To get the most favorable interest rates you’ll need a credit score of 720 or higher. Someone with a credit score of 520 will receive higher interest rates on loans, up to four percentage point than someone with a 720 score. With that in mind, here are five quick tips to improving your credit score:
Once per year, get a copy of your credit report. Scrutinize it and make sure the information is correct.
Don’t be late
Pay your bills on time. Late payments damage your score. Consider automatic payments through your bank account.
Know the FICO
Understand how your credit score is calculated and do what you can to improve deficiencies.
If there are errors in your report, correct them. The Federal Trade Commission is a good resource for information.
Don’t max out your credit cards and pay the balance in full, if possible. Avoid opening new credit card accounts or closing down old inactive ones.
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