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Before you close your credit card and apply for a new one, we would recommend you check your credit reports. Get copies of your credit reports from all three major credit bureaus and review them to understand what is dragging your credit scores down.

If your Aspire credit card is not the only line of credit you currently have, see how other credit accounts affect your credit score. When you manage one account responsibly and do not pay on the other one, that won't do any good to your credit score. It's important to manage all your credit accounts responsibly.

Furthermore, pay attention to the amount of debt compared to all available credit. Carrying high balances on your credit cards can have a significant negative impact on your credit score. To build good credit, it's recommended to use no more than 30% of your available credit or even less.

A thin credit file or limited credit history can also be a reason you are not seeing improvements to your credit score. If you only have one or two accounts, or your accounts are new, there may not be enough history to show how you handle credit over time.

Another thing to look for when reviewing your credit reports is errors. Payments that incorrectly show as being late, accounts that aren't yours, or outdated personal and financial details all negatively affect your score.

Closing credit accounts is not always good for your credit either. When you close a credit card or loan account after paying it off, that can reduce your available credit and lower your average account age. Both of these limit your score temporarily. Therefore, we would recommend you get a new card first, and only then close your Aspire card.

You can apply for a credit card issued by a major bank and not by a credit union. Banks usually report credit card activity every month to all three major credit bureaus, so you should be able to see credit score changes as fast as in three months.

When you are improving your credit, it is important to always make monthly payments on time with all your creditors. Try not to miss or skip monthly payments. Also, keeping balances low is good for your credit. You can use up to 30% of your available credit or pay your balances off each month.

tags : Credit Cards Credit Score Build Credit

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.