Your credit score is the primary tool used by lenders to determine whether to extend credit. Understand the factors that combine to determine your credit score and you can learn free ways to increase your score. You are entitled to at least one free credit report each year or more often if you have been denied employment or credit based on the report.
Pay Bills On Time
Pay your bills on time to increase your credit score. Your history of payments accounts for 35 percent of your overall credit score. The recent history is more important than payment history from several years ago. The longer you stay current with your payments, the more your credit score will increase.
Reduce Outstanding Debt
Reduce your outstanding debt to increase your credit score. Your total debt accounts for 30 percent of your overall credit score. Keep the balances on revolving credit low, and the balance-to-limit ratio for your debt will also be low. Balance-to-limit ratio is also known as the "utilization rate." A high balance-to-limit ratio can indicate a credit risk to potential lenders.
Manage Credit Responsibly
Manage your credit with a mix of credit cards and installment loans. The types of credit listed on your credit report account for 10 percent of your overall credit score. Credit cards and installment loans can raise your credit score if you pay your bills on time. Consumers with no credit cards are considered higher risk than consumers who have managed their credit responsibly. Don't open credit cards and take out loans just to increase your credit score, but having a credit card and paying the bills on time consistently will contribute to your credit score.
Dispute Wrong Information
Analyze your credit reports from all three credit-reporting agencies for incorrect information. You can order a free copy of your credit report from each agency, Experian, Transunion and Equifax, or go to annualcreditreport.com. It's also free to dispute incorrect information, such as accounts listed as delinquent that you paid on time or a judgment listed on your report by mistake. In most cases, you must provide documentation to back up your inaccuracy claim. All three credit-reporting agencies offer an online method for disputing errors. Removing incorrect negative information can significantly improve your credit score.
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