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## How to Improve Credit Fast – The Number One Rule That Can Boost Your Credit in No Time

The complex algorithms that credit bureaus use to calculate your score ultimately narrow your credibility down to a three-digit number. This number is used by lenders and some employers to determine whether you are risk-free and “worthy” of a loan or a new job. Good credit gives borrowers the “green light” while bad credit closes many doors. So knowing how to improve credit quickly can be important.

The most important fact to remember when trying to fix credit is the credit formula. Your 3 digit score can be easily broken down into 5 parts: payment history, amount you owe, length of credit history, types of credit used, new credit. Each of the 5 sections has a different effect on the final score.

1. Payment date takes 35% of the score. In other words, past due accounts, how long you have past due, how long you have past due, bad records and general collections have the worst impact on your credit.

2. debt level. The amount you owe is 30% of your score. Here lenders take balance/limit rate on credit cards, installment loan accounts. When your balance gets dangerously close to the limit, this acts as a red flag for lenders. Focus on reducing the balance or increasing the available credit limit.

3. length of credit history. In short, the longer your history, the better your score. Simple things like adding a co-signer with a longer credit history to your account can extend your history and therefore increase your score.

4. types of credit received and new credit. They account for 10% each. Types of credit include credit cards, auto loans, mortgages, student loans, etc. The more diverse the credit you get, the better. New credit refers to the most recent accounts you’ve opened.

It is important to be aware of all the factors that make up your score and their relative importance in the credit calculation formula. Credit talks that have proven to work miracles focus on the areas that affect your credit the most.

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