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Teacher Editor
Teacher Editor, Teacher
Category: General
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How can I raise my credit score I am paying off my student

Resolved Question:

How can I raise my credit score? I am paying off my student loan and my credit card debt is lower than 2k; but my score is only 658. Is there any thing I can do that will have a big impact on making my score higher (with in a year)?
Submitted: 5 years ago.
Category: General
Expert:  Teacher Editor replied 5 years ago.

Linda Roch :

Hello and welcome! If you have any other questions, please let me know or please click Accept.

Linda Roch :

Your credit score is based on a couple of factors.

Linda Roch :

One of those factors is credit history so the amount of time that you have had credit cards and/or student loans and how well you are paying on time.

Linda Roch :

However, another factor that goes into account is your debt to equity ratio

Linda Roch :

When your debt is higher, this ratio is worse and goes against you because your credit-worthiness goes down as the higher your debt is, the higher risk you are for other creditors.

Linda Roch :

Thus, the first thing you can do in the short-term is to pay off as much debt as possible in the short-term.

Linda Roch :

I would start with paying off the whole credit card debt.

Linda Roch :

Then, as much of your student loans as possible (even more than the regular payment).

Linda Roch :

This may help in the short term.

Linda Roch :

Another quick way to fix this, is to become an authorized user of someone who has great credit.

Linda Roch :

Then the credit history of that specific credit card will reflect positively on your credit score.

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