Use these four simple tips to boost your credit score. After all, your credit score is the key to getting approved for a loan with a lower interest rate.

Pay on time

Your payment history makes up about 35 percent of your total credit score. So if you’re never late with your loan and credit card payments, you may be well on your way toward a stronger credit score.

Reduce your current debt

The amount you owe to all your lenders makes up about 30 percent of your score. The less outstanding credit you have, especially on credit cards, the better your score. But a history of good debt management is better than having no debt at all; lenders have no way to tell if you are responsible with credit if you have no debt. Credit cards are a quick and effective way to build credit. Be sure you never miss a payment and when possible, pay the balance in full every month.

Stick with your lenders

The length of your credit history accounts for about 15 percent of your score, so it pays to maintain your credit relationships. Canceling unused credit cards to reduce your overall credit may work against you because your score considers both the average age of all your accounts and the age of your oldest account.

Limit applications

The rest of your credit score, 20 percent, rates your debt mix, the number of accounts you have, and whether you have recently applied for a loan or credit card. Limiting the number of applications you fill out should help increase your score.

As a consumer, you’re entitled to a free copy of your credit report once a year from each of the three credit bureaus: Equifax, Experian and TransUnion. Get yours at annualcreditreport.com, the only source for free credit reports authorized by federal law.