Quick Ways to Improve Your Score

The higher your credit score, the better your financial life will be.

You know that, we all know that. But what do you do if your score isn’t quite where you want it to be? Well, there are some ways to raise your credit score fairly quickly.

Here are some strategies to try.

Pay Often

Your credit utilization ratio — the percentage of credit you’re using — is a big part of your credit score. While you should always keep it below 30 percent, ideally you want it even lower than that, like 10%. The lower your ratio, the higher your score will go.

• How? One of the easiest ways to lower your ratio and boost your score is to make payments on your cards throughout the month, not just at the due date. That’s because lenders report balances at the end of a billing cycle, which is typically 30 days. So if you can knock your balance down to zero by making small, steady payments, at the end of that 30 days you’ll help your credit score.

Ask for More

Speaking of credit utilization, another way to lower it — and help your score — is to ask for a credit limit increase.

• How? Simply call your card servicer and ask for an increase. If you’ve been a loyal customer, they’re more likely to work with you. When you have a higher limit and your balance stays low, your utilization will automatically go up.
• Note: Just remember that if you increase your credit limit and then spend to that limit, you’re missing the benefit entirely. 

Pay Bills On Time

Perhaps the easiest way to increase your credit score is to pay your bills on time, every time. If you happen to miss a payment by more than 30 days, it can really hurt your credit score. So if you’re late, pay what you can as soon as you can. The more timely you are with paying bills, the better your credit score will be.

Do One Thing: Set reminders to pay your credit cards and other bills. A zero balance on your cards and timely payments are two easy ways to help your credit score.