5 Quick Credit Score Fixes
You want to fix your credit score fast. Unfortunately, the best way to fix your credit score is to make on-time payments over several months. However, there are some things you can do to boost your credit score quickly.
- Check your credit report for mistakes – Mistakes happen. Sometimes lenders report problems on the wrong credit report, or someone may have said you paid late when you didn’t. Get a copy of your credit report, go through it line by line, and make sure everything looks right. If not, dispute any errors immediately. The process can take a while so you want to get started right away.
- Pay off some of your debt – Paying down credit cards or other installment loans increases your credit score in two ways simultaneously. First, by paying down some debt, your debt-to-income ratio will be lower. Lenders love to see that it will be easy for you to pay. Second, reducing your debt means increasing your available credit percentage. Your credit score takes into account how much of your total available credit you have already used up, but be careful: For this to work, you have to pay an account where the amount available does not change, like a credit card. Paying off a car loan, for example, both reduces your debt and reduces your total credit, so it won’t help as much.
- Add bills you pay on time to your credit report – Typically, your credit report doesn’t include things like on-time rent or utility payments. Some credit reports will now allow you to add these to your credit report. More on-time payments over a longer period means a higher credit score.
- Open a new credit card but don’t use it – This one will actually make your credit score dip for a short while, but soon it will rise. Just like paying off some of your debt lowers your credit utilization, increasing your overall credit limit with a new card also lowers your credit utilization.
- Find someone with great credit and get them to add you to one of their credit cards – This one is tricky, and you have to be 100% sure the person doesn’t have credit issues of their own or it can drag your credit down, too. The idea is that if the account you get added to has something like five years of on-time payments, that would count toward your own credit report as well. However, as an authorized user, you won’t get full credit for that history. In fact, the credit card company may not report the information at all to your credit report. But if they do report that history, it will boost your score.
Have questions about any of these credit tips? Reach out to the experts at Key Credit Repair today!
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