Paying off debts does not automatically boost your score. While your credit card and other loan balances may be low because of a recent payment, due to the lenders’ reporting cycles, it may take some time for the payments to be reflected in your credit score. Moreover, available credit and balances are only one of several other factors that are considered by credit score models. Improving your credit score can be achieved over time by regularly practicing these sound financial management techniques:

• Pay your bills on time.
• Apply for credit only when it’s needed; do not open new accounts frequently or open multiple accounts within a short period.
• Keep your outstanding balances low – a good rule of thumb is not to exceed 30% of your available credit limit with each account.
• Pay any delinquent accounts as soon as possible and then keep them current.