Credit Tip: How to Get a Quick Boost in Score

Pay Down Your Accounts

If it’s one question we get asked often, it’s how do I increase my score the fastest way possible?

First we must understand how your credit score is generated. Your credit score is determined by different factors. One of those factors is your amount owed. If you can pay down your accounts to 30% or lower of the high credit limit, your amount owed will decrease, and your score will raise significantly.

It’s always a good idea to keep your credit utilization low. Maxing out your cards will definitely hold your score back. Credit bureaus want to see consumers using their credit cards, but not overusing them. Use your cards, but don’t max them out. Maxing out your credit cards is almost as bad as making a late payment. However, you can recover quickly from a maxed out card just by paying the balance down. Late payments can take years to fix.

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