What is the Fastest Way to Boost My Credit Score?
For most of us, that's a really big question. Five factors are taken into account when determining your credit score--the biggest of which is credit utilization. In fact, credit utilization accounts for 35% of your score. Utilization sounds like it is referring to how much credit you use, but it really comes down to how much you have access to and don't use. Lenders want to see that you can manage credit responsibly. In fact, they want you to use less than 30% of the credit you have. If you use less than 10%, you are styling! The key to a good credit utilization ratio is to have more credit than you need, and then not use it. Often, taking out another credit card that you save for rainy days provides a nice score boost; however, the hard inquiry you will take in order to get the card will (temporarily) lower your score. If your score cannot afford the hit a hard inquiry will cause, try calling your lender and asking for a credit line increase (Even a small one will help.), then don't use it. Provided you don't add to your spending habits and you keep making your payments on time, your utilization ratio should improve, resulting in a higher score.
-
Hi Robin Olden. Thanks for reaching out to us. The best way to check your credit score is to sign up for a free Credit Sesame membership. Once you log in, you can access your TransUnion score. You can also view your credit report card, which illustrates the specific areas where your score can improve, along with tips to help you do it.
Thanks and stay safe!
Please sign in to leave a comment.
Comments
4 comments