Improve Your Credit Score With These 3 Easy Tips — How I’m Helping My Friend Earn LOTS of Miles & Points!

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Improve Your Credit Score With These 3 Easy Tips — How I’m Helping My Friend Earn LOTS of Miles & Points!

EmilyImprove Your Credit Score With These 3 Easy Tips — How I’m Helping My Friend Earn LOTS of Miles & Points!Million Mile Secrets Team

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A friend of mine has been focusing on improving his credit score and asked for help because his credit score is ~630 points.  This means that he most likely will be declined for some of the best travel credit cards we recommend.  The good news is that it can take months, or even just a couple short years to boost your credit score more than you might think is possible!

Having the right travel credit cards have saved me thousands of dollars over the years.  I literally haven’t paid full price for a flight in years.  Most of the time I just pay ~$11 per round-trip flight in taxes and fees!  I want to help my friends do the same.

Is It Time for a Credit Card Makeover for You or Someone You Know for an Improved Credit Score?

Here’s How I’m Advising My Friend on Improving His Credit Score

Apply for a Secured Credit Card

Having a secured credit card like the Capital One® Secured Mastercard® will help build a positive credit history.  It’s OK if you’ve made credit card mistakes in the past.  Use it as an opportunity to learn and improve, rather than shaming yourself for mistakes.  My friend recently got approved for a Capital One secured credit card, so he put a recurring ~$13 Netflix charge on it, set up autopay, and stashed the credit card away for ~6 months.  This will help show to the credit rating agencies that he is being more responsible with credit cards and in turn, improve his credit score!

Pay Bills Each Month

Paying your credit card bills regularly when they are due is one of the most important things you can do to build up your credit.  It’s easy to put a small recurring charge (for example, Netflix) and set up your credit card to autopay.

Don’t Forget to Set Up Autopay to Avoid Late Fees & Interest That Will Hurt Your Credit Score!

Wait

Old debts roll off your credit score after 7 years.  If you can pay the credit card debt, great!  But if you have a lot of debt that you can’t afford, then treat it as a lesson learned and let it roll off your credit.

With these 3 steps, applying for a secured credit card, paying bills each month, and waiting for old credit to drop off, I’m hopeful that his score will increase at least ~50 points by the same time next year.  He can use free credit monitoring websites to check his score every month to see the impact.

And once his credit score is in the ~720 range, I’ll be suggesting he get our #1 travel credit card for folks new using miles instead of money for travel, the Chase Sapphire Preferred® Card.

Have you ever had a period of a lower credit score in your life?  How did you bounce back?

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@Author – (Last paragraph) “Have you ever had a period of a lower credit score if your life?” — Should be ‘in’ your life.

I have that happen with spell correction all the darn time. If only there was a psychic spell check App!

Author

This has been corrected. Thanks!

Great information☺️

Author

Thanks! Glad you enjoyed it!

Great tips. Patience is a big hurdle but it it’s worth it in the long run.

Author

Yes, it’s hard to be patient in the miles & points hobby! Sometimes the tortoise wins the race, though. 😉

If they are an absolute trusted friend the quickest way to help is to add them as an authorized user to your card. Preferably one that you had open a long time and has a decent limit. The credit boost is almost instant as it will help with their credit utilization (if they currently have a balance) and the average age of their credit history. WARNING….this can be dangerous as YOU are responsible for their debt/charges on your card!

Author

Yes! I agree. I’ve added friends and family recently to help them get approved for the best cards.

Remember, a “hard inquiry” can lower your credit score, so only apply for cards you can REALISTICALLY expect to qualify for, secured or unsecured. Secondly, run modest balances and make at least the minimum payment in a timely fashion. After about six months, request a credit limit increase if the company hasn’t already done that. Reducing ones debt-to-credit-limit percentage, no matter how it happens, is always good for the credit score!

Author

Yes, that is true! Sometimes it pays to start small, and that’s what I recommend newbies do. Thanks for sharing the rest of your tips!

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