How to Fix Your Credit Score Fast?
Want to figure out how to fix your credit score fast? Let’s dive into what impacts your credit score first. Check this post out!
This post is about how to fix your credit score fast.
Let’s dive into the top 5 ways on how to fix your credit score fast.
1. Review Your Credit Report for Inaccuracies
Using some of the credit bureaus like Equifax, Experian, and TransUnion, you can get free copies of your credit report. Take a look and review them, especially for errors that could be impacting your credit score. Take this opportunity to dispute any inaccuracies or incorrect information. More often than not, there may be open credit lines you had forgotten about, but are still tied to you.
2. Don’t Open New Lines of Credit
Opening new lines of credit, especially in a short period, can be concerning. New lines of credit will lower the average account age, which lowers your score. Lenders like to see long history, as the longer the history, the more accurate the picture. Opening new lines of credit in a short period of time tends to signal the negative picture that you won’t be able to pay off the debts you owe.
3. Pay Bills on Time
Another factor impacting your credit score is your payment history. Late payments will lower your credit score. So, by paying your bills on time, this helps to improve your credit score.
4. Decrease Credit Card Balances
High credit card balances, especially if balances are not paid off in full, can negatively impact your credit score. In general, aim to use below 30% of your credit. Anything above that, you might want to consider paying down the balances or increasing your credit limit.
5. Increase Credit Limit
As stated above, if you’re consistently using above 30% of your credit limit and have good payment history, consider increasing your credit limit. This will improve your credit utilization ratio; therefore, lowering your credit utilization ratio.
To reiterate, the top 5 ways on how to fix your credit score fast are:
- Review your credit report for inaccuracies
- Don’t open new lines of credit
- Pay bills on time
- Decrease credit card balances
- Increase credit limit
There you have it! Interested in learning more about your credit score? Check this post out for what impacts your credit score!
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