Improving Your Credit Score

Dec 20, 2022 at 7:00am
Improving Your Credit Score

The focus of this blog is on Improving your Credit Score, which starts with financial literacy. As discussed in an earlier blog, financial literacy is about knowing how to manage debt by planning and monitoring your finances and keeping track of your day-to-day personal spending.

Note that a Credit Score is not required when applying for a grant, however a good Credit Score is required when applying for any type of loan or credit, be it personal / home loan, credit card, retail accounts, some job opportunities, and so on.

Practical ways to Improve Your Credit Score

One practical way of improving your Credit Score is through using loans and credit cards responsibly, and constantly making payments on time, and paying no less than the amount due. The more your credit report shows that you are a reliable payer the higher your Credit Score. This shows lenders that you can be trusted with paying back monies owed, fully and within the specified time. This also means that you can be offered credit at competitive interest rates.

Below is a list of practical things to do to increase your Credit Score:

  • Increase the number of payments made on time. Missed payments will negatively affect your score.

  • Maxed-out credit cards and higher balances on retail accounts, instore cards, will lower your credit score. So, pay off what you owe as much as you can, to increase your Credit Score.

  • Loans that are almost paid off may increase your Credit Score as they reflect a successful payment history.

  • A mix of accounts, including installment loans, home loans, instore and credit cards are likely to improve your score if you pay on time. This reflects great debt management skills

With that said, “it’s the most wonderful time of the year” to start managing your debt and improving your Credit Score.

Author: Mpume Nyandu - Director: Stakeholder Relations at HPP Cares (CDE)

To learn more on related topics click on this link:

Recent Posts Archive


As a social enterprise, HPP CARES CDE has achieved significant and wide-ranging accomplishments in recent years. Working under the National Coalition for Equities' (NCFE) umbrella, our focus has been on advocating for a strong community voice among federal and state regulators and major private sector corporations. We've dedicated ourselves to addressing public policy issues, particularly those related to wealth and income inequality impacting affordable homeownership and small business growth.

Through collaborative efforts with NCFE, HPP CARES CDE has expanded outreach initiatives, leading to increased corporate social responsibility and consumer protection awareness. Our endeavors have enabled us to engage with a broader audience, forge partnerships with numerous companies, and engage with regulators, all with the goal of supporting deserving individuals in achieving sustainable homeownership, fostering successful small businesses, protecting consumers, and empowering California communities.

At HPP CARES CDE, we are committed to championing opportunities for people of color to become integral partners in our mission to reduce income and wealth inequality, thereby contributing to the creation of stronger futures for all minority groups.