How can I make my credit score up? - Building Credit History FAQ

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Credit Card Applications » Questions » FAQs » Building Credit History » How can I make my credit score up?

How can I make my credit score up?

Answered on | Updated on September 20th, 2019
The content is accurate at the time of publication and is subject to change.

There are 5 main factors that make up credit score: payment history, credit utilization, length of credit history, new credit, and credit mix. First of all, you should always monitor your payments so that to be able to cope with all them. Secondly, your total outstanding debt shouldn’t exceed 30% of your available credit. Next, if your credit history is short, adding too many new cards can reduce the average age of your credit accounts, which can also impact your credit score. Also note that your accounts had better be of different types. Take care of having mix of credit cards, personal loans, etc. If you follow all these rules keeping your balances in good standing, your score won’t be irreversibly affected.

In case you have never used a credit card, we would recommend you start with secured credit cards. These cards require a security deposit paid upfront. A secured credit card is a good way to build your credit history as it reports the account activity to major credit bureaus. You just need not to miss payments and pay off your balance. After that, getting approval for an unsecured card will be much easier.

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