Easiest Ways to Improve Your Credit Score

Looking for easy ways to improve your credit score?

Do you have bad credit?  Maybe you missed a couple of payments?  Maybe you’ve had a bankruptcy?  A foreclosure?   Lost your job, got a divorce, or worse? Believe me, I understand why anyone might need a quick way to improve their credit score… when I first started trying to improve my credit score, it was in the mid 400’s, and that is a very poor credit score.  In the beginning, it seems like it is hopeless… that you’ll never be able to climb out of the credit pit that you’ve fallen into, and you will be tempted to just give up and accept the fact that your credit score will always be bad… you’ll never get that new car, never own a home… never even have a decent credit card with a limit above a couple hundred dollars… Sounds familiar, doesn’t it?

Your credit doesn’t have to stay that way!  There are so many easy ways to raise your credit score!  With a little effort on your part, and by choosing the right credit options, you can improve even the worst credit score in a relatively short period of time.

How do you improve your credit score?

Basically, the easiest way to raise your credit score is to concentrate on those areas where your credit score has taken the worst hits.  Not sure of where that is?  First and foremost, you should know your credit score AND you should have a detailed credit report at hand to review in depth so that you can determine those areas where you can improve, those areas where your information is missing or inaccurate, and those areas where you really can’t do much more than to wait for them to drop off your credit report (typically seven to ten years).

These days there are lots of places popping up online that tell you that they will allow you to study your credit report for free, but before you sign up, make sure that it is a reputable site, one that not only gives you your credit score and report, but also offers credit monitoring, protection, etc., usually for a monthly fee.  Although you don’t necessarily have to use it at first, at some point, I highly recommend signing up for credit monitoring AND actually learning to use it!  The monthly fee is typically less than $25.00 to $30.00, but in the long run, that monthly fee is nothing when compared to the improvements that you can make simply by being able to see all of your credit information in one place ANY TIME you want to see it.  (Those free places only allow you to see a small amount of information on a monthly or even quarterly basis – if you’re serious about improving your credit, that is not nearly enough!)

Believe me, you will want to check all three credit bureaus regularly because your score can be very different at each one, and when you dispute something at one credit bureau, you will have to dispute it at all three because they don’t share much, if any, information!

Once you’ve signed up, and have had the opportunity to study the information contained within your credit report, then you can begin to improve it, first by reporting any inaccuracies (disputing is easy – you just submit it online!), and then by working on two other key items:

  1. Available Credit
  2. Payment History

These two simple components of your credit score are also the two easiest components that you can easily improve and they’re also two of the most important factors in the calculation of your credit score, so let’s start with what you can do to improve them!

Easy ways to improve your available credit and your payment history!

One of the fastest, easiest ways to improve your available credit is to pick the right credit source, apply for a credit account, and then keep the majority of your available credit balance open on the card.  But what if you can’t qualify for any credit cards?  Will a single $300.00 available credit balance be enough to really improve your score?  That depends.  If you have no credit history, having an open $300.00 line of available credit will certainly help your score.  But, if you’re actually trying to improve on a bad credit score, there is an easier way.

“Store” or “catalog” credit cards are the easiest credit cards to get, especially if you have bad credit – and yes, before you ask, some of those credit “cards” are better than the others when it comes to improving your credit score.  (Not only has this been my personal experience, but that of millions of other Americans, as well.)  So, what’s our recommendation for the easiest store/catalog credit card to get approved for?

Fingerhut is the easiest store/catalog account to get approved for!

That’s right, Fingerhut is the easiest store/catalog account to get approved for, and it’s also the best store/catalog account to use when you’re trying to improve bad credit.  Why do we recommend Fingerhut?  Well, lets start with the features Fingerhut say that you can expect when you open a Fingerhut account:

Find out instantly if you’re pre-approved with Fingerhut Credit Account issued by WebBank.

  • Build your Credit with Fingerhut!
  • Shop Great Brands.
  • With a WebBank/FingerHut Credit Account, buy favorite brands with low payments.*
  • Apply for Fingerhut Credit today. Fill out our easy online application.

