If you want to buy a car, get an apartment or just take out a personal loan then your credit score needs to be in good order. It generally takes 7 years before any negative information is removed from your credit score, but there are a few ways that you are quickly able to raise your credit score.
Pay off Your Credit Card Balance
One of the factors that influence your credit score is how you use your credit. A major factor is your credit utilization ratio, which compares your overall credit limit with the amount of credit that you are using. Credit card experts say that this should be below 30% or if you can 0 as this will help to raise your credit score.
Even if you are able to pay off a little of your credit card balance will help if you are not able to pay it all off.
A New Credit Card
Taking more credit may seem like the opposite of what you want to do, but adding to your overall credit limit will raise your credit utilization ratio.
A new credit card will then increase your total credit limit and will then lower your credit utilization ratio. The more credit that you are approved for then the more trustworthy you seem to lenders.
If you have a balance on your credit cards then you are able to transfer your balance to a new balance transfer credit card, which will then increase your credit limit and you can pay down your balance.
Fix Credit Report Errors
If you find that there are errors on your credit report then you should fix them so your credit score is raised. These errors can include credit lenders reporting false late payments, accounts that were reported as going to collections even though you have paid and even accounts that have been opened in your name but you didn’t know.
You will then need to get a copy of your credit report and go through it.