How to Increase Your Credit Score in 2023 (Beginners guide to building your credit score)

How to Build Your Credit Score in 2023

In today’s day and age, you gotta have good credit to move up in life.

Hi, I’m Chris Winter and in this video, I’ll be teaching you how to increase your credit score in 2023!

If you have credit, like having a credit card, you feel like you have an endless supply of money.

But if you don’t use it correctly and wind up with a bad credit score, you’re doing a disservice to yourself, because you might not qualify for those big purchases.

These can include buying a home, buying a car, or qualifying for significant savings on interest rates.

So it’s crucial to have a good credit score

Time to put on your adulting pants because I’ll be teaching you how to build a strong credit score in 2023!

How Do You Define “Good Credit Score”?

But first, what is “credit score” anyway?

Simply put, your credit score is your bank’s rating of your spending habits and if you’re reliable you are on paying back the debt you owe.

Most banks have a rating scale from 300 to 850, with 300 being the lowest, AKA the score you DON’T want to get, and 850 being the highest, AKA the score you DO want to get.

You don’t magically start with a credit score of 850, you’ll have to work your way to the top, and that’s what we’re going over right now.

Why Does Good Credit Score Matter Anyway?

What’s so special about a good credit score anyway?

Well for one, you get to keep using your credit card.

People with bad credit scores have their cards declined from stores that have a credit score lower limit, so you’ll always want to be on the good or higher side of credit scores.

Two, you can ask your bank to increase your credit limits if you have a good track record with your credit card usage.

Three, and personally my favorite, you’ll have access to tons of features that your credit card gives only to those with good credit scores like reward points, frequent-flier miles, and even insurance!

Before we continue, do you know your credit score and what are you currently doing to build up a good credit score?

Let me know in the comments below and I’ll make sure to read them!

But enough of that for now, let’s dive in on how you can increase your credit score!

Do remember that I am not a financial expert so take this with a grain of salt and please do your own research. Now let’s begin.

Settle All Balances on Time!

My first tip for you is to pay off your credit balance all the time.

35% of your credit score is based on your payment history.

That’s huge!

If you miss out on paying payments and bills on time, this will negatively affect your credit score.

Always stay on top of your bills and payments by marking your calendars or go for automated bill payments to make sure you have a clean record on paying with zero balances.

My personal favorite method is, login to your credit card account every 3 days.

If you see any sort of balance, pay it off in full every time!

There’s no reason to continue carrying a balance on your credit card and paying it off sooner than later will ensure you won’t have any late payments.

This method is like treating it as a debit card, but you’re just waiting a few days to fully pay it off.

Remember, a credit card doesn’t mean free money.

Sooner or later you’ll have to pay it off, so do it sooner rather than later!

My second tip is to spot errors on your credit report.

As tedious as it is to go over your credit report, you’ll thank me once you find an error that’s not supposed to be there.

You should check credit report at least once a year from each of the three major credit bureaus.

They are Experian, Equifax, and TransUnion.



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I’m Chris Winter and on this channel I make finance videos on:
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