5 ways to reduce debt & increase your credit scores

We all know how paying your debts on time and correcting credit errors can improve your credit score.

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This is one of the fastest ways to improve your credit score, at least a little bit. Past due balances weigh heavily on your credit score.

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If you owe substantially more than 30% of your available revolving credit, paying these lines down is one of the best strategies to improve your credit score.

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Another aspect of credit utilization that we haven’t discussed yet is the number of accounts with open and active balances.

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If you recently opened an installment loan, such as a new auto loan, this will have a negative impact on your credit score.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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5 ways to reduce debt & increase your credit scores

We all know how paying your debts on time and correcting credit errors can improve your credit score.

This is one of the fastest ways to improve your credit score, at least a little bit. Past due balances weigh heavily on your credit score.

Pay off any past-due balances you owe

If you owe substantially more than 30% of your available revolving credit, paying these lines down is one of the best strategies to improve your credit score.

Pay down credit card balances

Another aspect of credit utilization that we haven’t discussed yet is the number of accounts with open and active balances.

Payoff your smallest debts

If you recently opened an installment loan, such as a new auto loan, this will have a negative impact on your credit score.

Paydown an installment loan

SWIPE UP NOW TO READ MORE!

Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

READ MORE