4 quick ways to boost your credit score

Higher marks improve your chances of getting a loan, favorable rates

You're in the market for a mortgage or other type of loan but are consistently turned down.  Or you do et a loan offer, bu the interest rate is staggering.

Most likely your credit score is the culprit.

The higher your score, the better your chances of obtaining a loan, and the better your rtes and terms.  Here's how to improve your credit score fast so that you can get the loan you need.

Check for errors on your credit report:  If you've regularly paid your bills on time and never had any issues with lenders or credit card companies, yet you have a low credit score, it could be that there's a mistake on your credit report.

According to a Federal Trade Commission study in 2012, about 25 percent of people had some error on their credit report, which had a negative effect on teir score.

You're allowed to review your credit report for free once a year with each of the three credit reporting bureaus - Equifax, Experian and TransUnion.  You can get access to your free credit reports by visiting AnnualCredotReport.com.

Start paying on time:  You can't always blame the credit bureaus for a low credit score.  In some cases, a low score is a result of your payment habits.  Your payment history has a big effect on your score.

According to the Fair Isaac Corp., which calculates the FICO score, payment history makes up 35 percent of your score.  If you aren't already in the habit of paying your debts on time, doing so can improve your credit score quickly.

Keep balances low:  How much you owe makes up 30 percent of your FICO score.  The less you owe in comparison to what you could borrow, the higher your score.

One trick to try is to pay your balances off before the closing date of your credit card statement.  If you charge $1,000 to one card during a month, but pay the balance in full before the statement period ends, the credit card will report that you owe nothing, making it look as if you're not using your credit at all.

Even if you can't pay the entire balance off before the statement closing date, try to keep the amount less than 30 percent of the amount of credit available.

Be cautious about new credit:  Your credit score drops a bit every time you open a new credit card or other account.  If you're wondering how to improve your credit score fast, one option is to be cautious about opening new accounts or cards.

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