Prepaying and repaying your loans on schedule is the quickest and most straightforward strategy to raise your credit score. Avoid late payment interest and penalties as much as possible since they might negatively impact your credit score. You could ultimately notice an increase in your FICO credit score if you pay off any short-term bills. The kind of loans and interest rates you may get in the future will depend on your credit score, which is an excellent sign of your financial health.