- Option 1 – By paying down balances or the end of statement amount reported to the credit bureaus each month to reflect amounts of less than 20% of the limit, your utilization rate will be lower.
- Option 2 – Call each credit card provider, ask them to increase your credit limits, thereby lowering your utilization rate. The higher the limit, the lower utilization rate.
It will reflect as soon as your balance is reported to the credit bureaus. The credit bureaus give the best scoring on lower balances with high limits and using 3-4 revolving accounts. Also, do not close any accounts with good payment histories.
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