How Can I Improve a Credit Score from Fair to Good?

How Can I Improve a Credit Score from Fair to Good? article image.

For some people, moving up a credit tier could be just what they need to get approved for new credit. If your credit score falls in the "fair" range, moving to the "good" range could be just a few steps away—and might help you save thousands of dollars over the course of your life.

What Is a Fair Credit Score?

Credit scores are numbers lenders use to judge how likely it is that a possible borrower will pay back their debt. Depending on the scoring model, scores typically range from 300 to 850 and are further broken into different ranges, with scores between 580 and 669 typically considered fair.

FICO® Scores , the credit scores used by the majority of lenders, consider scores below 580 very poor and scores above 669 good, very good or exceptional, depending on where they fall. Credit scores in the good to exceptional range typically qualify borrowers for a wider array of credit products and potentially better interest rates, while those in the very poor to fair range may limit credit availability and result in higher interest rates.

Increasing your credit score from fair to good might not seem like a big deal, but the benefits of having a good score can be well worth the effort. Imagine your credit score was 660, putting it in the fair range. Improving your score by just 10 points would move you to the good range, opening you up to new borrowing options and better terms.

What Can I Do to Boost My Credit Score to Good?

Seeing an increase in your credit score used to take time and effort, but now you can instantly boost your credit score by using a new tool called Experian Boost®ø. Experian Boost works by giving you credit for past on-time utility and telecom payments. Experian Boost is free to use and can help you boost your score in just a few minutes.

While Experian Boost can help you instantly see an increase in your FICO® Score, it's important to establish good credit habits so your score can improve even more over time.

Here are a few more steps you can take to help increase your credit score now and over time.

  1. Pay down your existing debt. Paying down existing debt can help your credit score in the short term because it lowers your overall credit utilization ratio, which is calculated by dividing the amount of revolving credit you are currently using by the total of your available revolving credit limits. A low credit utilization ratio shows lenders you're using less of your available credit. Credit utilization accounts for 30% of your FICO® Score, and lowering it may quickly help to increase your credit scores.
  2. Make all your payments on time. Payment history is the most important aspect of your FICO® Score: Even one missed or late payment can have a negative impact on your score. Make sure to pay any outstanding bills and continue to pay them on time to avoid seriously hurting your credit score.
  3. Check credit reports for inaccuracies. Mistakes happen, and having inaccuracies on your credit report could cause your score to drop. Make sure to regularly check your credit reports for inaccurate information. If you find anything in your file that shouldn't be there, contact the appropriate credit bureau or lender to file a dispute as soon as possible.

Improving your credit from fair to good can open you up to new financial opportunities, including different types of loan products and better interest rates and fees. Lenders often offer lower interest rates to people with higher credit scores, and that savings in interest can be significant over the life of a loan.

Want to instantly increase your credit score? Experian Boost® helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your scores.

This service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.

How Good Is Your Credit Score?

300 credit score301 credit score302 credit score303 credit score304 credit score305 credit score306 credit score307 credit score308 credit score309 credit score310 credit score311 credit score312 credit score313 credit score314 credit score315 credit score316 credit score317 credit score318 credit score319 credit score320 credit score321 credit score322 credit score323 credit score324 credit score325 credit score326 credit score327 credit score328 credit score329 credit score330 credit score331 credit score332 credit score333 credit score334 credit score335 credit score336 credit score337 credit score338 credit score339 credit score340 credit score341 credit score342 credit score343 credit score344 credit score345 credit score346 credit score347 credit score348 credit score349 credit score350 credit score351 credit score352 credit score353 credit score354 credit score355 credit score356 credit score357 credit score358 credit score359 credit score360 credit score361 credit score362 credit score363 credit score364 credit score365 credit score366 credit score367 credit score368 credit score369 credit score370 credit score371 credit score372 credit score373 credit score374 credit score375 credit score376 credit score377 credit score378 credit score379 credit score380 credit score381 credit score382 credit score383 credit score384 credit score385 credit score386 credit score387 credit score388 credit score389 credit score390 credit score391 credit score392 credit score393 credit score394 credit score395 credit score396 credit score397 credit score398 credit score399 credit score400 credit score401 credit score402 credit score403 credit score404 credit score405 credit score406 credit score407 credit score408 credit score409 credit score410 credit score411 credit score412 credit score413 credit score414 credit score415 credit score416 credit score417 credit score418 credit score419 credit score420 credit score421 credit score422 credit score423 credit score424 credit score425 credit score426 credit score427 credit score428 credit score429 credit score430 credit score431 credit score432 credit score433 credit score434 credit score435 credit score436 credit score437 credit score438 credit score439 credit score440 credit score441 credit score442 credit score443 credit score444 credit score445 credit score446 credit score447 credit score448 credit score449 credit score450 credit score451 credit score452 credit score453 credit score454 credit score455 credit score456 credit score457 credit score458 credit score459 credit score460 credit score461 credit score462 credit score463 credit score464 credit score465 credit score466 credit score467 credit score468 credit score469 credit score470 credit score471 credit score472 credit score473 credit score474 credit score475 credit score476 credit score477 credit score478 credit score479 credit score480 credit score481 credit score482 credit score483 credit score484 credit score485 credit score486 credit score487 credit score488 credit score489 credit score490 credit score491 credit score492 credit score493 credit score494 credit score495 credit score496 credit score497 credit score498 credit score499 credit score500 credit score501 credit score502 credit score503 credit score504 credit score505 credit score506 credit score507 credit score508 credit score509 credit score510 credit score511 credit score512 credit score513 credit score514 credit score515 credit score516 credit score517 credit score518 credit score519 credit score520 credit score521 credit score522 credit score523 credit score524 credit score525 credit score526 credit score527 credit score528 credit score529 credit score530 credit score531 credit score532 credit score533 credit score534 credit score535 credit score536 credit score537 credit score538 credit score539 credit score540 credit score541 credit score542 credit score543 credit score544 credit score545 credit score546 credit score547 credit score548 credit score549 credit score550 credit score551 credit score552 credit score553 credit score554 credit score555 credit score556 credit score557 credit score558 credit score559 credit score560 credit score561 credit score562 credit score563 credit score564 credit score565 credit score566 credit score567 credit score568 credit score569 credit score570 credit score571 credit score572 credit score573 credit score574 credit score575 credit score576 credit score577 credit score578 credit score579 credit score