5 Quick Ways to Improve Your Credit Score

Boosting your credit scores usually takes time. But if you want to improve them quickly, there are some strategies worth considering. Your credit scores don't change overnight, they usually get updated once a month. It's your lenders who decide when and if they tell the credit agencies about any new information. Most lenders do this every month, but the exact day of the month can be different for each lender.

However, if you want to apply for a mortgage application or a loan and want to quickly improve your credit score, you could initiate a rapid rescore with the help of a lender. Rapid rescore allows individuals to quickly update their credit reports with new information. 

In this blog, we will list out the ways in which you can quickly improve your credit score.

Five quick ways to improve your credit score:

1. Pay off your credit card debt faster

If you can afford it, try to pay more than the minimum amount due on your credit card each month. Paying down your credit card balances can significantly boost your credit score. This is because it keeps your credit utilization rate, which is the amount you owe compared to your credit limit, low.

You can even make multiple payments during the month to make it easier to track your spending and keep your balance low. While paying off a portion of your debt helps, paying off the entire balance will have the quickest and most significant impact on your credit score.

2. Request an increase on your credit limit

You can either request an increase on your existing credit card or open a new card. A greater total available credit limit can lead to a lower credit utilization rate, as long as you're not consistently maxing out your card every month. However, ensure that you do not spend more than you can comfortably pay off.

3. Have installment and revolving credit listed on your credit report

Maintaining a strong credit report and score often involves having a variety of credit types. When you have both installment and revolving credit accounts, it demonstrates to lenders that you can effectively handle various credit obligations. 

Installment credit refers to a fixed loan amount that you are required to repay over a well-defined payment schedule. When you consistently make on-time payments for installment credit, it can be a dependable way to establish a positive credit history.

Revolving credit is a type of loan that comes with a credit limit, allowing you to borrow against it. Lenders expect regular payments toward the outstanding balance, either in full or through minimum monthly payments, along with accrued interest.

However, regardless of the type of account, the most significant factor affecting your credit score is your ability to make timely payments.

Use our quick and easy credit tool to check your credit score for FREE with what's known as a "soft check", that won't impact your credit:

4. Check your credit report for mistakes

Carefully check your credit report for any inaccuracies that might be dragging it down. If you spot any errors, disputing them and having them corrected or removed can potentially result in an increase in your credit score.

Read: What is a Credit Bureau and How Does it Work?

5. Request the removal of settled negative entries from your credit report

Your credit report might have a history of late payments or an old collection account that still appears, even if it's been paid off. If this is the case, consider requesting their removal. And if there's an outstanding collection account, prioritize settling it, as unpaid collections can harm your credit score.

Remember that building and maintaining good credit is an ongoing process, and responsible financial habits are key to achieving and sustaining a strong credit score. By following these quick tips and staying committed to sound financial practices, you can pave the way to a brighter financial future and the opportunities that come with an improved credit score.