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Five ways to improve your credit score

by , 10 September 2014

Are you too embarrassed to admit your credit score? There are certain ways to improve your credit score in time, as long as you are determined to change your spending habits.

Your credit score indicates your level of trustworthiness to potential lenders, banks, employers, landlords, or insurance companies. You should aim to have a higher credit score.

The first thing you can do is check your credit score. You are entitled to a free report once a year, but you can obtain additional reports for a fee. It’s important to know your credit score and the information that credit bureaus have on you.
 
Here are five ways to improve your credit score.
 
1. Pay all your bills on time
 
One way to ensure your credit score improves is by paying all your bills on time. Your payment history plays a big role in determining your credit score. To be make sure all your bills are paid in due time, set up automatic transfers.
 
2. Don’t close your unused credit cards
 
Canceling your credit cards is actually a wrong move if you want to improve your credit score. This doesn’t do your credit rating any good. At the same time, don’t open any new credit cards just to improve your credit rating, as this strategy could backfire.
 
3.  Pay more than the monthly minimum
 
Always pay more than the minimum amount indicated on the credit card statement. Sticking to the minimum amount will not look good to potential lenders.
 
4. Use your credit cards
 
If you have several credit card accounts, it’s better to use them sparingly than to not use them at all.
 
5. Pay off debt
 
One of the best ways to improve your credit score is to pay off existing debt as quickly as possible.

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Five ways to improve your credit score
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