Building a better credit score can be done in five simple ways, which can make borrowing more affordable, writes Lauren Schwahn, a finance writer for Nerdwallet.
You've got big financial plans for 2023. Maybe they include buying a home or car, or getting a new travel rewards credit card to help pay for your next trip. There's a key piece of these plans you may not have considered: building your credit score.
Your credit score could suffer if missed payments or large balances carry over into the new year. Payment history and credit utilization are the two biggest factors that affect your credit score. One strategy to consider is paying above the minimums on your most recently opened accounts first, says Todd Christensen, education manager at Money Fit, a nonprofit debt relief service based in Boise, Idaho. Christensen says this strategy, which he refers to as "debt landslide," can build credit since FICO and VantageScore scoring companies give more weight to activities on new and recently used accounts.
"If I'm applying for a credit card once or twice a month, that's kind of showing the credit scoring model that I'm desperate," says Kate Mielitz, an accredited financial counsellor in Olympia, Washington. "Desperation is not a good look in credit."
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Millennial Money: 5 ways to build your credit score in 2023You’ve got big financial plans for 2023. Maybe they include buying a home or car, or getting a new travel rewards credit card to help pay for your next trip.
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