Credit Scores 101 3 Easy Ways to Improve Your Credit Score Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint Published May 29, 2018 - [Updated Jan 13, 2021] 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. If you’ve never actively worked to improve your credit, a credit score might seem like black magic. You may understand that scores run from 300 to 850, but that’s where most people’s knowledge ends. When you don’t understand the forces at work, it’s easy to assume you have little immediate control over where you land on that spectrum. In reality, your credit score is based on very real, very measurable criteria – and you absolutely have the power to change it. In fact, most consumers are in a position to improve their credit with very little effort. First things first, get your credit score for free from Turbo. Then, check out three of the easiest ways to improve your credit score: Change Your Credit Limit One of the biggest factors in determining your credit score lies in how much of your current credit balance you’re using. Every credit card has a credit limit or a maximum amount you can spend. Your credit score will take a hit if your credit balance is more than 30% of the available limit. There are two ways to decrease your credit utilization ratio: either pay off part of the balance or increase your credit limit. For example, if you routinely have a $5,000 balance on a card with a $10,000 limit, you’re using 50% – much too high. However, if you spend $5,000 on a card with an $18,000 limit, you’ll have a 27% ratio. This should improve your score. Most credit card issuers will happily increase your limit if you’ve been a loyal customer. It’s as simple as calling and asking for a higher limit. Set Up Autopay Whether or not you make payments on-time is the single most important element in the calculation of your credit score. As long as you pay your bills on or before the deadline, your score will improve. Unfortunately, it’s common for customers to neglect this. The easiest fail-safe is to set up autopay, so your bill will be automatically charged before the deadline. Almost every bill you have, whether it’s a credit card bill or car loan, offers autopay. Some student loan providers even give a small deduction on your interest rate for doing it. Keep Old Accounts Open This is probably the easiest piece of advice on the list. Your credit age makes up 15% of your credit score, and the only way to increase the age is to keep old accounts open and avoid opening new ones. Every time you open a new credit card or take out a new loan, the average age decreases. In other words, if you just sit tight your score will likely increase on its own. Did you know can check your credit score for free in the new app from Intuit, Turbo? They also have a great loan repayment calculator that you can use to calculate monthly payments. Check it out today! Previous Post The 4 Biggest Budget Surprises for New College Grads Next Post How to Know Who to Tip When Traveling Internationally Written by Mint Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint Browse Related Articles Credit Info 3 Easy Ways to Improve Your Credit Score Credit Scores 101 Chapter 06: What Is a Good Credit Score? Updates Mint Launches Free Credit Score Credit Info What Is a Good Credit Score? Credit Info What is a Credit Limit & Can Increasing Available … Financial Planning Where to Complain About a Bad Credit Score Credit Info A Credit Score Primer How To Credit-Based Insurance Score vs Credit Score Credit Scores 101 Chapter 04: What Are the Credit Score Ranges? Credit Get Real About Credit: What’s Your Number?