Quickest Way to Raise Your Credit Score

Having a low credit score while in the market for life or auto insurance, a mortgage, auto loan, credit card, or even a job will make you acutely aware of how drastically a low credit score can affect you. A low credit score can cause denial of credit, high interest rates, higher rates on insurance, and even the loss of an employment opportunity. There are many tactics used to raise credit scores, but only one that works within a few days. This tactic involves reducing your credit utilization.

Instructions

1




Order your credit reports and review each one.

Order a recent copy of your credit report. Purchase the credit score. Review each entry and write the date the account was reported to the credit-reporting agency. If you cannot see the exact date the account was reported, call the creditor and ask for the date.

2




Calculate 30 percent of each credit line.

Focus in on your loans and credit card accounts. Note the credit limit and determine what 30 percent of that number is. If you have a Visa with a $5,000 credit limit, take 5000 and multiply it by .30. The result is $1,500 dollars. Repeat this process on each of your accounts.

3




Make payments to creditors.

Make payments to all accounts with a balance greater than the 30 percent figure. The payment should be made two to three days prior to the date you have previously listed for each account and should reduce the balance to less than 30 percent of the credit limit.

4




Check the credit report to verify changes.

Wait until the day after the creditor reports the new balance and re-order your credit report and score. Verify the balance is correct and notice the increase in your credit score. If you prefer, wait until after all the payments you need to make are paid and then re-order your credit report and score.