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A great credit score is something you earn, not purchase. Read on to learn the right way to go about improving your score. 

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A strong credit score has the potential to open a lot of doors for you. If your credit score is excellent, you may be more likely to get approved the next time you apply for a new loan or credit card. And you may also be more likely to snag a competitive rate on a personal loan with outstanding credit.

Experian says a credit score of 800 or above is exceptional (a score of 850 is perfect). Meanwhile, a credit score of 740 to 799 is considered very good.

If your score falls between 740 and 850, you’re pretty likely to get approved when you apply for a loan or credit card, provided you meet the income-related requirements. And a score in this range means you’re also likely to qualify for a relatively competitive interest rate when you sign a loan.

This doesn’t mean you won’t get approved to borrow money with a lower score. But the higher your score is, the better your chances are.

You may be wondering if it’s possible to pay to boost your credit score. And the answer is sorry, but no. A high credit score is something you earn through specific financial behaviors. You can’t just toss a credit bureau $500 to raise your score by 50 points. But if you make the right moves, you might see your credit score improve over time.

It’s not about money

Your credit score is completely separate from your net worth and income. It’s true that people with a higher net worth or income might be in a better position to have great credit, since having access to more money makes it more likely you’re able to pay your bills on time and not borrow excessively.

But the amount of money you have in no way directly impacts your credit score. If your credit score needs work, you can’t simply throw money at the problem.

How to raise your credit score

If you feel that your credit score could use a boost, there are different steps you can take to make that happen. But do know that improving a credit score tends to take time, so don’t expect results overnight. It might take several months or longer to see your score get a lift, but don’t get discouraged — that’s just part of the process.

To raise your credit score:

Make all bill and loan payments on time. This tells lenders that you can be trusted to borrow again.Keep your credit card balances to 30% of your total spending limit or less. This tells lenders that you’re not overextended.Maintain long-standing credit card accounts. A lengthy credit history is a good thing in the eyes of lenders because it shows consistency.Don’t apply for too many new credit cards at once. This can serve as a red flag that you’re not in such great shape financially because you need sudden access to credit.Maintain a diverse credit mix. It tends to reflect more favorably on you if your credit profile includes not just credit card balances but also installment loans like car loans.

Another way to raise your credit score is to check your credit report for errors. If you spot a mistake that seems to be working against you (for example, showing a delinquency that’s not legitimate), correcting it could help your credit score improve fairly quickly.

There are certain problems in life that money can solve, but a lower credit score isn’t one of them. If you want your score to improve, you’ll need to commit to the above moves. But as a reward, you might get access to more borrowing opportunities — and more affordable ones at that.

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