6 things to do to improve your credit score
Editor's Note
A low credit score can have a serious impact on your life. It can keep you from getting some of our favorite credit cards and affect your ability to get a home or auto loan.
Fortunately, no one is doomed to have a low credit score forever. There are several things you can do to bring your score up and keep it where you want it.
Here’s how to improve your credit score.
Take inventory of your credit
First, check your free credit report across all three bureaus (Equifax, Experian and TransUnion) to see what might be dragging down your score. Check to make sure everything is accurate and dispute any errors that you see.
If you see a specific area that is bringing your score down, focus on whatever you need to do to improve that area. For instance, if you have had several late payments that are bringing down your score, you’ll want to focus on setting up a system to ensure you pay all your bills on time. This is the simplest way to improve your credit score.
Related: How to check your credit score for free
Make the most of your checking account
Your bank is your best friend if you want to improve your credit score. Use your checking account to set up automatic minimum payments on every account you have. Remember, payment history makes up about 35% of your credit score, which makes it the most important factor.
Mistakes linger on credit reports, and the best thing you can do for your credit score is to avoid them. Many banks offer budgeting tools to help track spending and saving as well.
Related: How to set up autopay for all your credit cards
Keep credit use low
The amount of available credit that you use affects your credit score. Aim to keep it as low as possible, but certainly work to keep it below 30%.
If you need to adjust your credit utilization, consider paying down high account balances before they’re due. You can also call your bank to request a credit increase. Either of these actions will lower your credit utilization and help improve your credit score.
Related: Here’s why you should never turn down a credit limit increase
Earn credit for paying your bills and maintaining bank balances
If you don’t have a strong credit history, consider Experian Boost, a free service for adding utility and telecom payments to your Experian credit file to build a payment history.
If you’re a saver and have a history of healthy bank balances, UltraFICO may be an option for you. UltraFICO takes checking and savings information into account when calculating scores.
Become an authorized user
If you know someone who has a high credit limit, ask if they’re willing to add you as an authorized user on one of their credit cards. They can do this without even having to give you the card.
As an authorized user, your name is added to the account and it contributes to your credit reports. As a result, the main cardholder’s good credit will positively impact your credit score.
This is one of the easiest things you can do to improve your credit score.
Avoid canceling credit cards
The age of your credit lines matters when it comes to your credit score. Because of this, you want to keep credit lines open to increase your credit age.
If you find that you are no longer using a credit card enough to justify its annual fee, opt to downgrade to a card with a lower or no annual fee rather than close the account.
For instance, if you have the Chase Sapphire Reserve® (see rates and fees), you could request to downgrade it to the Chase Sapphire Preferred® Card (see rates and fees), which carries a much lower annual fee, or to the Chase Freedom Flex® (see rates and fees), which doesn’t carry an annual fee at all. This would allow you to increase your credit age and improve your credit score while also reducing your annual fee costs.
Related: Should I cancel my credit cards if I don’t use them anymore?
How long does it take to improve my credit score?
It takes a while to fix a damaged credit report. Delinquencies — generally reported to credit bureaus after two consecutive missed payments — remain on your report for seven years. Inquiries can stay on your credit report for up to two years.
Since this takes some time, it’s important to stay consistent with good credit habits. By regularly implementing as many of these tips as you can, you’ll be on a solid path to having and keeping a better credit score.
Bottom line
If your low credit score is negatively affecting your life, you aren’t alone. However, you can and should take steps to improve it.
Follow our recommendations for how to improve your credit score outlined above, and you’ll be well on your way to having and keeping a good credit score.
If you want to learn more about credit scores, check out these links:
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- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
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Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
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You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.