By improving your credit score, you’ll avail yourself of more financial benefits (e.g., more borrowing options, more affordable mortgage, and loans). Your life will also be easier since many institutions (e.g., landlords, employers, utility companies) check your credit. Knowing this, you may wonder how you can quickly boost yours. Fortunately, there are a few ways of doing so.
Ask someone you know who has good credit if you can be an authorized user on their account.
Credit card companies will typically allow their account holders to name an authorized user on their account. These are people who can use the card to make purchases but are under no legal obligations regarding payments. The authorized user’s name will also have this credit card listed under it on their credit record.
This is advantageous in that the credit scoring formula takes into account factors like your credit’s average age, how much credit you’ve used to what you have available, and your payment history. When someone’s card has been open for a while, isn’t being used much, and is always paid on time, having it show up on your credit record will substantially increase your score.
You should only ask a close friend or family member to do this for you. However, if you’re struggling to find someone willing to do this, you may want to remind them that they ever have to give you the card number if they don’t want to. They can help you raise your credit score even without taking the risk that you’ll run up a lot of charges.
Write to creditors and ask them to remove any negative information from your file.
Even the smallest black mark on your credit report will make a big impact on your credit score. This is especially true of late payments. If you’re generally good at paying your bills and made a mistake one month, it isn’t too late to fix it. You can ask your creditor if they’d consider removing the derogatory information.
Unfortunately, lenders aren’t required to remove accurate negative information from your credit report. However, many will do so when asked because they want to keep you happy. Sometimes it takes a few attempts to get the right person, but the effort is worthwhile even if it only removes a single negative data point from your credit report.
Quickly pay down any debt you have.
When you owe a lot of money and don’t have a lot of credit, your credit score will dramatically decrease. The only way to improve this is to pay off your debt ASAP. Sometimes this means you’ll need to take on extra work and make larger payments so that you can see a noticeable impact on your credit score.
Ask a credit repair company for help.
If you’ve tried these things and they haven’t worked for you, it’s time to contact us at Super Credit Repair in Clearwater, FL. We’ll work with you to help improve your credit score. Putting the work into this will help to make your life easier so contact us today.
Picture Credit: Crello