Boost your credit score

5 simple ways to boost your credit score instantly

Credit, credit scores and borrowing are always a hot topic!

In a season where the interest rates are at an all time high… a high credit score could reduce the interest rates you get. This can save you a lot of money if you are borrowing.

The higher your credit score, the better you are perceived at handling money.

So how can you boost your credit score?

Here are 5 easy tips that can instantly boost your credit score…

1. Reduce your credit utilisation rate

• Every credit card has a limit.

• How much you spend in proportion to your spending limit is the credit utilisation rate

• If you have a credit limit of £1000 and spend £500 then your credit utilisation rate is 50%.

• Aim for a credit utilisation rate of 30%

2. Be careful of buy now pay later

• Many popular companies offer these schemes i.e Klarna, Paypal, AfterPay +more…

• But if you miss a payment or make a late payment; this can have a negative impact on your credit score

• To avoid this, make a note of the payment due date and schedule the payment before the due date

3. Pay your credit balance in FULL

• Only place purchases on your card that you can afford because credit cards are notorious for having the highest interest rates.
  This has 2 benefits:

  • 1. Shows the bank you are responsible - if they lend you money, they will get it back in full

  • 2. You avoid paying interest

For the other 2 tips… make sure to check out last week’s YouTube video 🤞🏾

Take care & thanks for always reading this 😊

Dr Uyiosa xo

(lover of healthcare, business & finance)