7 ways to improve your credit score

Make it easier to qualify for loans, credit card rewards and lower interest rates.

1. Know what matters

The leading credit score provider, FICO, makes its calculations based on these factors

35%

Payment

history

30%

Amount of available credit used

15%

Length of history

10%

Types of

 credit

10%

New

credit

Did you know?

Credit scores range from

300

to

850

with an average of

711

300

850

711

2. Pay on time

Always pay at least the minimum due.

Missed or late payments can

increase interest rates

hurt your credit score

add fees

Quick tip

Automatic payments or reminders can help ensure you pay on time.

3. Maintain old accounts

You’ll have a longer history and more available credit, both of which can help your score.

You can keep old cards active by using them for recurring purchases or subscriptions and setting up automatic payments.

4. Keep balances low

Know your credit limit (it’s on your statement) and don’t let the amount you owe exceed 30% of it. Having more available credit can boost your score.

Credit limit

Available credit

Amount you owe

30%

Quick tip

Pay as much as you can—and at least the minimum—every month to increase your available credit.

5. Aim for a mix of credit

Having different types of loans, rather than just multiple credit cards, can help your score.

6. Be strategic about new credit

Consider these pros and cons:

Your available credit will increase

The average age of your accounts will decrease

Applying for too many cards in a short time worries creditors

Quick tip

Avoid applying for new accounts for six months before seeking a major loan.

7. Check your credit report

Make sure there are no inaccuracies in your credit report. Correcting them might raise your score.

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