8 Ways to Improve Your Credit Score


If you’re applying for a private student loan, your credit score will have a large impact on whether you are approved for a loan, and if approved, what rate you will receive. A good credit score gives you access to lower interest rates which can save you money.

If you’d like to improve your credit score and are mystified by how credit scores work, keep reading!

Major credit score factors

Lenders use a wide variety of credit score models, such as the FICO or VantageScore models, and there are different versions of each of these. There are also three different credit bureaus (TransUnion, Experian, and Equifax), and your score can vary slightly depending on which bureau is reporting your score. Confusing, right?

Don’t worry! The major factors used to calculate your credit score are similar across the various models. Knowing which factors impact your score the most, can help you determine which steps you can take to improve your score.

FICO Score Weighting

Source: myfico.com

VantageScore Weighting

Source: vantagescore.com

Ready to improve your credit score! Let’s go!

1. Make on-time payments

Payment history is the largest factor in your credit score. If you’ve missed a payment in the past, it can stay on your credit score for up to seven years. The impact of late payments does will fade over time, until they finally drop from your credit report. While it is difficult to erase past late payments from your credit history, you can start building a new history of on-time payments today. Careful budgeting and setting up automated payments with your creditors can help you avoid missing payments. And the lower your score is, the more positive impact a record of on-time payments can help!

Why Brazos?

Why Brazos? We are one of the best kept secrets in Texas! We’ve been helping students and parent finance their college education since 1975, and our companies together are the largest nonprofit student loan group in the country! Helping make college affordable has been our mission for over 40 years! Go to About Us to learn more.