There is no overnight solution to improving credit scores. It will take time. However, there are two main factors affecting credit scores that are universal. The first is whether you make your payments on time, every single time. Late payments are the most significant negative factor in credit scores. If you have been late or have delinquencies, it's a good idea to catch up on those payments and bring your all your accounts current.
The second issue is utilization rate. Utilization is simply your balances compared to your credit card limits. Reducing the balances on credit cards will help you begin to rebuild your credit history.
Those two factors apply to everybody. However there are lots of other factors that go into a credit score. The best thing to do is get a copy of your report and credit score and review the factors that are provided with the credit score. Those factors are specific to your personal report and will show what has been affecting your score the most. From there, you can focus on those issues and improve your credit score quickly.
Experian has a service called Credit Educator that provides your individual credit report, credit score, risk factors and time on the telephone with a trained representative who will walk you through your report. The service can help you learn how to manage your credit effectively.
Check out the scope to hear answers to all the questions asked:
Do you have questions about credit?
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: 03/15/2016
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 score.
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.