Boosting your credit score will help you in the long run. Right now, many individuals find improving their credit scores quite difficult.
Visa credit cards are arranged on a desk February 25, 2008 in San Francisco, California. Visa Inc. is hoping that its initial public offering could raise up to $19 billion and becoming the largest IPO in U.S. history.
One of the benefits 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 being rejected by many issuers because their credit scores are not enough. If you are one of them, here are some tech-savvy tips you can rely on.
How To Boost Credit Score
According to PopSci's latest report, there are various ways how you can enhance your credit score. And, some of them are not that hard to understand, such as the following:
A sign showing the American Express logo is seen outside of a bank November 11, 2008 in Des Plaines, Illinois. American Express won federal approval to become a bank holding company which could cut its borrowing costs and allow access to government money.
Also Read: Best Credit Card Reward Tracking Apps in 2022
Using Upstart
One of the most efficient ways you can try is Upstart. This personal load lender was launched to help people with low credit scores (around 300 points). It allows you to connect with smaller banks that will easily approve your loan applications. Once your loans are accepted, they will boost your current credit score.
Alternative Financial Data
Aside from using Upstart, you can also allow your banks to consider different financial behavior data types. This technique is called alternative financial data. The financial behavior you can include is the phone, utility, and other types of bill payments. They are quite effective since there's no method to measure their values.
Using Chime
Chime, a financial tech platform, allows you to have a Visa credit card without requiring a credit check. On the other hand, its credit card also has no maintenance fees. Once the fintech firm gathers your credit card use data, it will send your details to the main credit report agencies, allowing you to boost 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:
- 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 that you can pay it on time.
- Don't close your credit card accounts. Wait until you reach more than 760 credit scores.
Back in 2015, lending startups considered looking into smartphone usage as a credit score checker.
Last year, Kikoff announced a credit score assistance effort, raising around $30 million to help many consumers.
For more tips on how you can enhance your credit score and other related fintech guides, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
