When you begin taking out loans or credit card debt in your adult life, you inevitably establish your credit card score as well. As you make good and bad decisions with your credit cards, your score will reflect that.
What do you do if you end up driving your score to it’s low point? Here are some ideas you can use to improve your credit card score if you ever find yourself in a low score situation.
- Recognize what got you into a low score in the first place. This could be related to keeping your card balance close to your credit limit or missing payments on debt owed. You can find more detailed information and possible errors by checking your credit report.
- Establishing a system for payment reminders to be sent to your phone, email, or wherever else you will see them can be a good idea. It’s a lot easier to forget about a payment if you don’t keep it in front of your face and this will help with that.
- Cut down on the amount of debt owed. Part of your score is calculated by how much debt you owe on a card relative to the limit so naturally by reducing that number you will have a better credit score. You can work at this by making payments above the minimum or finding money to pay it down all at once.
- Make consecutive on-time payments. If you get in the habit of always making your payments on time, then your credit score will start to recover. After a certain number of months where you pay off your bills on time, companies typically will return your interest rate to a more regular rate as well.
- Stop buying as much stuff, at least temporarily. If your credit score is suffering, then that’s usually a pretty good sign that you need to cut back on what you are doing. Focus on resolving your score troubles first and then worry about enjoying luxuries later.