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How to Improve Credit Score

Your credit score stays with you always. You can learn how to improve credit score, but it will take time. There is no quick fix, nor is there an automatic clear button. Your past, present, and future will determine your credit score. By taking a few consistent moves in the right direction, you can build your credit score over time.

What Is Credit Score?

The first step for how to improve credit score is to understand what credit score is. Your credit score lets lenders know how reliable you will be for paying them back. Like test scores, they represent how effective you are at paying them back. The higher your score the more reliable and trustworthy you are to lenders and you will be able to take out loans more easily.

The credit score range using various scoring models:

  • FICO Score range: 300-850

  • VantageScore 3.0 range: 300–850

  • VantageScore scale (versions 1.0 and 2.0): 501–990

  • PLUS Score: 330-830

  • TransRisk Score: 100-900

  • Equifax Credit Score: 280–850

The range of most credit scores is 301-850. Both FICO and the latest VantageScore version, as well as others use different categories within this range to determine how good your credit is.

  • Excellent Credit: 781–850

  • Good Credit: 661-780

  • Fair Credit: 601-660

  • Poor Credit: 501-600

  • Bad Credit: below 500

Keep in mind that these are not always true. The individual lenders get to use their own rules to determine how good your credit is for them. One lender may accept a score of 650 or higher, while another requires that you have a score of at least 750. On the other hand, they both may accept a score of 630 or better, but charge more interest if you have a score of 630 and less interest if you have a score of 750.

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