How to Raise My FICO Score Fast

Lenders use a FICO score to determine credit risk. These scores range from 300 to 850. A consumer with a low FICO score (lower than 600) may have difficultly accessing affordable financing. She may even struggle securing housing or getting employment. This can make everything more expensive, from getting an auto loan to paying rent. Cleaning up credit issues and focusing on areas that have the largest impact on your FICO score will raise credit quickly.

Instructions

1

Catch up on missed payments. According to My FICO, payment history has a large affect on your FICO score. This category alone accounts for 35 percent of your score (the largest percentage for a single category). Focusing on the areas that have the greatest affect on your score will raise a FICO score faster.

2

Avoid carrying high balances on credit cards. High credit balances, especially on revolving credit, negatively affect your FICO score. This issue accounts for 30 percent of the score. Start paying down credit balances. Look for ways to find more funds. For example, trimming down transportation expenses through carpooling or taking public transpiration could free up extra cash each month to pay debt obligations.

3

Use existing credit. If your credit file is new, don't open a lot of new accounts. Instead, focus on using and paying off the credit you already have. Using your oldest accounts will have a positive impact on the FICO score. Length of credit history establishes a stronger FICO score and accounts for 15 percent of your score.

4

Use a variety of credit accounts. Credit bureaus award a higher FICO score to consumers who use both revolving credit, such as lines of credit and credit cards, and installment loans, which include auto loans or personal loans. Twenty percent of the score comes from this behavior; use both types of credit responsibly and your FICO score will benefit.