There are a number of steps consumers can take to improve their finances and, in doing so, boost their credit score, according to a report from the California newspaper the Modesto Bee. The easiest way for consumers to do so is by making a greater effort to lower their outstanding credit card debt.
The amount of outstanding debt a consumer has versus what they can borrow, and the regularity with which they make payments, are the two biggest single factors in determining consumers' credit score, the report said. By making regular payments and reducing outstanding balances, consumers can boost their scores significantly in a relatively short period of time.
A healthy credit score can also help consumers with their finances because lenders will typically give those with better ratings more favorable interest rates on the lines of credit they obtain.