10 simple ways to raise your credit score

This new article from U.S. News offers some excellent advice on some steps you can take right now to begin improving your credit score.

There are a lot of rumors circulating when it comes to credit scores and how to improve them: Do you really need to pay a credit repair company to increase your score? (No.) Will getting married help raise it? (No.) Will making on-time payments every month give it a boost? (Yes.) If you want to make your score better, perhaps because you plan to take out a sizable loan in the future, consider these strategies.

Review your credit report for any errors and omissions. If you have a negative mark that isn’t rightfully yours, dispute it and get it removed. If you have an account that’s not listed on your report, make sure it’s added.

Making on-time payments each month is key to staying on top of your debt and maintaining your score. It might sound boring, but it’s a tried-and-true method.

If you have a major black mark on your credit history – if you’ve filed for bankruptcy, for example – it will take time to put some space between that event and your score. In most cases, it takes about seven to 10 years to erase the negative effects of a bankruptcy filing from a credit report.

By paying off debt and lowering your total balance owed, you lower the total amount of interest you pay, and improve your credit score at the same time.

If you’re a college student still spending mom and dad’s money, or you’re an unemployed spouse with accounts in your partner’s name, it’s time to set up some accounts in your own name. That will give you the chance to build your own credit history. Most accounts with monthly bills, including for utilities or credit, can help fill out your credit history.

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