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Improving your credit, or FICO, score by even 50 points can save you hundreds of dollars per month in lower payments. This is because your credit score directly determines the interest rate at which lenders charge you for auto loans, mortgages, and credit cards. A better score can also make you eligible for many special rates and promo offers that you may not even be seeing right now because you are not on the “right” mailing lists due to a less-than-impressive score.

Here are 5 secrets for getting a better credit score faster.

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Adding authorized users to trade lines is a controversial topic. Lately it seems there are more critics with an opinion on the topic; unfortunately, the critics aren’t providing the public with honest and accurate information. There are critics who would like you to believe that after September 1st the practice of adding authorized users to enhance a credit score will not be effective. That just isn’t the case.

There are three credit bureaus: Experian, Equifax and TransUnion. Fair Isaac owns Experian and Fair Isaac is the company that has developed the FICO scoring models.

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There is so much information out there on improving your credit score that it is hard to know what really works. Because most people never take a class or fully understand the credit system, a host of myths and misinformation has developed regarding the subject. Some of these misnomers may seem logical or possible, but really have no grounds for proof. Sadly, much of this information is coming directly from sources that should know what they are talking about, such as bank representatives or mortgage lenders. For this reason, it is important to be aware of the basic credit score myths to keep from wasting your time or even hurting your score.

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