Tips to improve your credit score [Video]

(InvestigateTV) — According to the Consumer Financial Protection Bureau (CFPB), a credit score is basically a prediction of how likely a consumer is to pay back money loaned to them and is used to qualify consumers for things like a credit card, mortgage, or car loan.

A credit score can also be used to calculate insurance rates, apartment rentals and job screenings.

Nathan Grant, a senior finance industry analyst with MoneyTips, said there are ways to increase credit scores. One is payment history. That means making consistent, on-time payments over time and not missing any. Even a single late payment can remain on a credit report for up to seven years.

“I recommend setting up automatic payments for at least the minimums,” Grant suggested. “And then when you have more money in your budget, you know that you can apply, probably should focus on the highest interest debt too, but by setting up those automatic payments, you’re going to …