Building a strong credit score is a long-term pursuit, Rossman says. But there's one thing you can do to improve your score right now. "The most impactful thing that consumers can do to quickly improve their credit score is to lower their credit utilization ratio," he says., divide the credit you're using by your credit limit. "Ideally, your credit utilization ratio will be below 30%, and most people with the highest credit scores keep it below 10%," Rossman says.
A great way to lower your credit card utilization is to make an extra payment during the month, so you can knock down your utilization before the statement even generates, Rossman says.Both Rossman and Schulz underline the importance of paying your balance in full and on time, if you're able. While that should be your ultimate goal, that might not feasible depending on your current financial situation.1.
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