What is the best way to improve credit score? This article will not only answer that question, but offer tips on how to improve your credit score as fast as possible.

Side note: This article assumes that you already know your credit score. If not, you can purchase (unlike credit reports, credit scores don’t come free) it from either MyFico or Equifax. Why these two? Because they are the only ones that offer the true FICO score that is most widely used by lenders.

The biggest chunk of your credit score (65%) is based on two main factors:

1. Payment History (35%): This is the most important factor. Paying your bills on time raises your score. Late payments hurt your score often by significant margins.

2. Amount of debt (30%): This is the second most important factor in determining your credit score. Your debt to credit ratio plays a large part here; you want to keep it low.

Of the two factors above, the only one you have some control of is the No.2. Only time can take care of the No.1.

So, the first thing you need to do is to start paying your bills on time. Eventually, any late payments will sink into the background and decrease in importance. Also to note here is that new adverse information is most damaging to your score.

The fastest way to improve your credit score is by reducing your debt to credit ratio.  Your total debt should be between 10% and 30%. And yes, you do need to keep some debt in order to show regular and timely payments.

Your debt to credit ratio can be reduced by one of several methods:

1. Paying down your credit cards. This is not the easiest or fastest route as funds may not be readily available in the short term. For many, paying more than minimum amount due without using the credit card(s) might work, albeit slowly.
 
2. Requesting credit limit increases: This is a quicker option, but depending on your credit history, your creditors may decline to increase your limit. Not only that, but they will often run your credit, which will generate a hard inquiry (which causes points lose).

3. A commonly used method is to open a savings or cash deposit account (CD) for $500 to $1000 (the more the better if you can). You then borrow an equal amount against it. You can take the same money you borrowed from and open another account with another bank and repeat the process. There is no limit as to how many times you can do this, just make sure you can afford the payments.

4. A better way to improve credit score is to have new accounts added to your file. You want to be fairly sure that you will get approved, so go for pre-approved credit cards; you know, like the ones that come in junk mail. The downside is that the limits offered are often small and they usually come with other fees such as application fees, annual fees etc.

5. Now the best method. A very practical and easy method for raising your credit limit and reduce your debt to credit ratio is to get a merchandize card. Some merchandize cards can start you with a handsome limit ($2000 to $5000 and sometimes more) with no credit check or annual fees. As long as they report to the bureaus, these cards can help improve your credit score almost immediately. The challenge here is finding out which cards report to the bureaus, offer best rates, and are not scam.

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