person holding credit cards

How to Boost Your Credit Score

If you’re unhappy with the looks of your credit history, you’re not alone. Your credit score may have a significant impact in life; it helps lenders decide how likely it is that you will pay them back on time if they grant you a money loan or a credit card. The higher your credit score is, the more likely you are to qualify for lending. If you have a bad credit score, we’re sure you’re wondering, how can I improve my credit score? While it isn’t easy and certainly not at the drop of a dime (no pun intended), it’s possible to fix your credit score in as little as a few months.

Factors that Affect Your Credit Score and How to Improve It

Some of the most important factors used to calculate and improve your credit score include:

Payment History

As one of the most important factors of your credit score, your record for paying your bills on time is a good indicator of future bill paying.

How to Positively Influence Payment History

You can begin paying all of your bills on time, every single month, to boost your credit score and improve your payment history. If you’re behind on any payments, do all that you can to make them current. If you have the funds, put your bills on auto-pay.

Credit Card Utilization

Credit bureaus factor your credit card utilization into your credit score. This refers to how much of your available credit you have used. Experts advise aiming for 30 percent credit utilization or less.

How to Lower Your Credit Card Utilization

To keep your credit utilization low, make sure to pay off your credit card balance in full each month. If this is unattainable, try to keep your total balance at 30 percent of your total credit limit or less. A 10 percent credit utilization can help boost your credit score even more.

Length of Credit History

How long you’ve had credit and the average age of all the accounts in your credit report amount to the length of your credit history.

Continuing Your Credit History

If you’ve been managing your credit for a short amount of time, don’t open too many accounts too quickly. Newer accounts will decrease your account age, which can have a large impact on your score. Opening many new accounts can also look risky to lenders if you’re just beginning your credit history.

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The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to readers to determine if this information is safe and suitable for their own situations.

MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice MaxLend’s entitlement to these protections. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.