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If you have good or bad credit, and your credit score needs a little boost to obtain favorable terms for new lines of credit, there is one thing you can do to raise your
credit score quickly.
The current amount of money you owe and the amount of available credit is 30 percent (over 250 points) of your FICO credit score. This factor is your outstanding debt and how much money you owe on
your credit cards, car loans, mortgages, home equity lines, etc. Most importantly is the total amount of credit you have available. If your credit cards are maxed, it tell creditors that you utilize
your credit close to 100%. Even worse, is if your credit cards are over the limit, putting your credit utilization over 100%. This tells creditors that you are not managing your credit as good as you
should be, letting them to believe you are a higher credit risk.
Credit scores change on a month to month basis as creditors submit your payment history to the credit agencies. In order to increase your credit score quickly, assuming you have open credit cards and
your balances are close to the max, you need to pay down the amount owed on your credit cards. Ideally, paying down your credit cards to under 50% of your total credit line will help to increase your
score the most. However, any decrease in credit utilization will help.
Other factors that effect your credit score, but can only help raise it over a period of time is payment history, length of credit history, having a mix of credit and inquires for new credit.