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Simple ways to improve your credit score

by , 24 October 2014

Many people are embarrassed to admit their credit card scores. Unfortunately, you can't improve your credit score overnight; it takes a few months to see actual results.

One of the basic rules for improving your credit score is keeping the debt-to-credit ratio below 30 percent.

Here are a few other strategies you can use to improve your credit score.
 
Check your credit report – this is the first thing you should do to assess your situation. You can obtain a free report once a year, so be sure to ask for a copy from your credit reporting bureau.
 
Don’t open new lines of credit
 
Aim to only have a limited number of credit cards. Don’t apply for new credit cards without a very good reason.
 
Don’t close unused credit cards
 
This may seem like a good idea, but it won’t benefit your credit score.
 
Pay your bills on time
 
If you want to want to see even slight improvements in your credit score, then make sure you pay all your bills on time. Delayed and missed payments can affect your credit score.
 
Never max out your cards
 
It’s obvious, but still many people make this mistake without thinking how it will affect their overall credit score. Your credit utilization ratio should be below 30%.
 
Pay down cards that are closest to their limit
 
If you have credit cards that are close to being maxed out, focus on paying them off first. You risk higher interest rates and credit problems if you don’t take care of maxed out credit cards.

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Simple ways to improve your credit score
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