These 5 Credit Tips Can Boost Your Score super quickly! Becoming an authorized user, not cancelling your card too quickly, and more! Enjoy :)

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The Credit Tips:
1. Authorized User Hack
If you can become an Authorized User on someone else's credit account, you essentially can piggyback on the length of their credit history. And as a reminder, length of credit history accounts for 15% of your total credit score.

For this to work, you need a family member or someone you trust very much with a long-standing credit history and an account in good standing, your parents or your relatives are good places to start. Now good standing means that they have not missed any payments and that they keep their utilization low - I'll actually have more on utilization in the next tip, so we'll talk about that soon.

2. Keep credit utilization under 30%
Keep your credit utilization LOW, under 30%. In fact, the sweet spot is between 5-10%.

For those of you that don't know what credit utilization is, it's essentially HOW much of your TOTAL available credit are you using, represented as a percentage. It also represents 30% of your total credit score, so keeping the credit bureaus happy when it comes to amounts owed aka credit utilization is going to be important.

3. Don't Close Any Accounts (if they aren't costing you!)
Your credit score is calculated by the AVERAGE AGE of your credit history. That means if you have a card thats been open for 1 year, and another card thats been open for 5 years - well your average age of credit is 3 years (one plus five divided by two).

But lets say you close that card thats been open for 5 years, well you just dropped your average age down from 3 to 1. Don't close them if you can afford not to.

4. Make More On Time Payments
This is a no-brainer, but you can increase the amount of your on time payments by making small charges on other cards you may have!

2 Cards = 24 Opportunities
3 Cards = 36 Opportunities

5. Open another card if you can handle it!
The reason why you want to open another card if you can handle it is that you can actually boost your score in some cases by opening a new credit card because by adding a new credit card, you're adding a new credit line - which will actually LOWER your credit utilization ratio - let me give you an example.

I'm not saying "HEY EVERYONE SHOULD OPEN A NEW CARD", but if it's something that you deem is reasonable and that you can handle it, it could potentially help.

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😺 WHO AM I: I am not a cat. My name is Humphrey Yang, I've built multiple businesses and am passionate about Personal Finance, Investing, among other things! If you're trying to build a solid foundation of financial literacy, learn to invest, or become financially free - then I'm here for you!

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