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Question for the Money Doctors

Question submitted on Apr 12, 2019.

Question

I want to increase my credit score what's the fastest and best way.

Answer

Getting control of your credit starts with understanding your current situation.  You should pull a copy of your credit report and review your debts.  I recommend you create a quick list of your assets and debts to get a clearer view of your overall finances during this process.

Paying down existing balances on credit lines and keeping the balances low will increase your score.  Also, leaving older accounts in place will help your score so long as they are paid on time or are lines with zero balances.  Be sure to meet your obligations on time.

I understand that many ask this question as they are attempting to purchase a home.  I would caution that an extremely high credit score is much less important for your financial future than living within your means, avoiding consumer debt, saving, and investing.


For additional information visit http://www.360financialliteracy.org/

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