Nowadays this has become a common question – how to improve credit score faster? The answer is quite easy though: pay bills in time, don’t take high debts, keep the mix of accounts that’s affordable to you and you’ll notice an impressive rise in your credit score in time.
Here are a few steps that’ll help to raise your credit in a shorter time period.
Pay Down Credit Card Balances:
Credit scores hugely depend on credit utilization ratio – the amount of debt you’re carrying vs. total available credit. According to experts, one should keep collectively the amount of debt they owe on individual cards below 30% minimum and 10% of their credit limit(s) ideally. Pay the charges off according to the statement’s billing date, and not by the actual due date as creditors mostly prefer that time to update account information with the credit bureaus.
Get a Credit Limit Increase:
If the issuer gives you a higher limit on your one card, then you’ll be able to improve your utilization rate. But never use up that extra credit or else it’d bring negative impact. Sometimes creditors pull the credit when asked for increasing the limit. You can expect a hard inquiry on the credit reports then along costing some points. But you can also make up those points easily if the credit limit is higher.
Remove any Error:
Errors on credit records are very common. You can quickly fix your credit by getting an error removed. According to the FCR Act, if you file a dispute, then the bureaus will investigate and remove the error within 30 days. So keep checking routinely for any inaccuracies that are possibly pulling your credit down, report, and get an increased credit score.
Rejuvenate the Credit Report:
Review thoroughly the copy of your credit reports that you get from the main three credit bureaus – Experian, Equifax, and TransUnion. Look minutely for any error, account with late or missing payments in your credit profile. Also verify the accuracy of everything there. Once any inaccuracy found, promptly report the dispute for investigation. You’ll get a good credit score this way.
These methods undoubtedly will give you faster results but remember, these are no overnight miracles. The agencies will take some months to report the increase in your credit records. So you need to be patient, follow the tips accurately, and wait to see the positive results on your credit report that’ll steadily come in time.