How to Move from Fair to Good Credit: A Strategic Plan
Moving from a fair credit score to a good or very good score is a realistic and achievable goal for anyone with financial discipline. While lenders may approve applicants with fair credit, they often view them as riskier, which can result in higher interest rates and less favorable terms. If you are still exploring the options available to you, our guide on How to Find the Right Card for Fair Credit can help you get started. Increasing your score marks you as a more trustworthy borrower, opening doors to better cards and lower interest rates on loans. This strategic plan outlines the key actions you can take to improve your score over time.
To understand the full range of options available to you now, read our hub article on A Complete Guide to Credit Cards for Fair Credit.
1. Master on-time payments
Your payment history is the most significant factor influencing your credit score, making up 35% of your FICO® score.2. Focus on paying down debt and lowering utilization
How much debt you owe relative to your available credit (your credit utilization rate) is the second most important factor, making up 30% of your FICO® score. Lenders prefer to see this rate at or below 30%, with lower being better.3. Maintain a long and diverse credit history
The length and mix of your credit accounts signal to lenders that you have experience managing different types of credit responsibly.4. Limit new credit applications
Every time you apply for a new line of credit, it results in a hard inquiry on your credit report, which can cause a small, temporary dip in your score.5. Monitor and correct your credit reports
Errors on your credit report can negatively affect your score, and finding and disputing them is a simple way to boost your score.By following this strategic plan, you can take control of your credit score and move from the fair credit range to a good or very good score, giving you access to better financial products and opportunities.
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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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