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Steps to Improve Your Credit Score
Improving your credit score involves a combination of strategic planning and disciplined financial habits. Here’s how you can boost your score:
- Pay Your Bills on Time: Payment history is a significant component of your credit score. Late payments can have a substantial negative impact.
- Reduce Your Debt: Keeping your credit utilization ratio low, ideally under 30%, can improve your score. Focus on paying down existing debts.
- Avoid New Hard Inquiries: Each new credit application can result in a hard inquiry, which may temporarily lower your score. Only apply for new credit when necessary.