Now, here are the benefits that Fingerhut doesn’t tell you about:

  • Fingerhut regularly reports the status of your account to at least one of the three major credit bureaus.  This status includes not only the balance due on your account and if your payments are made in a timely manner, but they also report your available credit, and that’s what we’re trying to improve.
  • Fingerhut regularly reviews your account to see if you are making your payments in a timely manner, how much you’ve paid, etc., and if your account is in good standing, they may offer you a credit line increase of a couple hundred to even several hundred dollars!  That’s right, it’s been my experience that Fingerhut will significantly raise your credit limit the more that you use the account to purchase items and as long as you make regular, timely payments.  And that significant credit limit can also significantly improve your credit score!
  • Fingerhut offers an interest rate on purchases that is often equal to, or even lower than, other store/catalog sites and even many credit cards.  Especially if your credit is less than perfect, you are likely paying as much as 33% and even as high as 39% interest on some credit cards – a typical Fingerhut account will be in the mid to slightly up 20’s when it comes to your interest rate.
  • Fingerhut does not charge a monthly or even an annual fee simply for having an account through WebBank.  Compare this with other store/catalog sites and most credit cards and you’ll see just what a benefit this is!
  • Fingerhut offers brand name merchandise at reasonably competitive prices.  Yes, you may sometimes pay a little more than you would at your local big box or discount department store, but you will also find that you will oftentimes pay less than at other catalog/store sites, and even at some of your local retailers.  Ordering is fast, easy, and your order is shipped promptly… right to your door!
  • Check out Fingerhut.com now to see how fantastic their site really is!

Still think it isn’t easy to improve your credit score?  

It’s far easier to improve your credit score once you actually get started.  My low credit score kept me from so many things… but once I really started studying my credit report, once I removed the inaccuracies, and once I made a real effort to improve my score, it didn’t take near as much time as I thought it would… and improving my score not only helped me to purchase a new car at a low interest rate, but two years ago, I bought my first house!

What are you waiting for?  Get started today!

Factors That Affect Credit Rating

Potential lenders look at your credit rating to determine whether or not to approve you for a new credit line, how much credit to offer you and how much interest you will be charged. Credit scores range from 300 to 850 and the higher the number, the less of a credit risk the lenders consider you to be.

To get the best interest rates, you want the highest credit rating possible. Credit ratings consider numerous factors, but there are five major factors that you should focus on when trying to boost your credit score.


Payment History

Contributing 35% to your credit score calculation, payment history is one of the most important factors when determining your credit rating. That`s because potential lenders need to know that you`ve paid your previous credit accounts in a timely fashion.

Make sure you pay all of your bills on time and send in at least your minimum payment. Late payments and delinquent accounts lower your credit rating significantly and those negative marks stay on your report for seven years.

But if you`ve had a late payment or two, time will heal the credit report wound. Older late payments don`t count against you nearly as much as recent payment problems. So, making one late payment four years ago won`t affect your score as dramatically as one that occurred just four months ago.

Amounts Owed

How much you currently owe contributes 30% to your credit score calculation. The fastest way to increase your score in this area is to pay down your existing credit card debt.

Having high balances can negatively affect your score. Keep your credit card balances below 30% of your total limit. If you can pay your balances in full every month, so much the better.

Length of Credit History

The length of your credit history makes up 15% of your credit score. In general, the longer your history, the higher your rating, although folks with younger histories also do okay if all of their payments have been on time.

The scoring system looks at the ages of your oldest account and your newest as well as the average age of all of your credit accounts. New accounts lower your average account age, so avoid opening numerous new credit lines within a short time period.

Types of Credit

The scoring system also rewards you for having a nice mix of credit, which contributes 10% to your overall score. Your credit score will be higher if you have a variety of credit card accounts, a mortgage loan and an installment loan, such as a car loan or a student loan.

Avoid opening new credit accounts just to get a better credit mix, however. New accounts will just lower the average age of your accounts and your credit score will take a hit.

New Credit

New credit accounts make up 10% of your credit rating and, as mentioned above, opening new lines of credit negatively affects your credit score for a little while. The new credit category also penalizes you for any hard inquiries during the previous year.

Hard inquiries are performed by the creditors you gave permission to peek at your credit report. Soft inquiries, such as you looking at your own score, don`t affect your credit rating at all.

Keep in mind that the scoring system interprets numerous hard inquiries within a short time period as one inquiry. So, do your loan and credit card shopping within a focused time period to avoid having too many hard inquiries.

Keep those five factors in mind when trying to boost your credit score and when shopping around for a new credit card account. Use the free tools at reputable comparison sites such as simplyfinance.co.uk to help decide on a credit card that`s right for you.