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Hack your credit score: A simple method for huge boost

Here I will talk about some easy steps you can take to push your credit score past the 800 mark.

I made a post before on how to fix bad credit but what do you do when you have good credit? What if you're sitting at 730 - 740 and you want to break into the 800s?

Here are a couple of tips to do just that:

A mix of healthy credit

It is important to show the credit bureaus that you utilize credit, and you have a plan. A healthy mix of cards is the best way to do that. If you just have a bunch of credit cards, that doesn't say much. You want to have different forms of credit lines. Your credit should tell a story.

Below I listed what a healthy use of credit consist of:

Anywhere between 4-6 credit cards
At least one charge card
A gas card
One department store card. It can be something like a Macy's card, but I like Lowes or Home Depot because they offer insane starting credit lines, 15-20k+
1-2 secured loans like a car loan or a home loan

What's important is that you have a reason for your credit and it all stays current.

http://i.imgur.com/9xBjnPOm.png

source

A high credit line

You want to have a high credit line, this does two things:

It keeps your utilization low. If you owe 2.5k, and your total credit line on two cards is 5k, then you are at a 50% utilization but by having 10k between those two cards you only have a 25% utilization.
It shows that you have available funds and you don't need to use it. Someone will feel better lending you a lot of money if you have a credit line of 200k and only 20k in debt.

Always request for credit increases even if you don't need it or use it. A hack I use is leveraging my cards against each other. Right now my Capital One card has a credit line of 45k and I called Chase and let them know I would prefer to use their card but the credit line is too low, and I would need them to at least match or exceed my Capital One card. They checked my Capital One card and matched it bringing it up another 20k.

http://i.imgur.com/zdYIFNa.gif

source

By following these simple steps, you will see an increase in your credit. Next week I'll cover a hack that makes a huge impact on your score.

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http://i.imgsafe.org/602355ec0b.gif

A mix of healthy credit

**A high credit line**

A high credit line