19 Apr 2022

How Can I Raise My Credit Score by 200 Points?

Raise My Credit Score

Individuals who have credit scores of 500 can raise them to 700. Those with high credit scores can always improve them too. Then, it becomes important to maintain the score. They simply need to employ a few personal finance strategies. Mortgage House outlines five ways to help individuals raise their credit score by 200 points.

Review Your Credit Report. While it doesn’t happen often, individuals benefit from reviewing their credit reports regularly. If an error appears, they can have it fixed promptly. You want to avoid having to fix errors right before applying for a home loan.

Pay Bills On Time. The most important way to improve a credit score is to pay bills on time. This factor makes up 35% of a credit score. Thus, the credit reporting agencies and lenders put a lot of weight on it.

Pay Down Revolving Credit Balances. When you receive revolving credit accounts, avoid maxing them out. Pay down high balances and keep them below 50% to 75%.

Keep Accounts Open. Once you open credit accounts, keep them open. Creditors will close them if they remain idle too long. Sometimes they close them for misuse too.

Remain Patient. Raising credit scores takes time. You might spot a difference in six months. Then, maintain good personal finance habits. 

Raise My Credit Score Conclusion

It’s possible to raise my credit score by 200 points. Solid personal finance habits and time will do the trick. While you improve your credit score, you can apply for our Mortgage House bad credit home loan. The Australian housing market provides opportunities for most homebuyers. Our loan specialists have more information

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