Is There a Quick Way to Raise Your Credit Score?

Raising your credit score by a couple hundred points can take over a year, but there are some things you can do to quickly raise your credit score. Some of these tricks for raising your credit score quickly are almost entirely unknown to the general public.

Goodwill Adjustment

Goodwill adjustments are when a creditor will agree to erase a previous late payment from your credit score. To receive a goodwill adjustment you have to make a request in writing to the company. Loyal customers are usually the ones that are successful when asking a company for a goodwill adjustment.

Ask for Your Account to Be Re-Aged

If a debt collector is asking for a payment that is older than seven years old, it cannot appear on your credit report by law. If a creditor is doing this, write them a letter and ask them to remove the inquiry from your credit report. If they don't comply, contact a lawyer. Items like bankruptcy and old debts are not allowed to stay on your credit report for more than seven years.

Pay Off Outstanding Balances

If you have large outstanding balances on your credit cards, it's hurting your credit score. Paying off the balances on your credit cards is the absolute quickest way to raise your credit score. All the other methods of increasing your credit will take at least a few months.

Use Older Credit Cards

If you haven't used one of your older credit cards in a while, put some small charges on it and pay the bill on time. One of the factors that's used to calculate credit scores is length of credit history. If you don't use a credit card for a while, your lender may even close your old account. The longer you have an account, the more it will help your credit score if you pay your bills on time.

Get a Secured Credit Card

If you don't have a credit card, getting one can help you raise your credit score in a few months if you pay your bills on time. Apply for a secured credit card if your credit is so bad that you can't get approved for an unsecured credit card. Secured credit cards require you to put a security deposit down that equals your credit limit. Credit card companies will approve you for a secured credit card even if you have bad credit because if you default on your payments they will just take the money out of your security deposit. Banks will not perform a credit check when you apply for a secured credit card. After you get your credit card, use about one-third of the credit limit each month and make sure you make your payments on time. This will help improve your credit rating.