How to Raise Your Credit Score 50 to 100 Points in 6 Months

If you have run into circumstances that led to a poor credit rating, it can be disheartening to realize it may take years to rebuild your credit. The good news is that it is very realistic to raise your credit score 50 to 100 points in six months. Even better, the steps you must take to get these short-term results will put you firmly on the road to fully rebuilding your credit in the long-term.

Instructions

1

Bring every one of your credit accounts up-to-date so you are paying them on time. Late payments won't drop off your credit history in six months, but the longer you stay current on payments, the less old late payments listed will count against you. In addition, this is the single most important factor in calculating a credit score. Late payments will make it very difficult raise your credit score.

2

Make arrangements to start paying back any debts that are in default or that have been charged off. Once you have started making payments, these problems won't reduce your credit score as much.

3

Avoid applying for new credit accounts or closing existing accounts. Excessive credit activity like this lowers a credit score, but only in the short-term. Previous applications for credit or account closings will drop off your credit history within a year.

4

Contact any lenders where you have a line of credit, including credit cards and home equity lines of credit. Reduce your line of credit as much as possible--that is, close to the amount you currently owe on the account. Eliminating this easy access to credit reduces your risk as a borrower immediately and so helps raise your credit score quickly.

5

Order copies of your credit history from each of the three major credit bureaus (Equifax, Experian, and TransUnion). Review your reports for errors and outdated information. If you find an error, follow the instructions that come with the report for filing a dispute and have the information corrected. Under the Fair Credit Reporting Act, you can get one free credit report from each credit bureau each year. You can obtain your free reports online from the FTC-authorized provider, AnnualCreditReports.com (see References) or by calling toll free 877-322-8228.