The most important factor in a credit score is making all of your payments on time, every time. The best way to begin improving your credit score is to bring all of your accounts current, and to make sure that going forward, all accounts are paid on time.
The second most important factor is your utilization rate on revolving accounts, which is simply the technical term for credit cards. Your utilization rate is also called your balance-to-limit ratio. If you have high balances on your accounts, your credit score will be affected negatively. Paying down balances will help bring your credit score back up over time.
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Join our live video chat every Tuesday and Thursday at 2:30 p.m. ET on Periscope. Rod Griffin, Director of Public Education at Experian, is available to answer your questions live.
Scoped on: 03/29/2016