A high credit score is beneficial when trying to secure the most favorable loans and credit cards, and it helps in getting approval for a home or apartment.

While credit scoring models on the markets vary, FICO is one of the most popular credit score systems used in the United States. FICO scores are ranked as follows:

WHY THE UFO WHISTLEBLOWERS ARE GETTING A MIXED REACTION

Poor: less than 580.
Fair: 580-669.
Good: 670-739.
Very Good: 740-799.
Exceptional: 800 or higher.

Here are three quick ways to improve a credit score:

Pay your credit card bill early

When credit card holders can reduce the percentage of available credit that they are using, it benefits their credit score. While a credit card statement comes with a due date, holders can pay the bill early.

Paying off a credit card early can boost the credit card utilization ratio, which is the calculated percentage of available credit used. It’s typically beneficial for credit scoring to not use a large amount of the given available credit.

Based on FICO score calculations, credit card holders should try to use no more than 30% of their total available credit.

Get credit for rent and utility payments

Creditors typically look at individual reports, and having rent records that display a long record of consistent payments can help increase your credit limit. Making timely payments will increase your credit score as well.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Utilities bills can also have an impact on improving a credit score. If one fails to pay bills on time, a utility company could report an account for payment delinquency, which can negatively affect a credit score.

Keep old accounts open

Lenders typically favor applicants with old credit card accounts, regardless if the old credit accounts are in use. Instead of closing old accounts, people should aim to catch up on missed payments and take action to resolve them to increase their credit score.