5 WAYS TO IMPROVE CREDIT FAST

September 18, 2015 / 319

 

We often don’t realize how crucial a credit score is until we actually need to get a loan. The problem is that it’s just too common to notice that our credit scores might not be good enough to get the loan that we need, when we really need it. When that happens, we all will end up doing a mad dash for credit. Here’s how to get the most out of your credit improvement work in the shortest amount of time.

 

Get signed as an authorized user on a family member’s card.

If you have a parent, uncle, or aunt who has great credit, ask them to sign you as an authorized user on their card. Then, just don’t use the card and let them pay their bills on time. This can lead to a huge credit boost in a short matter of time. This is not always an option you can choose, but if you can do it, make sure not to harm their credit by recklessly using their cards. 

 

Ask for a higher credit limit, or make a huge payment that gets rid of your debt.

Around 30% of your credit score will hinge on how much of your credit limit you have spent. The higher the percentage, the worse your credit score will be. As a result, making a huge dent in your typical credit score will end up being a good move for you. If you can’t spare a huge chunk of change, then your best bet would be to ask your creditor for a higher limit.

 

Dispute, dispute, dispute!

Over 70% of all credit reports have erroneous information on them, and those errors can cost you serious amounts of points. Some errors are small, and won’t have too much of an issue. Others can be as serious as a wrongly reported foreclosure. Either way, it just doesn’t make sense to allow them on your record and pay the penalty of having bad credit.

If it was a one-off mistake, ask your creditor for forgiveness.

If your credit score is good overall, then you might be able to squeak by with one slip-up by asking the creditor to forgive you. Tell them that it won’t happen again, and if necessary, give them an explanation. You also may be able to get it to work by sending them a “PAY FOR DELETE” letter, asking them to forgive a debt that negatively affected your score if you pay it in full.

 

If all else fails, grab a cosigner for the loan you need to take out…if you can.

This should be a last resort when all else failed to improve your score to the point that you can get lender approved on your own. If you really, truly need to get the loan before you can improve your credit score, then you will need to convince a relative to cosign a loan for you. However, this is easier said than done, and often will not always work out – even if they do care about you.

Improving your credit score is an undertaking that should be done way before you need a loan. That being said, we’re all human and occasionally, things do get out of hand. If you need to boost your credit scores fast, your best shot is to talk to a credit expert sooner rather than later. They'll be able to tell you how to improve credit fast, and can help you come up with a plan.

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