7 Ways to Improve Your Credit Score
These tips can help you establish good credit or improve poor credit.
These tips can help you establish good credit or improve poor credit.
Simply put, having a high credit score saves you money. Consider a mortgage loan: If you have excellent credit, you may be able to secure a mortgage loan that is as much as 1.5 percentage points lower than someone with marginal credit. That could save you hundreds of dollars every month--thousands every year.
There are five primary factors that determine your FICO score: a 35% weighting is given to payment history, 30% to the amount you owe, 15% length of history, 10% new credit, and 10% types of credit use. You can spruce up your credit score by improving on any of these factors. Here are some ideas.