Five Quick Ways to Improve Your Credit Score
A low credit score can negatively affect many aspects of your life. It can cost tens of thousands of dollars in interest on a loan or even prevent you from qualifying for one. It may keep you from getting an apartment and even a potential job.
Luckily, it doesn't always take years to rebuild your credit. There are simple ways to improve your score instantly so you can qualify for a loan and lower your interest rate.
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1) Pay your bills on time
Payment history makes up 35% of your credit score – the single biggest factor in your score. While you cannot remove past late payments, you can start paying your bills on time today and see an increase in your score. If you have trouble being prompt, arrange to pay all possible bills by automatic withdrawal from your bank account.
2) Lower balances on credit cards
Amounts owed makes up 30% of your credit score. This is called balance to credit limit ratio, or the amount you owe compared to the amount of credit available on credit cards. Lenders don't like to see maxed out credit cards. Pay down your credit cards until your usage is less than 30% of the available credit, and your score will improve immediately.
3) Fix mistakes on your report
You can get a free credit report every 12 months from each of the three credit reporting agencies, TransUnion, Equifax, and Experian. Correct any mistakes that you see on your report immediately. Common mistakes on reports include: accounts that do not belong to you, incorrect late payments, debts that have been paid off but still show outstanding, and debts that are too old to report.
4) Don't close old accounts
The length of your credit history helps boost your score. Even if you have paid off an old department store credit card, keep it open. Closing old accounts does not improve your score, and it can often hurt it. The available credit on these accounts can also help your balance to credit limit ratio.
5) Don't open new accounts
Opening new credit cards can negatively affect your credit score. Only open lines of credit that you absolutely need, and avoid it altogether in the months before you apply for a loan.