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What can I do to improve my credit score?

Since credit scores are used to calculate the likelihood that you will repay your debt, to improve your credit score, focus your attention and ensure you satisfy the factors that go into the calculation in the first place. These include:

  • Payment history - A good record of on-time payments will help boost your credit score.
  • Amount of debt in relation to available debt - e.g., total credit card debt as a percentage of total credit card limits. It's best not to max out your cards.
  • Credit account history - An established credit history makes you a less risky borrower.
  • Recent inquiries - When a lender or business checks your credit, it causes a hard inquiry to your credit file. Apply for new credit in moderation.
To recap: pay your bills on time, reduce your debt, remove inaccuracies and avoid new enquiries for a few months. With a little determination and commitment, you can watch your number grow.

Up Next: How do you start rebuilding your credit after claiming personal bankruptcy?

You can't do anything to change your past, but you can start today to improve your personal credit score.
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