10 Ways to Increase Your Credit Score Fast
Everyone has a certain degree of control over their credit scores. You can take some simple steps to improve your score no matter how good (or bad) your score already is!
If you think that you have no control over your credit scores and credit reports, think again. There are a number of things you can do to improve your credit score quite quickly.
You can obtain your credit reports from annualcreditreport.com, the official site. You can also use various free trial offers to get your credit score in addition to the previous site giving you your credit report, such as myscore.com. Getting your free credit reports is the best first step in finding errors and improving your credit score.
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2. Negotiate with creditors. Write a letter offering to pay any remaining balance on debt or an account that went to collection IF the creditor will then report the account as “paid as agreed” or will completely remove the account. [Offer: Negative items on your credit report? Talk to the leaders in credit report repair – (844) 824-9764 ]
3. Get a credit card, BUT pay your bills on time, and don’t use a large percentage of your credit limit. You have to be responsible for this to be a positive. If you can’t get a regular card, you can get a secured credit card.
4. Check your credit limits. Make sure your reported credit limits are accurate and not lower than they actually are. This helps your credit utilization ratio so it doesn’t look as if you are maxing out your cards every month.
5. Do not use the full limit of your credit lines. Experts say that your credit utilization ration should be less than 30% and preferably around 10%. So if your credit limit is $1400 then you should spend around $140/month.
6. Become an authorized user on someone else’s card. Get a relative or friend to add you to their existing credit card account. Use the card responsibly, or not at all.
7. Do not close any credit cards. Canceling a credit card has two impacts. First, it will reduce your overall available credit, which is a negative. Second, if the card is old, it will decrease the overall age of your credit cards which is also a negative. Use the card once a year to pay your cable bill o
8. Increase your credit limit so that your typical monthly usage makes up a smaller percentage of your total credit limit. This decreases your credit utilization ratio.
9. Pay your bills on time. This should be obvious, but timely payments make up a large portion of your credit score. If you are prone to forgetting, sign-up for auto bill pay.
10. Pay your bills twice (or more) a month so that you keep your credit utilization ratio low. If you pay off a portion of your bill just before the due date, your utilization ratio will drop. For example, suppose you have a $1000 credit limit and charge $500 in one month. Make a payment of $400 just before the due date so that your reported use would be $100 – 10% of your limit.
Keep checking back for updates and new articles with more suggestions to improve your credit score!