Increasing your credit score or rating can make you a more attractive candidate for a mortgage or auto loan. Even if your score isn't horribly low, employing a few techniques can quickly add points to your score.
Effects of Paying Off Debt
Writing a check and completely eliminating your credit card debt can quickly increase your credit score. The amount you owe has a major impact on credit scoring, and people with minimum or no credit card debt tend to have higher credit ratings.
Benefits of Paying on Time
Forgetting to send in payments or mailing payments late will hurt your credit score. Start fresh and begin paying creditors several days or weeks before your due date. This method ensures an early arrival and you'll begin to add points to your score.
Review Your Credit Score
Removing or disputing a major error on your credit report can immediately increase your credit rating. A creditor may accidentally submit wrong information to the bureaus such as a judgment, lien or collection account. Free credit reports are available yearly from Annual Credit Report, and creditors' contact information is included on these reports.
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