6 Ways to rebuild your credit

Financial Post

Six Ways to Build Credit

1.Know Your Score!!! understand what factors are affecting your credit score negatively.

• High credit utilization

• Late payments

• Lack of credit lines in general

2. Pay bills on time

• pay bills in a timely manner and make an effort to square away any late bills to avoid penalties.

PROtip: use Experian Credit Boost to earn points for paying bills

3. Consider a secure credit card

• If your score is low or you have few lines of credit this allows you to control your limits and payments.

4. Credit Utilization: use only about 30%-35% of your credit limit

5. Become an authorized user

• this allows you to benefit just by being added as a user on a credit card.

PROtip: When becoming an authorized user on someones card, be sure to choose someone responsible because you can also be penalized for late payments and high utilization.

6. Last but not least BE PATIENT, BE CONSISTENT!!! 

Some things will help your score make big jumps and others will just move the mark a couple points but every point is added is a plus!