Simple Steps to Boost Your Credit Score

List: Posted: 09/29/11

A credit card lender is unlikely to give you a loan if you do not have a high credit score.  This score is a number that represents your ability to repay your loans.  Also called a FICO score, it is a number that defines whether lenders will loan to you. 


The three major credit bureaus, Experian, TransUnion and Equifax, work to calculate what this score is, based on various factors, including your ability to pay on time and the way you have managed credit over your lifetime.  The good news is that you can improve that score so that you qualify for the best credit card offers available.

Key Factors

The following are some of the most vital key factors that play a role in what your score is.  To get a good credit card offer, you will need to meet these goals as much as possible.

* Make payments on time.  No matter what type of loans you have, ranging from mortgages to credit card debt and student loans, by making your payments on time, you demonstrate to lenders that you are a good credit risk.

* Be sure that you focus specifically on using credit.  Time is one of the biggest factors in building strong credit.  It is necessary then, to use credit and to work to maintain your score over time.  If your score is bad now, it will improve with better financial habits, but only if you work on it.  It will take time to make that happen, too.

* Avoid applying for numerous credit card offers at one time, or within a short span of time.  This shows lenders that you may be desperate for credit and therefore may not be a good credit risk.  Apply for and open no more than one or two accounts over a period of six months.

* Avoid carrying a lot of debt.  The more debt that you have, the more of a risk you are to lenders.  To get the highest score, keep your debt to credit limit level low, while working to increase your income to debt ratio.  These factors all play a role in how creditworthy you are.

Other Credit Considerations

Other factors can help, such as buying a home and showing responsible repayment history over time.  It is also a good idea to check your credit report on a regular basis, which is the best way for you to get rid of any missing or inaccurate information, which could bring your credit score down.

By doing these things, you are working to ensure that you are a good credit risk to lenders.  There is no way to cheat the system.  It takes hard work to get the process right. 


However, for those that want the best offer on a credit card, taking these steps to improve your score are necessary.  Make it a continuous effort to build a strong score so that you can always get the best loan offers possible.  Over time, you will see improvements take place.

Financial Services

    Horizon Ridge Wealth Management is a holistic wealth management firm. We focus on helping our clients invest wisely and plan for life events such as retirement, divorce, senior care, and much more. It is our belief that financial planning is more than just numbers, it is your roadmap through each stage of life.

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    The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of See Additional Information

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