Need to improve your credit score?

Even if you happen to have a credit rating that is not so great, there are some steps you can take to raise your credit score...

If you already know your credit score, look at our credit score chart to determine whether lenders view the score as excellent, poor or somewhere in between. Aside from your score, one of the first things that you should do is take a look at your credit report and make sure you get rid of information that is inaccurate. Get All 3 FICO Scores and Credit Reports!

Paying off credit card debts and still keeping the accounts open can help improve your credit score too. This will allow you to lower the amount you owe and increase the amount of available credit that you have.

If you can't pay the all of your credit cards off right away, make sure that you keep balances below 75% of the amount of credit you have available. This makes your debt to credit ratio better.

Pay all of your bills on time. Your payment history accounts for about 35% of your total credit score.

Make sure you have some accounts in your own name. Being an 'authorized user' on a card is not going to improve your rating as much as it would if you were the account holder or joint account holder.

Avoid unnecessary inquiries on your credit report. This also means you need to restrict your credit and loan applications. If you are searching for the best rate, do some research on the internet first and then apply with a couple lenders. Multiple inquiries over an extended period of time will lower your score.

Finally, if you decide to close any credit accounts, be sure not to close your oldest account. This can shorten your credit history and a long account age can demonstrate stability to lenders.

For a step-by-step guide to repairing your credit, visit our DIY Credit Repair Guide

How Long Does it Take to Improve Your Credit Score?

It is important to realize that you aren't going to be able to improve your credit score overnight. However, if you are willing to work at it, over time you will raise your credit score, but you need to have some patience. You must make sure you pay on time, cut down debt, and follow the other steps we discussed above and in our credit repair guide. It could take a few months or even a year to see a drastic increase in your score, but it is important that you keep working on it, since it really will make a difference in the long run.