What if your credit score is pretty good already at 700+ but want to improve it further? You may be paying off your bills on time already but there are active things you can do to boost your credit score further. Signing up for more cards while keeping them active is one of the ways to do so. Watch for many more methods to improve your credit.
How’s it going everybody this is feed the bush a lot of you have asked me how to improve your credit score not from a really low one let’s say you have something like 700 720 or something and you want to improve it some more what kind of things do you do to make it go higher well i compiled a list and i’m gonna show you how first of all the passive stuff is more
History more on-time payments you’re already doing that so i call that passive and more history it’s just well you’re just doing whatever you do and you just need time to pass by every single month you pay it off and then you wait for the next month you spend some more you pay that off so that’s kind of you know passive and it takes really long time because one year
Of history takes one year’s time you want something active that you can do today that will make your credit score go higher so here’s the active stuff you need to get more credit cards the reason you need to get more is to expand your total credit limit if you just have a few you’re not gonna have that high total credit limit so you need to get a bunch of other ones
From other banks because if you get it from the same bank they tend to limit the total credit limit they extend you so whatever you spend per month whatever you’re comfortable spending let’s say 500 1000 2000 right if you divide that by your total credit limit of across all your cards the bigger the total credit limit you have then the less your current spending
For every single month is going to affect your real credit score if i say get more credit cards you might go overboard and just go all let me just apply to ten cards all at once you shouldn’t do that because you’re gonna have a hard inquiry for every single credit card and so if you have too many it’s gonna reduce your current credit score so you want to stay about
I’d say to three per year you know just kind of continually apply for two or three a year that’s a good pace and you know just don’t do it all at once so that it’ll impact your credit score a lot the heart in currys of course they stay on your credit score for 24 months now you also gotta watch out for chase special rule where if you have five or more new credit
Cards they’re not going to give you another one so if you go over that then make sure you don’t go apply for a chaise one and if you do apply for it make sure it’s under so that you would have a higher chance of getting the chase credit card that you’re after other active things you can do is actually getting more types of loans this is pretty crazy because it’s
Getting a new loan is a big deal getting a mortgage is a big deal you’re you don’t always can just you know randomly just get one it takes a lot of planning a lot of big decisions here getting a car loan yes it helps if it’s on time and stuff but i personally don’t recommend car loans because you have to pay interest into it so i don’t have one and it’s best that
You avoid it if you can student loans if you if it’s up to date yes it’s gonna help you personal loans they are really really high interest but it will help if it’s current and you’re paying it off the last one is the credit builder loans if you have a really low credit score then it would help you a lot but if you have about a 700 it’s probably gonna only help
You marginally but it will help i made a whole video just on credit builder loans i’ll leave a link to that video over here if you’re interested in pursuing that avenue if you have a credit score of above 700 you can still achieve the 700 even if you’re carrying balances if you have some balance in there then yes you can still have that it’s it may be surprising
Or not but if you pay it off okay it’s kind of the same thing as getting more credit limit so if you have the money to pay off your balances whatever you all your credit cards just just pop it in there pay it all off you’ll see your credit score increase just from doing that back to the point of more credit cards you want to accumulate more of them and sometimes
On this channel you would hear me canceling credit cards mainly i do that because i can because i have a high credit score of 830 plus and if i cancel one i don’t really care if i’m losing a little bit limit or not but the main reason for that is i can cancel it so that i can leave that slot open for another credit card of the same type so if i cancel it two three
Years later i’ll have the ability to get that card again mainly for the bone so canceling for me is viable only because i have a high credit score if you try still trying to get a higher credit score it’s probably better just to just keep those credit cards last thing is to keep all those cards active if you have 510 cards right you might have only like five of
Them that you keep in your wallet all the time that you keep active and then you might have a whole bunch of them in your drawer or something that you don’t really use well you can boost your credit score by keeping them active because it helps to have your cards active on your credit report well keeping more than ten cards active might be kind of tedious if you
Have more than ten cards that’s a lot to juggle around and try to spend something on that card every single month well that will be the topic of my next video where i’m gonna show you an easy way to keep all your cards active i have to actually have like 20-some cards and i keep all of them active every month i hope this helps don’t forget to give me a like on this
Video comment down below let me know if it helps you or not and don’t forget to subscribe over here thanks for watching
Transcribed from video
How to Increase Credit Score from 700 | BeatTheBush By BeatTheBush
