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4 Ways To Boost Your Credit Score Before 2024

Wouldn’t it be wonderful to go into the new year with good credit? Your credit score has a major impact on your financial life — having a higher score comes with benefits like cheaper mortgage loans, better credit cards, and more. Ultimately, having good credit makes it easier to borrow money without owing a ton of interest, and in this high interest rate environment, the higher your credit score, the more you’ll save.

As an example, as of this writing, myFICO notes that the average mortgage interest rate for someone with a credit score above 760 (“very good” to “exceptional”) is 7.4% — but if your credit score is 620 (“fair,” and also often considered the minimum for a conventional mortgage loan), you could pay 9% on a mortgage loan. That makes a major difference — both in the amount of your monthly payment, and the total interest you’ll pay over time.

Now you know why it’s worth working on your credit — so let’s discuss a few ways you might be able to add some points to your credit score before 2024.

This post originally appeared at The Motley Fool.