A credit card is issued by a bank or financial service company, that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.

A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors. Losing points from your credit score and getting them back is very difficult. But if you know how credit scoring works, you can increase the score of your credit card. 

Here are some hacks to increase your credit card score.

#1 Pay Your Credit Cards Bills On Time & Twice Each Month 

The credit score is based on how you pay the bills. Paying your monthly credit card or loan payments late even a few times can decrease valuable points off your score. So, be alert, align your payment dates. Even if you pay your balances in full every month, using up too much of your available credit at any given time can hurt your scores. You can lessen the damage by making two payments each month: one just before the card’s statement closing date and another just before the due date. The first payment typically reduces the balance that’s reported to the credit bureaus, while the second assures that you don’t wind up paying interest or incurring a late fee on any remaining charges.

#2 Block Any Unused Credit Cards

Close that card which you do not use. An open credit card that is not used may wreck your credit score in the long run. As more the number of cards, the more statements you will get, leading to confusion and implied mismanagement. 

#3 Boost Up Your Credit Card Limit

Request boost your credit limits. If your credit card company wishes to increase your credit limit, embrace it joyfully as a higher credit limit reduces your credit utilization without any effort on your part. Your credit utilization ratio is the portion of your credit that you’re using. But you can also lower your ratio by increasing your credit limits. Also, a higher credit limit is handy for emergencies unless you cannot control your urge to splurge, in which case a lower credit limit may be better for you.

#4 Decrease Your Debt-to-Income Ratio

The debt-to-income ratio is important to get your credit score on record debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. Thus, a higher debt-to-income ratio indicates a higher level of debt, which also means a lower credit score. 

You can calculate your debt-to-income ratio by dividing your monthly debt repayments by your gross monthly income. For a good credit score, it is vital to keep this ratio below 40, according to most of the financial experts. 

#5 Get Added As An Authorised User On Someone Else’s Account

The primary cardholder has to add you as an authorized user. Another person’s good history with their credit card could be imported into your credit files and help to shine your scores. Plus, the other person doesn’t have to give you access to the account you can be an authorized user in name only. Some card companies will allow this importing only if you’re a relative, so check in advance. You can either do it online, via your bank’s mobile app or over the phone. The process can be completed within a few minutes, and your card will likely be mailed to the primary cardholder’s address.