How to Boost a Credit Rating Fast

If you're having trouble securing a car loan, home loan or credit card with a low interest rate, a higher credit rating may help your cause. Calculated with such factors as how much credit you're using, the amount of time since your last credit application and how long you've had established credit, a credit score can be improved with a few simple strategies. Consider these tips to boost a credit rating fast.

Instructions

1

Check your credit score by requesting a free credit report annually from one of the reporting agencies-Experian, Equifax and TransUnion. You can also get a copy of the credit report online through AnnualCreditReport.com. Inspect the report for anything odd in the payment history, accounts and balances.

2

Resolve any issues that show they've been "settled" or "paid as agreed" on your free credit report if you've never had any disputes that have gone to collections. Similarly, resolve any current disputes immediately before they're turned over to a collections agency, which can immediately reduce your good credit score. Ensure the business will remove the dispute from your credit report once you've paid the bill.

3

Get each credit card balance under thirty percent of the available credit line. Start with the credit card that has a balance closest to the credit limit and move onto the next once you've paid the first down below thirty percent. If you pay your credit cards off each month, try not to charge more than thirty percent on them each month since the amount of the balance may affect your credit score regardless of when you pay it off.

4

Call your credit card companies to check your credit limits when trying to boost a credit rating fast. If they've changed your credit limit without notifying you, it may look like you're charging the maximum amount each month. Consider asking to have your credit limit raised if you routinely charge (and pay off) the same amount each month.

5

Continue to use older credit cards to establish your long credit history for a good credit score rather than closing them. Note that older accounts won't be given as much weight toward a good credit score if they're seen as inactive accounts.

6

Try not to apply for new credit cards or transfer balances to a single credit card with a low credit limit if you're trying to boost a credit rating fast. The longer you can go between applying for credit, the better, and it's also better to have small balances scattered across several cards than a large balance close to your credit limit on a single card.