Two easy tips to boost your credit score
Experian 28% of Americans have a “Fair” or “Poor” credit rating
(InvestigateTV) — Experian shares that the typical credit score in the U.S. is 715 or “Good,” but many are still plagued with lower scores.
According to the Federal Trade Commission (FTC), your credit score significantly impacts your ability to borrow money and the costs associated with borrowing. Additionally, it often influences insurance s, rental eligibility, and even hiring decisions by employers.
Kionnie Epps, a financial educator from the popular website and YouTube channel, ‘The Responsible Homegirl,’ said there are many ways to improve credit scores.
“The first thing I recommend is paying your bills on time every month,” Epps said. “Our payment history makes up about 35% of our credit score, which is huge. So, if you find yourself in the situation where you can’t necessarily pay your bills on time, I need you to pick up the phone, talk to that service provider, communicate with them, let them know what you have going on because there’s always something that they can do.”
The second thing she recommended is lowering credit utilization, which is how much total available credit is being used.
“The recommendation is to keep your credit cards underneath 30%,” she shared. “So, say for instance you have a credit card, and your limit is $1,000. I want you to keep your utilization, aka how much you use of your balance, beneath $300. But if you’re on the other side of this and you have a credit card and it’s beyond that 30% or it’s close to being maxed out, it’s okay just work to pay it down.”
She urged people to check their credit report regularly to make sure there are no errors.
Consumers can request a free credit report every 12 months at AnnualCreditReport.com, the only free reporting site authorized by the federal government.
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