Four Ways to Boost Your Credit Score

InvestigateTV – Credit scores are critical to your financial success: they impact your ability to borrow money, register for services such as utilities, and can be used by potential employers as a hiring.

Your FICO score, the most commonly used credit score, changes constantly with your credit activity with fluctuations reflecting your buying and spending habits.

FICO ranks scores from mediocre to outstanding

  • 580-669 Fair
  • 670-739 Good
  • 740-799 Very good
  • 800+ Outstanding

If you need to improve your score, it could take you a few months, especially if you’re trying to improve it by a hundred points or more.

Cherry Dale a financial coach with the Virginia Credit Union shared tips for anyone looking to improve their score.

Pay your bills on time: 35% of your score comes from one-time payments

Don’t borrow too much: Try to use only 30% or less of your available credit lines.

Don’t max out credit cards: A maximum card will reduce your score

Keep your accounts open: The length of your credit history accounts for 15% of your FICO score, with accounts older than two years having a more positive impact than more recent accounts.

MyFICO has a online training center with detailed explanations of scoring, plus a free score estimator. Most major banks and credit cards also offer free FICO scores with accounts.

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