How Do You Boost Your Credit Score?


Quick Answer

Boost your credit score by getting a credit card, maintaining a low "credit utilization ratio," keeping the number of accounts with debt to a minimum, paying bills on time and leaving current credit accounts open. This demonstrates responsible use of credit over a period of time, which raises your score.

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Full Answer

  1. Get a credit card

    Apply for a credit line if you do not already have one. In order to boost your credit, you must first have a line of credit. Before applying for a credit card, make sure the credit card provider reports to the three main credit bureaus.

  2. Keep your credit utilization ratio as low as possible

    Keep your credit utilization ratio as a low as possible. Your total debt in comparison to your total credit limit must remain under 30 percent, and ideally below 10 percent, to keep a high credit score.

  3. Avoid having a balance on multiple credit accounts

    Refrain from having multiple credit accounts with debt. Use only one line of credit as much as possible. Pay off small balances on minor credit accounts as soon as possible.

  4. Pay your bills on time

    Make all of your bill payments before the due date. If you happen to miss a payment's due date, make the payment as soon as possible.

  5. Keep all credit accounts open

    Avoid closing your credit accounts, because this lowers your total line of credit, which can negatively affect your credit utilization ratio.

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