The better your credit score, the more access you have to low interest rates for all your financial products and services. Not only that, but a good credit score can also help you get hired at a new job or start renting a new apartment. It is obviously quite advantageous to have a high credit score. However, too many Americans are in debt. Real, substantial debt that wreaks havoc on their credit score rating. If you are one of those millions of Americans with a low credit score, find out how to turn your bad credit rating into a great one in the post below. These strategies will help you raise credit score fast
Check Your Credit Report
The very first step you need to take to improve your credit score is to request your credit report. Once you get a copy of your most recent credit reports from the top credit reporting agencies, go over it slowly and carefully. You want to be thorough in your review. There may be false information on your credit report. That could really hurt you by dragging your credit score down for someone else’s error. If you do find any fraudulent accounts or inaccurate information, make sure to report it to the credit reporting agency. This is sure to quickly boost your credit score if you do happen to find an error on your credit report.
Lower Your Utilization Percentage
Next, you have to lower your credit utilization percentage. That means you cannot just pay the minimum payment on your credit cards. Instead, do your best to pay off a sizable chunk of your credit cards as quickly as possible. This will rapidly reduce credit utilization percentage for your credit report. Of course, it can prove exceptionally difficult if you have high credit limit cards. Still, once you lower your total percent of credit use, your credit score will get an immediate and sizable boost. That is why paying down your credit card balances is one of the best ways to raise credit score fast.
Make Payments On Time
Make all of your outstanding loan and credit card payments on time. If you do not pay credit card minimums in a timely fashion, your credit score will only sink lower. Most of the time, it will also incur a late payment penalty. Those late payment fees can seriously drain your ability to pay down your credit utilization too. That will only further inhibit your ability to improve your credit score quickly. Be sure that you continue to make all your debt payments on time to get a better credit rating in not time.
Become An Authorized User
An easy way to raise your credit score fast is to ask to become an authorized user on a friend or loved one’s credit card. Just be sure that you choose a friend with a better credit score than you. Otherwise, becoming an authorized user on their card will be counterproductive. Becoming an authorized credit card user allows you to benefit from their good credit habits. This is one of the quickest ways to improve your credit score with little hassle. Make sure you take advantage of it if possible.
Open A New Secured Credit Card
In desperate situations, you may want to open a secured credit card. This is one of those little known tricks to lower your credit quickly taught only in finance classes that require you to pay to register. By opening a new card card, you will be lowering your credit utilization rating. That is one of the biggest burdens that keeps most people’s credit scores low. But, you also need to be wise with these new secured credit cards. You have to possess enough self control to not use them at all. When you open a new credit card and do not use that line of credit, your score will receive an immediate boost. This is certainly one of the best strategies to raise credit score fast, even if you do not have the money to quickly pay down your credit card balances. Keep it in mind.
All credit-seekers, home-buyers and car-buyers want to have the best credit scores. This is even true for entrepreneurs concerned about their business credit rating. In fact, anyone and everyone wants to have a good credit score. But in order to have a good credit score, you need to take the necessary steps to improve your credit score right away. This can be challenging. However, you can make it much easier on yourself by using the raise credit sore fast tips above. These credit score improvement tactics will give your poor credit score a much needed boost. That way, you can have a great credit score that gains you access to all the best interest amounts for mortgages, personal loans, auto loans and more.