What are the Fastest Ways to Raise Credit Score?

It can take years to build good credit. But if you are not careful with it then it can adversely affect your credit score. Due to a low credit score, you can fail to qualify for loans. So, if you are faced with a low credit score, you need to take some timely measures to raise it.

Consider these options to raise your credit score in the fastest ways possible.

Lean on Tradelines

The fastest way to raise credit score is to buy tradelines from reliable sources and use them to your advantage. There are many reputed tradeline companies or credit repair companies in the business of helping people raise their credit score by making credit cards available to purchase from them. These credit cards are ideal for improving credit scores in terms of their credit history. They also have low balances and high limits; ideal for improving credit.

When you purchase a tradeline, the credit card’s perfect history will appear in your credit history also. You will be the authorized user on the card but you won’t be able to use it. You won’t be responsible to make any payments on it either. So, you will get a card with perfect credit history without any hassles of keeping it perfectly right for high credit scores.

Many people decide to become authorized users on a family member’s card. But this can backfire on you if the person uses the card irresponsibly; affecting your credit score. But when you purchase tradelines from reliable companies, you can ensure that no such thing occurs.

Keep Credit Card Debt Low

To raise your credit score, it is crucial to keep your credit card debt low. If you have at least 70% credit available in your card and only 30% debt at all times then it is considered good by the lenders.

If you keep at it then it can be one of the fastest ways to raise credit score. If you regularly stretch the credit limit on your card closer to the maximum amount available to you then it doesn’t bode too well for your credit score. The same applies if you use more than one credit card.

The rule of thumb is to start paying off debts on cards that are dangerously close to their maximum limits. If you are mindful about your credit utilization then it can be helpful to boost your credit score. You need not adhere to the 70-30% credit utilization rule. If you can keep the figure lower, it will do you good in terms of raising your credit score.

Make Timely Payments

Lenders give importance to timely credit card payments and it can help to boost your credit score within a short span of time.

If you wish to raise your credit score then it is imperative that you pay off all previous debts as needed and then start making timely payments without missing any due dates for the same.

Check for Erroneous Information

It is possible for credit reports to contain errors. It can be by way of some transactions that you didn’t make but they might appear on your credit card statements. It can be due to other reasons also. These errors can adversely impact your credit score. So, it is important to check your credit report to identify erroneous information it might contain; particularly if you need to raise your credit score.

You can request to see a copy of your credit report from the credit bureaus. Upon your request and after validating your information, they can make changes to remove the wrong transactions from your credit report.

Continue to Use Older Credit Cards

Unused old credit cards don’t add to your credit history. If you have any old credit cards that you don’t use for whatever reasons, you are missing an opportunity for lengthy credit history.

Credit bureaus consider the length of the credit history when analyzing reports in order to calculate an individual’s credit report. So, it is best to use your old credit cards every few weeks to make small purchases if not anything else.

With these simple measures, you can boost your credit score really quickly.