability that someone will pay their loans back on time. For example, the better your credit score, the better chance you may have to secure a mortgage for a house or get approved for that premium credit card.
Building a good credit score takes time – but by having a strategy can help you build your credit more quickly. Here are a few things you can do today to set yourself up for success.
First, know what your credit score is today. There are dozens of free credit reporting services, like American Express MyCredit Guide, that you can use to find out what your credit score is without impacting it.
Second, experts suggest: it’s a good idea to start paying off the credit card balances that you can. 1/3 rd of your credit score is based on how much you owe and the portion of your available credit that is used. Paying down your balances can help improve your score.
Third, consider requesting an increase to your credit limit so you can reduce your “credit utilization.” Credit utilization is the percentage of your credit limit that you’re currently using – and staying under 30% of your credit limit can help improve your score.
About: American Express is a global service company, providing customers with exceptional access to charge and credit cards, insights and experiences that enrich lives and build business success. Get up close to the passionate lives of rising artists, a new wave of entrepreneurs, and everyday people. Join us for everyday inspiration on the official American Express YouTube channel.
More from American Express!
Tips to Improve Your Credit Score | Credit Intel by American Express
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