MUST READ: Think You Know Miami? Think Again
If you don’t know where you are, you can’t get to where you want to be with improving your credit rating. Once you know your FICO score, you can create a plan to improve your credit score more easily.
#1: Check Your FICO Score with a Tri-Merge Credit Report
Once a year, request a score from the top three bureaus – Experian®, Equifax®, and TransUnion®.
Here’s a brief rundown of FICO Credit Score ranges (estimated – will vary between companies):
|300-550||Poor||May be rejected, or only accepted for very high interest rates|
|551-650||Average||Qualify for high interest rates|
|651-710||Good||Qualify for moderate rates|
|711-750||Very Good||Qualify for very competitive rates|
|751 and up||Excellent||Lowest interest rates|
#2: Pay Your Bills on Time Every Time This is probably the most important thing you can do to improve a credit score. Not doing this severely impacts your credit score. If you haven’t been keeping up with your payments, it’s likely that your credit score has dropped substantially.