Around 34% of Americans aren’t aware of how bad credit scores can affect their lives. Considering it takes a significant amount of hard work to rebuild your credit, this can be quite devastating for people once they realize life’s roadblocks that come with bad credit.
Maybe you’ve hit tough times in the past and couldn’t pay your bills. And now, your credit score isn’t as good as it can be.
Are you wondering: how can I raise my credit score 50 points fast? Then keep reading for some great tips.
Check Your Credit Report for Errors
Most of the time, credit scores are 100% correct. But errors do happen from time to time, so you should start there.
Obtain a copy of your credit report; there are some places where you can get it either for free or for a small price (like $1). Try Credit Karma, Annual Credit Report or directly from the three credit bureaus (TransUnion, Equifax, and Experian) to access your credit report. Next, go through the entire thing and make note of what may be wrong.
You can then file disputes with the credit bureau to get those errors taken off your report. Since they’re required to respond to disputes within 30 days, you should see your credit improve within a month.
Don’t just do this once either. You should be periodically checking your credit report to ensure no new errors pop up. And if they do, then get them taken care of promptly.
Whittle Down Your Balances
Your credit score is negatively impacted whenever you use a high amount of your available credit limit. For instance, your credit score will be worse if you have a balance of $4,900 out of $5,000 available credit when compared to a balance of only $2,000.
Because of this, it makes sense to eliminate as much of your credit card balances as possible. But if you’re living paycheck to paycheck, it may be difficult to do, as you don’t have much spare money lying around.
If you have a savings account, consider taking some money out to pay off your balances. While it’s not an ideal situation to be using your savings, it’ll pay off in the long run when you’re able to buy a house or car because your credit score is decent.
Open a New Credit Card
As we’ve said above, your credit score factors in how much credit you have available to you, versus how much you’ve used. By this logic, you can improve this ratio by opening a new credit card. Doing so raises the maximum credit you have available. Therefore, any balance you owe on your other credit cards will be offset by adding a new one.
For example, let’s say you’ve used $4,000 out of $5,000 available in your credit line; this means 80% credit utilization, which doesn’t look so good. But if you sign up for another card that has a $5,000 limit, this means you now owe $4,000 out of $10,000. This lowers your credit utilization to 40%.
The lower your credit utilization, the better. The maximum you should use is 20 to 30%.
If you’d like to quickly improve your credit report, then buying tradelines is a fantastic option. Basically, you’re paired with an existing credit card account that has years of pristine payment history, a high credit limit, and a small (or no) balance.
BoostMyScore can find the perfect fit for you and add you as an authorized user to the credit card account so their credit history becomes yours as well. As a result, your own credit score can get a huge boost.
If you add more credit tradelines, especially ones with higher credit limits and older histories, you’ll likely see your credit score improve by more than 50 points. It’s not uncommon to see it jump up by 100 or even 200 points by piggybacking credit tradelines.
Do note that while you’re an authorized user on a credit card from BoostMyScore, you don’t actually have access to the card, which means you won’t be able to make purchases with that card. This is for the cardholder’s protection.
Pay Your Bills on Time
The most important thing you can do to maintain and improve your credit score is to keep paying your bills on time. All it takes is one late payment for it to drop again, so be extremely diligent about paying all your bills before their due dates. One thing is for certain: it’s really easy for your credit score to drop, but it’s very difficult to raise it.
While this tip won’t raise your credit score quickly, it’ll set you up for success in the long run. Not only will you see your credit score steadily rise, but you’ll also handle paying bills better. It’ll soon become second nature to make those payments and your bad credit days will be long gone.
Use Your Credit Cards Wisely
All the above tips won’t mean a thing if you can’t use your credit cards responsibly. Just because you have a $5,000 credit line doesn’t mean you have to use it all.
Many people view credit cards as a license to spend; it’s free money, right? They treat themselves to a new $300 bag or $500 gaming system with credit cards when in reality, they can’t afford these things. You shouldn’t spend what you can’t pay back immediately.
You need to look at your credit cards purely as credit-building tools. So put regular purchases such as gas and groceries on them, then pay the balance off before the due date. This regular cycle will grow your credit over time.
I Can Raise My Credit Score 50 Points Fast
After reading our article, you should hopefully be able to say: “I can raise my credit score 50 points fast!” While your score won’t improve instantly, unless you buy tradelines, at least it’ll be a quick improvement.
With a better credit score, you’ll open the door to many opportunities that were closed before. So be proactive and don’t let your credit score hold you back in life. If you’d like to buy credit tradelines to boost your credit score, then get in touch with us. We’ve been in business for over 12 years, have great reviews and BBB accreditation, so you can trust us to help you boost your credit score.