What is the single most effective way for someone to improve their credit score?

Making all payments on time, every time, is indeed the single most effective way to improve a credit score. Payment history is the most significant factor in determining credit scores, typically accounting for about 35% of the score calculation. Timely payments demonstrate to lenders that you are a responsible borrower, which positively impacts your creditworthiness.

Consistently making on-time payments helps build a solid credit history, which is crucial for improving your overall score. This practice not only affects your current accounts but also influences future credit applications, as lenders will see your reliability in handling debt.

While reducing total debt is also important and can contribute to a better credit score, it does not carry as much weight as payment history does. Closing unused credit accounts can negatively affect your score if it reduces your overall credit limit or shortens your credit history, and applying for multiple credit cards at once can lead to hard inquiries, which can also harm your score. Therefore, maintaining a habit of timely payments has a clearer and more immediate positive impact on your credit score.