Let’s face it…some of us have addictions, and one that doesn’t get talked about much is computer gaming. The thing is, gaming computers and systems can be quite pricey. How do you afford to pay for that new computer? Buying it cash is one way, but if you need to pay it off over time, you might want to improve your credit score first. Let’s take a look at a few ways to boost that creditworthiness.
Consolidate High-Interest Credit Card Debt
Many of us might have quite a bit of credit card debt, the worst though is the high interest rates. If you want to pay that debt down quickly, one way to do it is with a consolidation loan from Braidwood Capital. With a loan of this nature, the interest rates tend to be lower. You can use the funds to pay off those high-interest cards and then have the added bonus of making one single payment each month (at better rates) as opposed to multiple payments.
Paying Down Balances
When your goal is a new Core i9 super laptop, one way to improve your credit rating is to pay down your existing balances. One of the most critical components of your credit score is the amount of debt you happen to have compared to your credit limit. This is called the credit utilization ratio. Make one of your priorities to reduce the balances on your credit cards. This shows your creditors that you can be responsible when it comes to your limits. Your credit balances should always be below 30% of what your limits are for a positive reflection.
Automatic Bill Payments
The absolute most critical factor when it comes to credit scores is your payment history. You can assist in protecting your score from the ill effects of missed payments by setting up automatic bill payments. You’ll need to ensure that you have enough money in the checking account every month to cover all of the bills set up on autopay. This way, you avoid overdraft fees. If you know that you won’t be missing bill payments, you’ll be able to focus on other ways to raise your credit score.
Credit Report Errors
Each year, you can get a free copy of your credit report from each of the three credit bureaus. Take advantage of this and look them over very carefully for any sort of mistakes. If you do happen to find any errors, file a dispute with the bureau you found the mistake with. Correcting these can actually be quite beneficial to your credit score.
Secured Credit Cards
If your score falls into the poor category, this might be a way to get started on the right path. A secured credit card requires a cash deposit – typically this can be as little as $200 or as much as a few thousand. The amount you deposit will then be used as your credit limit. Once you’ve gotten your card, it can be used just like any other credit card. You still have to make the monthly payments, just as you would with an unsecured card, and these payments are reflected on your credit report. The deposit you made is a sort of insurance for the card issuer in the event you don’t make your payments.
Finally, have a little bit of patience. Making improvements to your credit score is a lengthy process, but one that’s well worth the effort. Having a credit score that’s excellent is typically the overall result of many years of conscientious financial behavior. Yes, there are a few strategies that’ll allow you to get results such as small score improvements quicker than others. However, when all is said and done, joining the ranks with other people who happen to have high credit scores will take more than a bit of time and effort on your part. Keep at it though, and your credit will be good enough to charge that new gaming computer.