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Building and maintaining a respectable credit score is one of the hallmarks of entering financial adulthood. So today we're talking about how to improve your credit score fast.

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Having a good credit score can qualify you for the best loans at the lowest rates. But how do you actually earn a great score? Today, we're talking about 7 steps and ways to improve your credit score.

1. Monitor Your Credit Score (0:51)

According to an FTC survey, 25% of Americans had an error on their credit report. And that error could hurt your credit score. That’s why it’s a good idea to always keep an eye on your credit. Credit monitoring services are out there, but you can do the job yourself for free by checking your credit report at regular intervals.

2. Pay Bills On Time (1:22)

The best thing you can do to help your credit score is to avoid late payments. That’s because a full 35% of your credit score is determined by your payment history. Even one payment that’s just 30 days late can drop your credit score by up to 100 points or more.

3. Dispute Previous Negative Remarks and Incorrect Late Payments (1:55)

If you do find an error on your credit report, don’t freak out. You can actually dispute the error with each of the credit bureaus. Once you dispute a mark on your credit report, they’re legally obligated to investigate and remove the mark if it’s found to be invalid.

4. Lower Your Credit Utilization (2:17)

The term “credit utilization” refers to the percentage of available credit you’re using. The lower your credit utilization ratio, the better. Many credit experts recommend keeping it under 30%.

5. Know When To Apply For More Credit (2:47)

Your “credit mix,” or the types of credit you have, makes up 10% of your overall score. This isn’t a big factor, but you can boost your credit score further by carrying a mix of different types of credit.

6. Reconsider Closing Old Credit Cards (3:12)

Your credit history, or how long your accounts have been open, makes up an additional 15% of your credit score. So it may be best to keep open an old credit card if it doesn't have an annual fee.

7. Keep Hard Inquiries to a Minimum (3:33)

If you need to take out a loan, you can often check your rate with different lenders for free. This generally results in a “soft credit check” where the lender gets access to a limited version of your credit report. These don’t harm your credit score.

All in all, having a good credit score means more opportunities. While earning a good credit score can seem complicated and confusing at first, it is possible to increase your credit score.

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