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5 Tips on Improving Your Credit Score Fast

by Scott Skyles on February 11, 2013

in Credit Scores

In today’s world, a good credit score is extremely important. Whether you are looking to obtain a mortgage loan or simply apply for apartment tenancy, your credit score is almost always considered, and the decision between granting and denying credit often depends greatly on this number. If you are Hoping to obtain credit for anything in the near future and your credit score is less than perfect, here are some ways to boost your credit score fast.

1. Obtain a Copy of Your Credit Report

Legally, you are allowed to receive your credit report free of charge once every four months. It is always a good idea to obtain your credit report from all three agencies (Equifax, Experian, and Transunion), as there may be contradicting information on one or more reports. You can obtain your report online, and you can also contact the companies in writing. Once you have your up to date reports, you can carefully analyze your scores and get started on boosting your scores. It is important to note that if you do notice any errors or discrepancies, these can easily be fixed by contacting the credit reporting agency and reporting the issue.

2. Pay Your Bills on Time

Paying your monthly bills (gas, water, electric, home phone) on time will help to raise your credit score, and it will also reflect positively on your report. When a lender sees that you stay on top of your monthly obligations as well as keep a decent score, they will be more apt to approve your credit request. Additionally, keeping up with your monthly bills will help you stay away from the dreaded late charges that are typically tacked onto late utility and phone payments.

3. Apply for Additional Credit Cards

You can also boost your credit score by obtaining additional credit cards. It is important to note that you must pay the full balance on a monthly basis in order for your score to improve, and you can do this easily by making minimal purchases and paying them off either early or by the due date. If you are having trouble being approved for a credit card, a company like The Credit Geeks can help get your score back to a respectable level for you to be approved again.

4. Limit Your Credit Spending Limit

One way that a credit score is equated is by calculating the specific amount of credit used when compared to the total amount of credit available. A good rule of thumb is to only spend 30% or less of your available credit, as this shows the lenders and creditors that you are not maxing your card out every month.

5. Apply for a Secured Credit Card

If you are looking to build your credit fast and do not have the option of obtaining an unsecured credit card, you can always apply for a secured card. Keep in mind that by taking this route, your credit score won’t immediately skyrocket, but secured credit cards are a great way for individuals that have had credit issues in the past or individuals with little credit to build their score and start a good track record of making timely payments.

Boost Your Score, Become Eligible for More Credit

The truth of the matter is that a good credit score means a lot in today’s economy. Aside from obtaining loans and credit, your credit score may even be considered when applying for employment or leasing an apartment. By obtaining current copies of your credit report and working hard to fix any issues that are keeping your score down, eventually you will build up your score and become eligible for a variety of credit offers, allowing for a secure financial future.

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