Four ways to raise your credit score

A FICO score of 670 or above is considered good
Published: Sep. 19, 2022 at 2:43 PM MDT
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InvestigateTV - Credit scores are key to your financial success: they impact your ability to borrow money, sign up for services like utilities, and can be used by potential employers as a hiring factor.

Your FICO score, the most commonly used credit score, constantly changes with your credit activity with fluctuations reflecting your buying and spending patterns.

FICO ranks scores from poor to exceptional

  • <580 Poor
  • 580-669 Fair
  • 670-739 Good
  • 740-799 Very Good
  • 800+ Exceptional

If you need to improve your score, it could take you a few months especially if you’re trying to improve it by a hundred points or more.

Cherry Dale a financial coach with the Virginia Credit Union shared advice for anyone wanting to improve their score.

Pay your bills on time: 35% of your score comes from on time payments

Don’t over borrow: Try to use only 30% or less of your available credit lines.

Don’t max out credit cards: A maxed out card will lower your score

Keep your accounts open: The length of your credit history makes up 15% of your FICO score, with accounts over two years old having a more positive impact than newer accounts.

MyFICO has an online education center with in-depth explanations of scoring, plus a free score estimator. Most major banks and credit cards also offer free FICO scores with accounts.