Raising your credit score will help you in the long run. Currently, many people are struggling to improve their credit rating.
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Visa credit cards are laid out on a desk February 25, 2008 in San Francisco, California. Visa Inc. hopes its initial public offering could raise up to $19 billion and become the biggest IPO in US history.
One of the advantages you can take advantage of is the credit card. If your credit score is good, it will be easy for you to apply for a credit card.
However, some people are still rejected by many issuers because their credit ratings are not good enough. If you’re one of them, here are some tech tips you can rely on.
How to increase credit score
According to PopSci, there are several ways to improve your credit score. And, some of them are not so difficult to understand, like the following:
(Photo: Photo by Justin Sullivan/Getty Images)
A sign showing the American Express logo is seen outside a bank November 11, 2008 in Des Plaines, Illinois. American Express has won federal approval to become a bank holding company that could lower its borrowing costs and provide access to government money.
Also Read: Best Credit Card Rewards Tracking Apps in 2022
One of the most effective ways you can try is Upstart. This personal lender was started to help people with low credit scores (around 300 points). It lets you connect with smaller banks that will easily approve your loan applications. Once your loans are approved, they will increase your current credit score.
Alternative financial data
In addition to using Upstart, you can also allow your banks to consider different types of financial behavior data. This technique is called alternative financial data. The financial behavior you can include is phone, utilities, and other types of bill payments. They are quite efficient since there is no method to measure their values.
Using the Chime
Chime, a financial technology platform, allows you to have a Visa credit card without requiring a credit check. On the other hand, his credit card also has no maintenance fees. Once the fintech company collects your credit card usage data, they will send your details to the major credit reporting agencies, which will allow you to increase your own credit score.
Other simpler methods
nerd wallet also provided some simple tips that anyone can use to improve their credit scores. Here are the following items:
- Always pay your bills on time. When you have no outstanding balance, your credit score will increase.
- Use your credit card regularly. But make sure you can pay it on time.
- Don’t close your credit card accounts. Wait until you have reached more than 760 credit scores.
In 2015, lending startups considered looking into using smartphones as a credit score checker.
Last year, Kikoff announced a credit score assistance effort, raising about $30 million to help many consumers.
For more tips on how you can improve your credit score and other related fintech guides, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
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