Finance

A Beginner’s Guide to Raising Credit Scores Fast

Whether you’re looking to buy a house in the near future or you want to open a larger line of credit, a low credit score can put a damper on all of your plans. Luckily, there are a few ways you can go about raising credit scores quickly so you can get back in lenders’ good graces.

If you’re looking for ways to lower your credit score, keep reading.

Check Your Report and Dispute All Errors 

The first thing you should do is take a look at your credit score to get an idea of where you’re starting from. If you notice any debts that don’t belong there, dispute them.

It may be worth calling each debtor to see if they still have proof of the debt as well. If a debtor can’t provide proof of the debt, they’ll have to strike it from the record. Visit sites like https://pinnaclecreditrepair.com/ for more assistance in debt disputing.

Pay Down High Card Balances 

If you have credit cards that are maxed out, or even close to it, consider taking time to pay those balances off. One of the things that the credit bureaus look at is the amount of credit you have available versus the amount of total credit. If your used credit is too high, your score will be much lower.

Consolidate Your Debt 

If you have debt from many different places, it may be a good idea to consolidate as much as you can. There are balance transfer credit cards and debt consolidation loans that you can utilize to get this done.

This helps decrease your credit utilization which in turn increases your score.

Start Making Payments On Time (Not Early!) 

The best time to start making your payments on time is yesterday. The next best time is now. Make it a hard and fast rule that you pay all of your bills on time, no exception.

However, when it comes to credit cards, don’t pay the bill before the company has issued one to you. Each payment you make before that moment won’t count towards your credit score. Once they’ve generated the bill, pay it off.

No New Inquiries 

Unless you’re applying for a consolidation loan or balance transfer card, don’t apply for anything else that will put a hard inquiry on your credit report. This lowers your credit every time and will make lenders think twice about your responsibility as a borrower.

Start Raising Credit Scores Quick! 

Now that you know the top ways to start raising credit scores quickly, you can get out there and start bringing your score up. It takes work and continued effort to get your credit out of a bad spot. But as long as you keep working towards your goals and being responsible with your money, you’ll have a credit score to be proud of in no time.

For more tips and tricks on how to live a financially responsible life, keep reading!

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