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How Can I Boost My Credit Score Fast? 5 Methods You Should Know

How Can I Boost My Credit Score Fast? 5 Methods You Should Know

It might be only a number, but your credit score holds tremendous weight. 

A score that’s too low makes it difficult to secure a great interest rate on your mortgage, apply for a credit card, and many other important tasks. 

If yours isn’t where you’d like it to be, you aren’t alone. Research shows that almost one-third of Americans have a credit score lower than 601. Thankfully, you aren’t stuck here forever.

If you’re asking, “How can I boost my credit score fast?”, you’ve come to the right spot. Today, we’re sharing five methods that can help you restore your good standing and improve your outcome at the bank.

Ready to learn more? Let’s get started!

1. Clean and Correct Your Credit Report

Your first step should be to take a thorough look at the information surrounding your current score. To do so, download your credit report from the three major reporting bureaus, including:

  • Equifax
  • Experian
  • TransUnion

The law allows you to obtain one report from each bureau per year. Take a look at each one and read all the fine print.

There’s a chance that your report contains errors that could be bringing your score down without your knowledge. For instance, double-check any accounts that show late payments or unpaid bills.

If you see any activity you don’t recognize or that looks suspicious, contact the corresponding bureau immediately for more detail.

2. Tackle Your Debt

Did you know that 30% of your credit score is attributed to the amount you owe on your debts compared to how much credit you have?

This ratio is known as your credit utilization, and it’s an important number to know. For instance, if you have a credit limit of $20,000 and your balance is $10,000, your utilization is 50%.

While there’s no concrete rule on what your utilization should be, most experts recommend keeping it at 30% or lower. This means you should never have more than $6,000 charged at any time if your credit limit is $20,000.

If your utilization is more than 30%, you can pay down your balances to improve your score. Try cutting back on unnecessary expenses, holding a yard sale or even taking on a side job to help those numbers drop.

3. Raise Your Credit Limit

Is paying down your balances not an option at the moment? If that’s the case, call your creditor and ask to raise your credit limit. If your request is approved, you’ll instantly lower your utilization rate.

For instance, if you’ve maxed out a $5,000 credit limit and you’re approved for a limit increase to $10,000, you moved from 100% utilization to 50% utilization. The key to making this step work for you? Keep paying down the $5,000 to get the ratio at 30%. 

You’ll defeat the purpose of your request if you charge the card up to $10,000 as soon as possible. 

4. Apply for a Different Card

There’s a chance that your creditor will deny your request to raise your credit limit. If this happens, you can apply for a new card from a different issuer.

This works because your credit utilization isn’t linked to a specific issuer. You can still reach 30% if your credit is spread out among different cards. This means if you have $20,000 in credit and you owe $10,000 total, your utilization rate is still 50%, regardless of whether or not all of that $10,000 is charged on the same card. 

Still, resist the urge to go out and apply for multiple cards. This sends up a major red flag at the credit bureaus, as it looks like you’re planning to spend beyond your means. Instead, stick to one or two new cards.

5. Tradeline Piggybacking

Are you ready to boost your credit score fast? If so, it’s time to try tradeline piggybacking through BoostMyScore.

In short, a tradeline is a record that tracks all activities associated with any type of credit that’s extended to a borrower and reported to a credit reporting bureau or agency. A borrower begins establishing a tradeline on his or her credit report as soon as they’re approved for credit. From that point on, the tradeline records all of the account-related activity. 

Tradeline piggybacking works as its name implies.

With this method, a tradeline company will help you join as an authorized user on the credit card of a third party who already has a solid credit score. When you do so, you’re added to the linked tradeline, and you can start reaping the benefits associated with that record. 

Want to maximize the effects of this step? As you browse the list of tradelines to purchase, there are three ways to get the highest credit score boost possible. They include:

  • Adding more credit cards from the list of tradelines available
  • Choosing tradelines that include older credit cards with higher limits
  • Limiting the number of open credit cards you have on your credit report

You can view our tradelines to get started, choosing the ones that best fit your personal financial situation. This is the best and quickest way to qualify for better rates on your mortgage and credit cards, helping you sign that dream mortgage or lease with confidence!

How Can I Boost My Credit Score Fast? Now You Know!

A low credit score isn’t the end of the world. Nor does it have to limit your financial future.

When you know how to implement the steps listed above, you’ll no longer have to ask, “How can I boost my credit score fast?” Now, you know exactly what to do.

Our tradeline piggybacking process makes it easier than ever to get the instant boost you deserve. Contact us today to learn more and get started!

Bill Airy

About the Author:

Bill Airy is the CEO and Founder of BoostMyScore. For over 12 years he has helped American consumers get a second chance at a better financial life by helping them to improve their credit score. He regularly publishes helpful content on this Blog to educate others about Credit Scores and best practices when trying to improve them.

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BoostMyScore Team