How Can I Quickly Improve My Credit?

A good credit score can make the difference between qualifying for a loan or credit card or not. It can also mean the difference between getting a low interest rate, or a high one. A common question we hear is, “How can I quickly improve my credit?” 

There are several main factors and many smaller factors that go into credit scoring, but if you only remember one thing, remember this — A whopping 65 percent of your credit score is how much you owe and how timely you pay. Make on-time payments and pay down your debt. The less you owe, the better your credit score.  Owing $500 on your credit card will be much better for you than owing $3,000. So if your goal is to improve your credit as fast as possible, focus on knocking down that debt as fast as you can.

Some things regarding credit are fairly obvious, such as a late payment greatly hurting your credit score. However, other credit scoring factors aren’t as obvious and can even be the opposite of what people expect, such as closing a card account will usually hurt your credit and will never help it.

For a free financial counseling appointment with a Certified Consumer Credit Counselor, go to or call 479-521-8877.