How to Boost Your Credit Score Extremely Fast

Boosting your credit score is beneficial for numerous reasons. When applying for a loan or financing, lenders take your credit history and score into consideration. Ideal applicants include persons with a high or acceptable credit history. They receive the best financing package and easy approvals. But even if you have a low score and cannot presently qualify for the best rates, there are ways to boost your FICO score quickly.

Instructions

1

Help your score by paying creditors on time. Skipped or missed payments demonstrate a level of irresponsibility, and this habit destroys your score. Resolve to submit timely payments. Pay your bills online to avoid a late arrival, and if you are having financial problems, contact your lender to establish a new payment arrangement.

2

Pay down or eliminate your debts. When reviewing your credit history, potential lenders take your debt amount into account. High debts usually equal a lower score. Quickly boost your credit score by completely eliminating your outstanding debts. Use money from savings or cut back on dining out, entertainment and vacations.

3

Reduce credit inquiries. Credit inquiries lower your credit score. Apply for credit when necessary, and avoid opening several new accounts within a short time span.

4

Improve credit with a secured credit card. Apply for a secured credit card through your personal bank or credit union. Secured accounts do not require good credit; anyone with a security deposit can qualify. Use this account to build credit or re-establish credit after a mishap such as bankruptcy.

5

Get your credit report. Everyone is entitled to one free credit report a year. Order a copy from Annual Credit Report, and check the report for discrepancies that can lower your score, such as unfamiliar accounts or reporting errors.

6

Pay off collection accounts. Older delinquent accounts on your credit report are damaging. Contact old creditors and make arrangements to pay off judgments or collection accounts. If you do not have money to pay off the entire balance, ask about monthly payments.