Improving your credit score is easy to accomplish and can save you hundreds or even thousands of dollars through the course of your life. All it just takes is time and knowledge about the credit scoring system. Even though each person’s individual credit profile is unique to the individual, there are five basic things below that everyone can do to give their credit score a boost.

• Be Punctual: Late payments, collections, and bankruptcies have a large negative effect on your credit score. Therefore, it is very important to make all your payments on time.

• Check Your Credit Report: Don’t let your credit suffer due to inaccurate information. If you find an inaccuracy on your credit report, contact the creditor associated with the account, or the credit reporting agencies to have it corrected.

• Manage Your Debt: Keep your credit account balances below 35% of your available credit limits. For instance, if you have a credit card with a $1,000 limit, you should try to keep the balance owed below $350.

• Keep Credit Open: Time is one of the most significant factors that can improve your credit score. Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit report open to lengthen your period of credit use.

• Avoid Inquiries: An excessive number of inquiries may be interpreted as a sign that you are opening credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay. Apply for new credit in moderation.

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