The Fastest Way to Boost Your Credit Score (Do This)

Paying off an old collection account might feel like the responsible move, but under the most common credit scoring models, it won't actually give your score the boost you are hoping for. Instead of sending your hard-earned money to a debt collector, pay it to yourself! Take those funds and pay down your active credit card balances. Lowering your credit utilization is one of the absolute fastest ways to shoot your credit score up. (Quick tip: Newer scoring models like FICO 9 do reward paid collections, so always strategize your repayment plan based on what your specific profile needs!)

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