3 Ways to Raise Your Credit Score Fast
There is no one way to raise your credit score fast. If you are thinking about raising or improving it think why is it low? How has your credit card history been? Have payments been on time? To really get into understanding your personal credit score you have to be prepared to delve into your finance books, so to speak.
As someone with a higher credit score will tell you, it is not something achieved overnight rather with consistent good habits and an understanding of how to increase the score faster.
Simply put, increased card utilization decreases your card score. Below are three ways that can help you improve your credit score and do it so that it is sustainable for you.
1- Make Multiple Payments
A surefire way to boost your credit score at a consistent rate would be to make it a habit to do multiple payments throughout the month. It brings your credit card balance down.
If your credit score is low at the moment, making a payment right now would greatly affect your score till your payments have been processed. This means you utilize the card less, which you can do by making frequent payments.
If you never let it collect and build to an exorbitant payment till the due date your credit score is going to remain high.
2- Check for Errors
Be vigilant with your credit card reports. There are chances that your report might have left some errors that were affecting your credit score. Shoot a quick email or visit annualcreditreport.com to request a free credit report.
You can contact the three major credit reporting companies listed at the Federal Trade commission all throughout the year for the reports. Go through them to screen for any errors and contest those errors so they are eventually removed.
The credit bureaus take around 30 working days to respond to your query.
3- Increase Your Credit Limit
This is a bit of a sneaky way to go about increasing your credit score but do so with the awareness that you will not overspend and accumulate balance at the end of the month. It drops your credit utilization the same minute the limit increases.
You can also get a new card issued instead. This means that your issuer will be aware of your credit score status and how frequently payments were made. The terms and conditions for issuing a new card have also most likely altered due to COVID 19.
As we highlighted, there isn’t always one way to improve your credit score rather, it is a process that with consistent efforts, can give you an improved score. However, collectively these can help boost your score temporarily, which you can then maintain later on.