There are plenty of things that can help you improve your credit score. Some of these include paying your minimum credit card payments on time, reducing your credit authorization rate and decreasing your overall balance. Along with improving your score, there are a few things that will bring your score down a few points. Such negative marks can be missing payments or opening up additional lines of credit and sending your utilization rate through the roof. As an experienced credit card user, it is important for you to know what will and won't fix credit. A credit card holder such as yourself may be surprised to learn these things will not hurt your score:
If you have had a credit card for a while, chances are you also have a debit card. Debit has some of the same amenities as a credit card such as online payments, fraud protection and other credit repair services. You may use your debit card to make small purchases, but this will have no affect on your credit score. Your funds will be taken out immediately with a debit card.
Getting denied for a new line of credit
When applying for a new line of credit or loan you will either get a thumbs up or thumbs down depending on the state of your credit. During this process, a lender will request to look at your credit report. This is called a hard inquiry, which can actually knock your score down a few points. It is a very common thing to happen, so there is no need to panic. What you may not know, however, is that if your request is denied by a provider, your credit score will not be affected. If you are denied during this process, it helps to ask the lender why. Commonly this can be for a less-than-desirable credit score. This can be a blessing in disguise as it can alert you to ways of how to repair credit.
Taking a quick hiatus from credit
Chances are you did some heavy holiday shopping over the last few months. After all the festivities, you may have decided to take a hiatus from using your credit. Holding off on using your credit for a bit can help you get your balance down and improve upon your debt-to-credit ratio. But you do not want this quick departure to turn into a full fledged vacation because long periods of inactivity can hurt your credit score. It is fine to take a break from using your card, but make sure you are paying off your balance regularly during this time.