Chapter 03 — Money & Finance
How do I improve my credit score fast?
Three levers move fastest: pay every balance on time (set autopay for the minimum at least), get your utilisation below 30% (under 10% is better) by paying mid-cycle or asking for a limit increase, and dispute any reporting errors. Visible movement in 30–60 days.
Follow-up questions
Should I close old credit cards?
No. Closing shortens your history and shrinks total available credit, both of which hurt the score. Use them once a year to keep them active.
Does paying off debt early help?
Revolving debt (cards): yes, immediately. Installment debt (car, student loans): only a little — the lender prefers a paid-on-time history to early payoff.
How long do late payments stay on my report?
Seven years in the US, six in the UK. They lose weight over time, especially after 24 months of perfect payments since.
Does checking my score hurt it?
No — checking your own score is a 'soft pull'. Applying for credit is a 'hard pull' and dings you a few points.
Fastest way to add points?
Pay down credit-card balances just before the statement closes so a low utilization is reported.
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