13% of Higher Earners Have a Below-Average Credit Score. Here's How to Boost Yours

It's time to bring that number up.

Your credit score is by no means a random number. Rather, it's a measure of how timely and reliably you pay your bills and how well you manage your various credit card accounts and debts.

There are several factors that could lead to a less-than-stellar credit score. If you're forced to rack up a large credit card balance due to an emergency expense, that alone could bring your credit score down. And if you run into a financial crunch and are late with even a single credit card payment, that, too, could cause a world of damage.

But recent data from the financial news outlet PYMNTS reveals that it's not just lower earners who are struggling with their credit scores. Rather, one-third of people earning more than $250,000 a year say they have an average or below-average score. And 13% of those earning over $250,000 specifically say they have a below-average score.

If your credit score needs work, there are different steps you can take to improve it. And the sooner you do, the better.

1. Pay all bills on time

Your payment history carries more weight than any other factor that goes into your credit score, so the simple act of paying your bills on time, all the time, could make a big difference. Take note of when your various bills are due so you don't miss them due to carelessness. And aim to pad your savings account so you don't wind up late with payments due to a lack of money.

2. Whittle down some credit card debt

Carrying too high a credit card balance relative to your total spending limit could drag your credit score down. If you're a higher earner, it may be that you have an opportunity to cut back on some spending to free up money from your paychecks to chip away at your existing balances. Doing so could lower your credit utilization ratio, which could, in turn, raise your score.

3. Check your credit report carefully

When's the last time you reviewed your credit report in detail? If you can't remember, now's a good time to access your free copy and start reading through it (you're entitled to a free copy of your credit report once a year from each of the three major reporting bureaus). A mistake on your credit report, like a delinquent debt that's not really yours, could drag your score down a lot, and that's the sort of thing you'll want to correct.

Don't resign yourself to poor credit

Being a higher earner means you may have certain financial opportunities to look forward to, like buying a home. But if your credit score is weak, you might struggle to meet the goals you set for yourself.

If your credit score needs work, it pays to invest some time and energy to improve it. You never know when you might need to borrow money, and the higher your credit score, the easier it will be to do so in an affordable manner.