The credit score measures the credit worthiness of a person and is easily one of the most important figures in today’s economy as it dictates the ease of access to various banking and financial services. Whether it is a car that you want to buy, the down payment that you need to make on your new home or a short-term personal loan that you require for meeting some emergency, a good credit score ensures faster access to credit and that too at much better terms. If you have been wondering about how to improve your credit score, there are some quick fixes for the same.
The first thing that you need to do to is pay off all your debts including making timely bill and credit card payments so that they do not cross over to the interest period. This way you will not only improve your payment history that accounts for nearly 35 of the credit score but also save a lot of money that you end up coughing up due to late payments. Next, you need to work on the amount you owe to various creditors and try to clear them as fast as possible. Even otherwise, you should maintain cordial relations with your lenders so that you do not antagonize them in any way as it may lead to further damaging of your credit report.
One of the easiest ways to bump up your credit score is by opening new lines of credit only when you need them and closing them as quickly as possible. If this makes you wonder how it will improve my credit score ” it is because this step will create an all-new as well as better credit history. It is equally important that you keep your account balances low and do not close properly maintained old accounts or chuck zero balance credit cards, as they can prove instrumental in boosting your credit score.