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- Pay your credit card balances strategically. You want to keep your credit utilization ratio, which is the percentage of your available credit that you use, as low as possible. Ideally, you should aim for less than 10% utilization on each card and overall. You can do this by paying down your balances before the billing cycle ends, or by making multiple payments throughout the month12.
- Dispute any errors on your credit reports. Mistakes on your credit reports, such as inaccurate account information, late payments, collections, or hard inquiries, can lower your credit score. You have the right to dispute any errors with the credit bureaus and get them corrected or removed. This can improve your credit score in as little as 30 days
- Become an authorized user on someone else’s credit card. If you have a thin credit file or a low credit score, you can benefit from being added as an authorized user on a credit card account of someone who has good credit and pays their bills on time. This way, you can inherit their positive payment history and credit utilization, which can boost your credit score. However, you should only do this with someone you trust, and make sure the card issuer reports authorized user activity to the credit bureaus12.
- Use a secured credit card or a credit builder loan. If you have trouble getting approved for a regular credit card or loan, you can use a secured credit card or a credit builder loan to establish or improve your credit. A secured credit card requires a cash deposit that serves as your credit limit, while a credit builder loan lets you borrow a small amount of money that you pay back over time. Both products report your payments to the credit bureaus, which can help you build a positive credit history24.
- Get credit for your rent and utility payments. Normally, your rent and utility payments are not reported to the credit bureaus, unless you miss them and they go to collections. However, you can use a service like Experian Boost or UltraFICO to get credit for these payments and increase your credit score. These services link your bank account to your credit file and add your rent and utility payments to your credit history. This can help you improve your credit score instantly43.
These are some of the ways to improve your credit score fast, but keep in mind that building and maintaining good credit takes time and consistent effort. You should also monitor your credit score regularly and avoid applying for too many new accounts at once, as this can hurt your credit score. By following these tips, you can improve your credit score fast and enjoy the benefits of having good credit.
If you’re experiencing problems with your credit, there is assistance!