Advertisement

Ways to fix your credit score

Published: Jan. 12, 2022 at 7:00 AM EST
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - The average credit score in the US is 698. That’s according to data from Vantage Score.

Scores between 601 and 660 are considered fair. Bad scores are usually anything between 500 and 600 according to several financial experts.

If you need to boost your score -- Sara Rathner a personal finance expert with Nerdwallet says there are a few things you can do.

Number one is paying your bills on time each month. That includes any sort of loan payments and things like rent and utilities. “Pay your bills on time because late payments especially ones that are more than 30 days late can drop your score by around 100 points. and it’s really hard to come back from that,” said Rathner.

Keep your oldest accounts open. And try to pay down your credit debt as soon as possible so your credit utilization is low-- that’s the percentage of your total credit that you’re using.

Rathner says closing accounts as you pay them off isn’t necessarily a good idea if you’re working on boosting your credit score.

Copyright 2022 WWBT. All rights reserved.

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.