Free Tool Can Help Raise Your Credit Score

A free online tool from American Express pledges to help lift your credit score — and you don’t have to be a customer to use the technology.

The Score Goals tool lets you enter the credit score you hope to achieve. Using your credit history, the tool then gives you recommendations for getting to your goal within a timeframe of six, 12, 18 or 24 months.

The tips the tool offers fall into four categories:

• Payment activity
• Percentage of credit used
• Debt and balances
• New/recent credit

You can choose to follow recommendations regarding anywhere from one to all four of the categories.

Each time you log into the Score Goals site, you will see your current credit score and the progress you have made toward the credit score goal.

American Express says the advice Score Goals offers is “based on the paths millions of others actually took to reach their credit goals.” Score Goals compares your credit profile to other borrowers with similar profiles who already have achieved the credit score you desire.

The Score Goals tool uses VantageScore in tracking your credit score. The three major credit-reporting agencies — Equifax, Experian and TransUnion — created VantageScore in 2006 as a competitor to the more widely used FICO score.

American Express says that it uses “soft” inquiries to pull your TransUnion credit report, and that using Score Goals will not hurt your credit score.

More ways to boost your credit score

Using Score Goals is just one way to boost your credit score. Recently, Money Talks News founder Stacy Johnson suggested some easy DIY ways to improve your credit standing. Improving your score is important. As Stacy notes:

“Bad credit can lead to bad news: Your score can affect whether you get a credit card or loan, how much you pay for insurance and even whether you get a job.”

For more, check out “5 Simple Steps to Increase Your Credit Score in 30 Days.”

Stacy also has a perfect credit score. Want to find out how he did it? Check out “How I Got a Perfect Credit Score in 4 Steps.”

Finally, it’s tough to raise your credit score if you are still in debt. If you are struggling to meet your obligations, stop by Money Talks News’ Solutions Center and find out how to get professional with your debt.