How to Improve Your Credit Score in 2023

If you are trying to improve your credit score, it’s essential to know what a good credit score is and the steps to getting one.  This post will cover what affects your credit score, how to improve it, as well as the best way to check your score.

The Role Of Credit Scores In Life

According to, credit scores “help lenders decide whether [a person] is a good risk.” For example, a person’s credit score can determine the interest rate they receive on debt, the terms of a loan, and whether they can get a loan in the first place. 

What is a Good Credit Score

 Your credit score is a number in the range from 300 to 850, and Americans with a credit score above 670 have a “good” credit score.

What Affects Your Credit Score

Despite their importance, only 21% of Americans have a good credit score. So if you find yourself missing payments or in credit card debt due to keeping up with jones, it’s time to evaluate your spending. Understanding what goes into your credit score and its influences may help improve it. Here are all the pieces of the recipe.

The 5 Components That Make Up Your Score

1. Payment history (35%): how often you miss or make your credit obligations 2. The total amount owed (30%): how much of your entire credit you’ve used 3. Length of credit history (15%): how long you’ve used credit 4. Types of credit (10%): how diversified your credit mix is 5. New credit (10%): how many new credit accounts you’ve opened recently

What Information Credit Scores Do Not Consider

- Paying with a gift card or debit card - A change in salary - Your marital status - Having a prior credit application denied - Having accounts with high-interest rates - Paying a traffic ticket

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