Life will be easier when you have a good credit score, You don’t have any problem when getting a credit card, home, loan, or better insurance rate. If your credit score is below 580 which means a Poor or Bad credit score, there are ways to increase it — some provide quicker results than others. I'm William, an expert in personal finance who will share tips on how to quickly raise your credit score by the PINT method.
What is PINT Method?
We're going to discuss the PINT Method, which is basically:
- Payments History
- Increases
- Never Over Utilize
- Time.
Payment History
Let's start with the first one. Payment history is really important. Remember, it's 30-35% of your FICO score, So you have to make sure that you always make early payments or on-time payments. And to do that, it's really simple.
They have an application called Mint. If you have Apple or Android, you could use it. Mint is basically a third-party app that integrates all of your credit cards and makes automated payments. It just makes it easier because the interface, you can put all of your credit cards there and manage, there's no excuse to get late payments.
If you have late payments, some credit repair companies can remove them, most likely not with goodwill letters. They have other better ways to do that. So make sure that your payment history is early or on time.
Increases
That means increasing your limits by opening up new credit accounts or increasing your limits with new credit accounts. Usually every 6 months you want to apply for new credit accounts, maybe 2 or 5, depending upon your credit situation for new credit cards. That's going to help build your credit as creditors see you as being approved for new credit accounts and getting higher limits. That's good to offset your credit, the debt ratio and help you out a lot more.
Every 3-6 months, you should ask for a credit limit increase for each existing credit account that you have. In another article, I showed you guys how to do that with the risk assessment department, with the credit card companies. There's a number on the back of your card. You can call and be directed to that department to increase your credit limit and apply for new credit cards. And you can read on my Top 10 Best Credit Cards 2022 list to find out which credit card companies are offering the most benefits and reward promotions. Make sure you take advantage of that.
Never Over Utilize
Your credit card balances can never exceed 9%. At all times, if you are planning some purchases, if you don't already have a business credit card, I know that you have to use your personal credit cards most likely, the key is to not over-utilize above 9% utilization. If that's the case, make sure you have multiple credit cards you can transfer that balance to or you can borrow from that card, typically maybe 5-10 credit cards. Don't start really making crazy purchases, that will cause you to overutilize your credit accounts.
Because that's going to put you in a bad situation and then that might make you miss a payment. I'll have another article about how to use business credit, a piece of bonus information in this series, and how to apply for business credit. But a prerequisite for that is personal credit. Without personal credit, you won't have business credit.
Time
Time basically you have to do follow all steps I've mentioned above, throughout time. It's something that we cannot get around: Payments Over Time, Getting Credit Limits, Increases Over Time, and just Managing your overall credit throughout time. It just it's going to take a while. Some things can happen soon and immediately whereas others have to take a lot more time. So that is PINT Method.
Thank you for reading all the ways down here. If you really want to step up your game, check out the new eBook I wrote for you, Credit Repair 101. Simple instructions and illustrations will help you learn how to boost your Credit Score, and other amazing credit tips & tricks. Check out the samples on the product page. Good luck with your credit journey.
