You are probably fed up with the unfair quotes you are getting from lenders.
Maybe you are being quoted on a car loan at 12% interest when you know you could be getting it for 5%. Or maybe you want to avoid paying hefty down payments on a mortgage.
The good news is that adding 200 points to your credit score in a month is possible with a little work.
Here’s how to do it.
How to Increase Credit Score Quickly
There are a few tried-and-true tactics you can take to get your credit score up fast. First, it helps to understand how a credit score is calculated so you know which actions are the most impactful.
Here is the weighting of how your credit usage and payment history affects your credit score:
- payment history (35%)
- amount owed (30%)
- length of credit history (15%)
- new credit (hard inquiries) (10%)
- type of credit used (10%)
1. Dig Deep Into Your Credit Report
If you haven’t already, request a free copy of your credit report and go over it with a fine-tooth comb.
You will want to identify any accounts that have a negative status. An account you have paid off already may not have been updated on your record. In this case, you should call the creditor for that account and request they remove the record.
If you have late payment records, you might also have success in speaking with the creditor. They might be willing to remove the late payment record, particularly if your payment history has improved or you fully pay off your debt.
You will also want to look out for the following items that can be harming your credit, particularly if they are in error:
- Hard Inquiries
- Late Payments
- Inaccurate Items
If you spot any mistakes on your report, you will want to go through the credit bureau dispute process.
2. Pay Off Outstanding Debts
To get your credit in good standing, you need to settle your outstanding debts ASAP. Or at least pay them down as much as you possibly can.
To make sure a paid off account is quickly reflected in your report, contact the collectors or creditors directly. They should remove the item from your report, and if they won’t, you will need to go through the credit dispute process.
You need to also make sure you are always making at least the minimum payment on each of your credit accounts on time each month.
Paying down your debt is a major factor in repairing credit, but there are other things you can do for a quick boost.
3. Get More Credit and Use it Less
The less of your total monthly credit you use, the higher your score will be.
You want to make sure you only use approximately 30% or less of your total available credit each month to stay in good standing. If you are looking for that quick jump, you should pay down some of your current purchases to get closer to this threshold.
You can also look into opening a new line of credit to boost your overall available credit. If you are pre-approved for a credit card, this is an easy win. However, keep in mind that signing up for a credit account will result in a hard-inquiry, adding a 12-month dip in your credit score. So only apply for a new line of credit if you are positive you will be approved.
Quickly boosting your overall credit limit is one of the best ways to raise your credit score fast.
If you are not eligible for a standard line of credit, you could look into getting a secured line of credit.
4. Get a Secured Credit Card
Secured credit cards require you to put up around $300 – $500 as collateral against any missed payments. These credit cards are designed for people with poor credit, and having one will go a long way towards building your credit back up if you pay on time.
Only go this route if you are confident you can make your payments, as the APR on these cards is high.
5. Become an Authorized User of a Credit Card
The easiest win for a quick credit boost is to become an authorized user on a good standing credit account. This might be a friend or family member’s line of credit.
When you are added as an authorized user, the entire record of that line of credit will be on your report. Even if you don’t have a card for the account or ever use it, having that squeaky clean line of credit attached to you will help you raise your credit score FAST.
You are not liable for the account or missed payments by the primary account holder. However, you should take note that any actions the owner of the account takes that damages their credit record will then hurt you as well.
Hammer Out The Dents In Your Rating FAST with Credit Repair
Remember that list of items to look out for on your credit report? Particularly the ones that might be there in error?
Contacting creditors doesn’t always mean they will remove a record, and the dispute process is painfully slow. If you are willing to invest a little into getting your credit score back up, consider a credit repair service.
These legal experts have long-standing relationships with credit bureaus and lenders. If they see negative items on your credit report that can be removed, they get them gone, and FAST.
At RepairCreditQuick we partner with the top credit repair specialists in the country. When you contact us, we will give you a free copy of your credit report, and a free consultation with a credit repair specialist on how they can help.
If you want an extra hand in getting your credit score up 200 points in only a month, contact us today.