You know all about it – how to increase your credit score and keep it that way. Times do change, however, and with it, ideas. Here are some new ideas which might shock you, but experts say that they work to increase your credit scores. I’m not saying you SHOULD do them, but I think they’re worth a shot.
Method 1: Get more credit cards.
This is dangerous – very dangerous if you do not know what you are doing. The idea is to open more credit cards and NOT use all of them to the max. One important thing that creditors look at is credit utilization. If you have several cards and you only use each one up to 30% of the limit, you will be in good standing. Also, do not open credit cards all at the same time. Wait at least 6 months in between. And yes, do NOT max them ALL out.
Method 2: Do NOT request for lower APR on an existing card.
Conventional advice dictates that the lower the APR, the better for you. It still applies, of course, but the idea is to avoid asking for lower APR on what you already have. This is because by doing so, you run the risk of having a credit check run on you unnecessarily. And, if the creditor doesn’t like what it sees, then you might be in hot water.
Method 3: Consider NOT paying off closed credit card accounts.
It doesn’t make sense? Think about method 1 and the utilization of credit. If you have a small balance left in a closed credit card account, it can still be counted towards your credit utilization score. That’s a plus for you!