Hack 15/3 Can Boost Your Credit Score
If you’re looking for an easy way to potentially boost your credit score , you might want to try the 15/3 credit card payment option. This popular strategy involves making two payments on your credit card bill each month instead of one lump sum payment.
How does credit card hacking work 15/3
You know that you need to pay your credit card bill on time and that you should always pay enough to avoid carrying a balance. Rule 15/3 recommends making your initial credit card payment approximately 15 days before your statement due date. You then make a second payment approximately three days before the due date to pay off the remaining balance.
For example, if your statement closing date is the 1st of the month and a payment is due on the 25th, you would make one payment around the 10th and the final payment around the 22nd.
The logic behind the 15/3 hack is that it can help minimize your credit utilization ratio, which is the percentage of your total credit limit being used. Credit utilization accounts for 30% of your FICO credit score calculation.
Why the 15/3 Hack Can Improve Your Credit Score
When your statement balance is reported to the credit bureaus, the lower balance (due to making that payment about 15 days early) means your utilization will be lower for that on-time snapshot. Since utilization has a significant impact on your score, the 15/3 strategy can help lower your credit utilization ratio and improve your credit score.
However, the impact may vary depending on the credit scoring model used and your overall credit profile. Those with higher credit limits may see smaller increases compared to those with lower limits, where changes in usage matter more.
While results are not guaranteed, the 15/3 hack is definitely worth a try if you’re looking for ways to optimize your credit score. This is a simple adjustment to the way you make payments at no cost to you. Just be sure to make at least the minimum payment each month and automate payments if you think you might forget. Consistent and on-time payments ultimately matter most to your credit score.