Raising your credit score fast

 If you’re planning to borrow money for a car, home, or other big purchase, the better your credit score the better deal you’ll get on interest rates. So understanding how to raise your credit score fast, can be especially helpful in these situations. There are five components that make up your credit score, the biggest is payment history, and has to do with paying on time. Next is the length of credit history, mix of credit you have, and the amount of new credit you have. All these components take time to develop. Which brings us to the final component: Credit utilization ratio, or how much money you owe compared to your total available credit. As a rule of thumb, you never want your credit utilization ratio to go over 30%—if you have one credit card with a $10,000 limit, and you owe $1,000 on it, your credit utilization ratio is 10%—but if your goal is to quickly raise your score, try to get that number down as low as you can. It’s hard to say exactly how much the change will impact your individual score, but in general, the more debt you pay off the better.