Your credit score is very important. This is because it's the one that banks and credit card companies use to decide whether they will give you a loan. It's devastating to have a low credit score; however, there are some things that you can do to raise it.
Use the buddy system
This is a system where you ask your relative or friend to add you to his/her existing account. You should use this system if you don't have a card.
Although, this system plays a huge role in improving your credit score, you should be careful when choosing a buddy. To be on the safe side you should choose a buddy who you trust, is responsible and won't end up in huge debts.
To avoid future misunderstanding it's recommended that you put an agreement in writing stating the amount that you can spend and how you will share the bill with the cardholder.
Ensure that your credit utilization ratio is no more than 30%
Experts recommend that your credit utilization ratio should be less than 30%. This means that you should not buy everything using your credit card; you should use cash in most of your purchases.
When you make a lot of your purchases using your credit card, the credit card companies view you as a spendthrift and as a result avoid lending you money.
If you want to use your credit card a lot and you don't want to hurt your credit utilization rate you should make multiple account payments in each billing cycle. In addition to doing this you should ensure that you pay your debt as quickly as possible.
Strategically open accounts
To be on the safe side you should avoid applying for credit. This is because the more applications that you make the more points you lose which hurts your credit score.
Although, you should avoid opening accounts, you should consider opening a new credit card account if your credit limits are too low and you are not planning of reducing your spending.
Although, it's recommended that you open a new account in such a scenario, you should be cautious and ensure that you don't increase your spending beyond what you can afford.
Don't close any cards
When you close your credit card you hurt your credit score a lot which is usually very bad on your side. Instead of closing your card you should keep the card active and use it for recurring charges. For example, you can use the card in paying the utility bills.
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