 TITLE: What Is the Difference Between a Prime Loan and a Subprime Loan? CONTENT: How to Improve Your Credit and Become a Prime Loan Borrower\n-----------------------------------------------------------\nPrime borrowers have FICO® Scores of 670 or above and a history of paying their debts. As a result, lenders consider them lower risk, and it's generally easy for them to get competitive rates on loans. Super prime borrowers, who have FICO® Scores of 740 or higher, are even more desirable to lenders and can qualify for the lowest rates.\nOver time, getting the lower interest rates available to prime borrowers can save you hundreds or even thousands of dollars on a loan. To become a prime borrower, you'll need to improve your credit score.\nStart by getting a copy of your credit report from each of the three major credit bureaus (Experian, TransUnion and Equifax). You can get free copies of your credit reports through AnnualCreditReport.com. Review your credit reports carefully to make sure they're up to date and accurate. If you suspect fraudulent activity or believe information is incorrect, contact the credit bureau to file a dispute.\nIf you have any late accounts, bring them current. Going forward, focus on paying all your bills on time. Paying down debt and reducing your credit utilization rate can also help boost your credit score.\nEnrolling in Experian Boost™† can be a quick way to increase your FICO® Score from Experian. This free service gives you credit for paying your phone, utility, certain streaming services and other bills on time.\nAvoid opening new credit accounts or closing existing credit accounts. Even if you aren't using them, having those accounts on your credit report can add to your credit mix, lengthen your credit history and provide more available credit, lowering your credit utilization ratio. You may, however, consider closing a credit account if it charges high annual fees you have a hard time keeping up with.\nAs you work to improve your credit score, Experian's free credit monitoring service can help you track your progress over time and alert you when your FICO® Score changes. END