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by Lindsey Peterson / May 18, 2020

5 Simple Ways to Improve Your Credit Score

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Your credit score takes time to repair, and there is no lightning fast way to improve it. When it comes to bettering your credit score, you should manage it responsibly to fix all issues the right way. Good news! We are here to help you along the way these 5 simple tips:

1. Check your credit score

When applying for a loan, whether it be for a car, home, etc., your credit score will always play an important role in the process. Before you decide to pull the trigger on getting a loan, make sure you check your score. You may think, “I don’t want to pull my credit because it will lower my score!” Fortunately, when you pull your credit yourself, it is known as a soft pull and will not affect your score in any way. It is important to always stay in the know with where your score is because it could cause your next loan deal to go south.

2. Pay bills on time

We are all human, and sometimes we forget. Since we are now in the process of improving our credit, no more excuses. Paying bills on time is single-handedly the most important aspect to keeping your credit at an excellent score.

Right now, your main goal is to get up-to-date on your bills and stay there. It is 2018, so utilize your smart devices. Set reminders on your phone, email calendar, online banking portals, etc. This will easily help you remember to pay that monthly bill that tends to sneak up on us.

3. Reduce Debt

This may sound overwhelming, but make it simple and take baby steps! Take a look at your accounts and what your outstanding balances are. Then, create a payment plan. Once you find out which account has the highest interest rate, pay it off first while maintaining minimum payments for the others. During this step, make sure you are not using your credit cards so your debt can decrease sooner.

4. Maintain low balances on credit cards

This step goes hand-in-hand with reducing your debt. Once you are caught up on all your accounts, make sure you keep those balances low. Your credit report will show if you are frequently putting large amounts on your credit cards.

5. Don't open any other credit cards

When you open new credit cards, you may think it will give you more credit, but this could eventually turn around and backfire. Opening multiple new accounts can look risky which will show on your credit report and negatively affect your credit score.

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