What’s your credit score? This is what people ask when it comes to big investments like leasing a new car or buying a home. Unfortunately, a few young and dumb mistakes made your credit bottom-out.
You’re not among the 650 – 743+ average credit score range.
Fast forward to today, sitting across from a lender and you’re wishing you knew how to raise your credit score fast. You’ve lost the opportunity, hindered by a low credit score. This can change.
You’ll learn the best way to repair credit in this article. Plus, what you can do this very day to begin the credit rebuilding process.
How to Raise Your Credit Score Fast: Smart Strategies for Savvy Consumers
There are many reasons for low credit scores, common ones include:
- Late payments
- High credit use
- # of inquiries
The best course of action to increase your credit score is paying bills on time.
Can’t wait? Try the following for a score “bump” to increase the chance of “yes” with big-ticket applications.
Take Control of the Credit Debt
High credit use increase missing payments as you feel burdened by financial stress. It’s easier to avoid the problem than deal with it. This neglect causes more late payment marks on your credit.
High debt can also overwhelm you through interest charges.
- Consider a bad credit loan or cash gift from family
- Use the money to pay down debt to manageable levels
- Reinvest extra charges you were paying toward the principle
This action could lower your credit utilization and prevent delinquency. The credit reporting shows as “on-time” effectively increasing the credit score, too.
Dispute Errors or Outdated Info
Many items stay on your credit report for up to 7 years. Yet, sometimes these delinquent marks stay on longer due to reporting errors. Don’t expect a company to remove these errors, dispute and wipe them from your credit score.
- Get a copy of your credit report
- Determine what’s “good” and “bad” debt
- Write the company using a dispute letter
- Wait for the investigation and its report
- Send the letter and confirmation to the credit reporting company
Leave “good” old credit be as this shows a positive credit history. Use this technique for those holding back your credit score.
Big financial decisions may call for many credit inquiries. Too many inquiries will decrease your credit score. Instead, try applying for the “big ticket items” at the same time as reporting companies lump them as one.
Consider your loan options beyond banks to maximize your attempt.
Get Authorized on Another’s Credit
Being authorized on someone’s credit is one of the fastest ways how to get your credit score up. This makes their credit history and credit line as if it were yours.
- Date of Birth
The person may include a family member or friend. Employers helping employees through credit authorization isn’t far-fetched, either. Your score will reflect a positive bump in a few months.
Consistency is Key with a Good Credit Score
There’s no reason for exploring how to raise your credit score fast if you’re not committed to maintaining it. Scores will drop as quickly as they increased if you go back to neglectful financial habits.
Need help taking control of your finances? Get in touch. Our experts will explain and help you reclaim a great score through private lending.