Can You Quickly Raise Your Credit Score?

There’s no way to repair your credit overnight. Nevertheless, there are a few things that you can do to make considerable progress in relatively little time. Here are some tips to improve your credit quickly. 

Check and Monitor Your Credit 

Keeping a close watch on your credit score is an essential step for raising it. First, you need to make sure that there are no errors. A mistake on your report can drag down your score significantly. Identifying and addressing mistakes is one of the fastest ways to see progress. Second, checking your score frequently will help you see what steps you are helping the most. 

Raise Your Credit Limits 

Find out if you can raise your credit limit on any of your existing accounts. Credit card utilization is a key factor in your score. Even if you’re not over your limit, using too much of your available credit has a negative effect. In general, you should try to use 30% or less of your available credit. Raising your credit limit will help you to keep your utilization ratio healthy. 

Pay Your Credit Card Bills Consistently 

Every time that you make a timely and complete payment, it helps your credit score. Keeping your trade lines in good standing will continually improve your score. You may find it helpful to set up autopay to avoid paying anything late accidentally. Also, making two smaller payments a month instead of one large payment may enable you to pay less interest and lower your principal faster. 

Prioritize High-Interest Accounts 

When you’re deciding how to pay off your debt, you may be inclined to decide based on accounts' balances. However, it may find it more helpful to prioritize paying off accounts based on interest rates. Choose the accounts that carry the highest interest rates, so you don't pay more than you need to on interest instead of principals. 

Lower Your Interest Rates When Possible 

Some credit card companies will be willing to lower your interest rate if you simply ask. Credit is a competitive field, and companies don't want to lose your business. Keeping interest rates competitive is something that some companies will do to retain their customers. 

Pay Off Delinquent Accounts 

You may want to forget about outstanding obligations that aren’t actively pursuing payment, but be aware that past due accounts can be a burden to your score. Paying off accounts with a delinquency or collections status can raise your score quickly. 

It may take some time to get your credit where you want it to be, but some strong first steps will generate an appreciable difference. Being consistent about checking your score and making payments will help you achieve your credit goals.