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Simple Things to Do to Quickly Boost Your Credit Score

You just got your credit score and/or report and saw that you’re a few points off from getting a good deal on a car loan, installment loan, or even a mortgage, so what are you going to do? Luckily, there are a few things that can help improve your credit score in a short amount of time.

Having a good credit score is important when it comes to opening new lines of credit or even trying to get a new apartment to rent. However, not everyone can maintain their credit at all times. Life can get in the way with work or education, and even then, not everyone has the complete know-how to maintain a good credit score.

Luckily, there are things everyone can do to quickly boost their credit score to get that desired loan within a month or so. Keep in mind that every method listed in this article will still require about 30-40 days to take full effect, but that’s way better than waiting 6 to 12 months for results from a typical credit bureau dispute.

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Pay Off Your Credit Card Debt

One of the major factors that go into calculating a FICO or VantageScore is the debt to debt-limit ratio. Credit card companies keep track of your balance and limit, and they deduce a ratio of how much a credit line is used. The magic percentage you want to avoid going over is 30%.

Make sure to lower any credit card below 30%. For example, if Adam has a credit card with a $1,000 limit, he should keep his balance below $300, which is 30% of his card’s limit.

Credit bureaus measure consumers’ debt to limit ratio and lower the scores of people who go above the magic 30%, so be sure to try to pay off your credit card balance to get below that number before your statement date (this can be different from your due date so be sure to contact your credit card company to find out when each one is).

Try Quick Score Boost

Credit bureaus may offer a way to boost your credit score by reporting accounts that don’t normally appear on your credit report like utilities such as power, water, phone, or even internet.

Experian offers such a service! This is a free service that can give you an edge on your credit score to get a good deal on a loan. The only downside to this is that this Experian boost will only report on Experian. The boost will not affect your credit score on Equifax and Transunion.

To fill in the gap for Transunion and Equifax, there are other services such as Rent Reporters that may help improve your credit scores with those bureaus. Instead of utilities, they will report your rent payments to the bureaus to boost those respective scores. Services like these cost a premium. For example Rent Reporters can cost between $7.95 and $9.95 a month depending on your plan.

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Become an Authorized User for an Open-ended Account

Another quick method to quickly improve your credit score is to become an authorized user on someone’s credit card. If you know a trusted friend or family member, you can become a user on that person’s credit card, riding on their good credit to help boost your own. The new revolving account should appear on your credit report within 30 days or after the credit card’s statement date. Be aware that becoming an authorized user on another person’s card might not appear for every credit bureau so have the card holder check before being added.

However, becoming an authorized user can be a double-edged sword. If the original credit cardholder is delinquent with their line of credit, then they can actually hurt your credit score as well. So be sure to find someone you trust before signing on.

If you’re unable to find someone who has a good line of credit, there are companies out there that can offer a tradeline, a credit card account made for the sole purpose of boosting people’s credit scores.

Seeking Professional Help

A lot of times, even quick boosts to scores can be difficult to accomplish and may become a headache. Even finding someone trustworthy enough to become an authorized user on their line of credit might be tricky. Luckily, we at Fix Your Credit Consulting can help you by providing you with consultation, credit repair services, and tradeline services. Call us at (877) 212-2450 for a free consultation from one of our professionals to help you get on track to start building better credit.

If you have any questions, feel free to give us a call at 877-212-2450!

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