When it comes to credit scores, there’s almost always room for improvement. If you’ve pulled your score and you’re not satisfied with the number you received, there are several strategies to boost it. But first, you need a little insight into how that score is calculated.
VantageScore, the company that generates the credit score you see here, uses five major categories of information, all of which was reported to the credit bureaus by your lenders to generate scores that range from 350 to 850 (higher is better, of course). Each category is weighed differently. Here’s a breakdown:
If you want to raise your score, you can do a few key things.
Remember that time – and patience – are key. You shouldn’t expect a change overnight, but you will see improvement over the course of 12 to 18 months – shorter, if your score is already fairly high and you’re just looking for a bit of jump.