The truth is, with a little bit of discipline, it's very easy to build good credit without much effort at all. If you are short on time and money to build good credit, then here are 5 instant tips to building good credit and a good credit score.

1. Increase Your Credit Limits - did you know that you can easily call your credit card companies and ask for a credit limit increase? The point is to have a higher limit and instantly lower the percent of balances that you carry. The lower the credit card balance compared to the credit limit, the better for your credit score as credit balances count for 30% of your credit score.

2. Spread Out Your Balances - if you have a credit card that is maxed out and others that are paid off simply transfer part of the balance over to the other cards. What that means is that you wouldn't get hit from the credit agencies for having a maxed out card since you have now spread out the high balance over a series of cards.

3. Have Several Types Of Credit - part of building good credit is having a good mix of credit. The saying "Don't put all your eggs in one basket" definitely applies here. When it comes to your credit, having different types of credit is key. It's best to have credit cards, auto loans, mortgages, and other installments loans within your credit profile than just having one of these categories.

4. Pay On Time - this seems like the most obvious, but often is overlooked. Many people look for the magic bullet for building good credit; however, it's the simple things like paying your expenses on time that make the biggest impact. There's nothing better that you can do for your credit and credit score than paying on time each and every month.

5. Apply For New Credit With Caution - when you are seeking to get new credit, don't go into a credit application frenzy and apply for many different cards or loans all at once. Although they don't do as much damage as other credit factors, inquiries can cause your credit harm. Spread out the time that you apply for cards by a few months so that you don't have a lot of credit inquiries in a short amount of time.

As you can see, there are simple things that you can do regularly to build good credit. They don't take any money at all other than what you are already using to pay your bills. Aside from costing absolutely no money, each of these will only take you a few minutes and will guarantee that you build not only good credit but also a higher credit score.