A couple sits together while checking their credit scores

Boosting Your Credit Score for the New Year

Milad Hassibi December 24, 2018


With a new year comes new goals, there is no better time to start building good credit. Make your new year’s resolution to better your credit.

Your credit will affect your ability to qualify for a loan, get a good rate on car insurance, rent an apartment, and much more. Having good credit can positively impact your everyday life, so make it your new goal this year to better your credit.

Tips on improving your credit rating

Credit repairs can take a lot of time, so no better time than to start now. Here are some tips and tricks to help improve your credit rating for the new year

Catch up on any late payments

Any late payments can really damage your credit score. If you keep falling behind, it will be harder to catch up on bills, as more interest gets added with each payment period. Try to start the new year by paying off any late or past-due debts to get current with all your bills.

A credit score stands next to a Champagne glass for new years

Once you have done this, create a payment plan or schedule to keep up with your payments. Late payments can hurt your credit significantly, so creating a schedule to stay on top of payments will help boost your Payment History catagory, which will lead to a higher credit score.

Pay off any high credit card balances

Credit Utilization is a large portion of your credit score that many are unaware of. Your credit utilization ratio accounts for 30% of your overall credit score.

The sooner you pay off your high-interest credit card balances the sooner your credit utilization ratio will decrease, leaving you with an overall better credit score. So, begin the new year by paying off your credit card balances to see an increase in your overall rating.

Apply for a bad credit auto loan

If you are in the market for purchasing a car, consider applying for a bad credit auto loan. Paying off this loan can be a great way to rebuild your credit. There are auto lenders that are willing to approve consumers with bad credit by looking at other factors such as your income.

Getting an auto loan gives you the opportunity to build your credit by making these monthly payments. As long as you ensure making these payments on time, an auto loan is a great option to help rebuild credit.

Apply for a secured credit card

Credit card use is an influential factor for your credit score. Effective and responsible use of a credit card can help build your score, so applying for a credit card can be a great way to build credit.

If you cannot get approved for a conventional credit card because of poor credit, consider applying for a secured credit card. A secured credit card is easier to get approved for as it requires a cash deposit upfront. 

The amount of the deposit put down will be your monthly spending limit. You can use this card to make any purchases as you would with a regular credit card. After making a series of payments on time, you should see an improvement in your credit.

Final Note

Ring in the new year with new credit. If you have less than perfect credit and don’t know where to go, CrediReady can help. Our trusted network of credit repair experts can boost your score and help you qualify for the credit you need. Take a moment to fill out our free no-obligation credit repair inquiry form and start fixing your credit today!



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