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Boost Your Credit Score

Author: Thomas Pray

Boost your credit score

Your credit score says a lot about you. As a measure of your financial history, it can affect whether you can buy a home, how much you pay for a car or even whether you get a job. There are some simple steps you can take to safegaurd your credit score.

Know what your credit report says
Request a free copy of your credit report and check it for errors. Correcting any mistakes can raise your score immediately. In particular, pay attention to late payments and open accounts that should be closed as these may be easy mistakes to correct.

If you have trouble remembering to pay your bills on time, try setting up automatic payments. Late payments can be the single biggest factor affecting your credit score. If you do set up automatic payments, consider making periodic payments each month. Making a payment to a credit card each week or each pay period will help keep the balance low and build a solid score.

Avoid doing too much too soon
Avoid opening too many accounts within a short period of time. It is important to have a good mix of credit types, but opening too many at once is a sign of risk to banks and could reduce your credit score, particularly for younger people. Don't open additional credit cards to simply increase your available credit. Most of the time your current company is willing to extend more credit if you simply ask. 

Maintaining your credit is about patience and practice. Stay on top of your credit scores, correct any mistakes you find and be consistent with your payment history.

In Brief

  • Your credit score says a lot about you. There are some simple steps you can take to safegaurd your credit score.
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