A better credit score can expand your access to credit and make borrowing more affordable. So what can you do to get your score in shape? Here are a few ways experts suggest boosting credit in the new year.
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.
If missed payments or large balances carry over into the new year, your credit score could suffer. Payment history and credit utilization are the two biggest factors that affect your credit score.So make a plan to pay down your holiday debt.
One strategy to consider is paying above the minimums on your most recently opened accounts first, said Todd Christensen, education manager at Money Fit, a nonprofit debt relief service based in Boise, Idaho. Christensen said 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.
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