How To Quickly Boost Up Your Credit Score

September 24, 2018

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Your credit score is vitally important in today's world.  Not only does a higher credit score mean you get better chance of obtaining loan approvals but it may also affect your chances of landing that perfect job!  But you've done all you can to boost it by never being late on a payment, keeping your credit card balances less than 3% and not applying for credit left and right.  Yet your score doesn't seem to move much.  This can be very annoying, especially because you want to rent your own apartment or get a good rate on a mortgage somewhere in the near future. However there is a way to get a quick boost on your credit and that's getting added as an authorized user on a close friend or family member's account who has stellar credit. If your friend or family member lets you become an authorized user, you essentially inherit some of their credit. So, if they have good credit and pay the card off on time, some of that will rub off on your credit score. Many banks also offer the original cardholder a financial bonus when they add an authorized user. But that's a big favor to ask as the person who is making you an authorized user also assumes the risk if you fail to misuse their card. That's why it is highly recommended that if you are approached by a friend or family member to become an authorized user, you never actually ever give them the credit card.  But as rosy as it may sound keep in mind if the main account holder ever becomes late or goes over their credit limit, the same negative consequences that affect their credit will also affect yours.  But if your husband of wife has weaker credit than yours, it may be a way to boost the other as you prepare to seek out a loan for a car or house.   Always consult with a financial advisor to discuss this option or others that may be a better fit.

SOURCE: Apartment Therapy

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