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HOW TO IMPROVE YOUR CREDIT SCORE AT A RAPID RATE

by Marc Berman November 28, 2020, 7:52 am



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Regardless of whether you are planning to purchase a new house, car or simply
need a loan, you are going to need to have good credit. In addition, you can
save a good portion of money on high interest if you have a decent credit score
before you apply. 

It is going to take time to build good credit, however, that should not stop you
from starting today! Here are simple tips to help raise your credit score. 



Pay Off Debt Fast 

One of the best ways to improve your credit score is by paying debts off as
quickly as possible. This is going to help to factor that heavily influence your
credit score: the credit utilization ratio and payment history. The payment
history will reflect the payment of bills on time, while the credit utilization
is calculated through the division of debt by available credit. 

Additionally, the amounts owed section found on the credit report is updated on
a monthly basis. When you drive down that balance, you will see an almost
immediate impact on your credit rating. 

Credit Increases 

According to a financial advisor from San Jose, the lower you have your credit
to debt ratio, the better it is going to be, as this accounts for 30% of your
credit score. As we have already discussed, this can be lowered by simply paying
off your debt. However, you can also lower it by increasing your available
credit. 

Begin by talking with your credit card issuer to have your credit increased. Ask
if there will be a hard pull on your credit as this will lower your credit
rating by a few points. 

Become An Authorized User On Another Individual’s Account 

Another simple way to see an increase in your score is by being added as an
authorized user to someone else’s credit card, ensuring that the card will be
used in a responsible manner. If the other individual racks up large balances or
misses payments, this is going to bring your score down as well, so this can be
a rather risky plan. However, it is just as risky for the primary holder as
well, they are liable for any balance you charge and do not pay. 

Pay Off Balance Monthly 

It is impossible to build credit if you do not use it. Many people believe it is
best to have a credit card but never use it, only for emergencies, however, this
will not help to build solid credit. If you do not plan to use your credit card,
it is wise to try and use it for small purchases on a monthly purchase and pay
the balance off at the end of the month. If you are able to keep a low balance
and never miss payments, you will begin to add a positive mark to your payment
history, which is one of the most important aspects of building good credit. 

Credit Boost Services 

It is important that you take care in the services that you sign up for that
claim to raise your credit score, due to the fact that many are scams. However,
the credit bureaus use baking data in an effort to calculate scores, which may
help to boost your rating as this provides a general picture of your finances.
Services such as UltraFICO or Experian Boost do help to improve your credit
score when you bank responsibly and pay bills on time. However, it is important
to understand that not all lenders will take these credit scores into account. 

New Credit Cards 

This is not the best option for everyone, as creating new balances or missing
payments may hurt your rating. However, if your debt to credit ratio is too high
and you are unable to obtain a credit line increase, a new card could help. This
is going to increase the amount of your available credit, while decreasing the
debt to credit ratio. 

However, this will result in a hard pull on the credit report, which is going to
take you down a few points. You can also get an online payday loan without a
credit check. This is a temporary impact and your score will recover in a matter
of months. If you are looking at the long term, another credit card could be
beneficial. However, if you are considering applying for a loan within the next
year, it is best to hold off on any new accounts. 

Remove Credit Report Errors 

The is one other way in which you can improve your credit rating, you are
typically entitled to a free credit report from each credit bureau on a yearly
basis. However, it is now possible to check your credit on a weekly basis, as
the bureaus have made reports free on a weekly basis until April 2021. 

Take the time to look through the report and ensure that everything is accurate.
Filing a hand-written dispute to the credit bureau if you want to remove items
from credit report that you think are erroneous is one of the first step to
correct your credit score. If that negative mark is removed, it is possible for
your credit score to improve. 

Remember, it is not possible to get good credit fast. However, there are actions
you can take which can improve your credit at a rather rapid rate.

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