Raise My Credit Score

Top to raise your credit score

Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific point in time. A picture does not change; however, when you take another one, you will probably look a little different. Similarly, when your credit report information changes, your score will also change to reflect the updated information.

There isn't a simple quick fix for improving your credit score, but there are many things that you can do to make small improvements. Having too much debt or too little debt on your credit report can lower your score. Adjusting your credit usage to between 10-50% of your available limits can help bring it up a bit.

There are more steps you can take to ensure that each time a new “credit picture” is taken, it shows your best side. By observing the following guidelines, you can influence your credit score for the better:

• Be punctual – Pay all your bills on time. Late payments, collections, and bankruptcies have the greatest negative effect on your credit score.

• Check your credit report regularly and take the necessary steps to remove inaccuracies that may be bringing your credit score down – Don’t let your credit health suffer due to inaccurate information. If you find an inaccuracy on your credit report contact the creditor associated with the account or the credit reporting agencies to correct it immediately.

• Watch your debt – Keep your account balances below 50% of your available credit. For instance, if you have a credit card with a $1,000 limit, you should try to keep the balance owed below $500.

• Give yourself time – Time is one of the most significant factors that can improve your credit score. Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit report open in order to lengthen your period of active credit use.

• Avoid excessive inquiries – A large number of inquiries occurred over a short period of time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay.

The best way for you to find out how to better your credit score is to check it online yourself. TransUnion offers credit scores from TransUnion, Equifax and Experian online.