Increasing your score very quickly has numerous advantages, the biggest is that you will be able to save money when applying for a loan by benefiting from the lowest interest rate possible.
In this article I am going to go over a few techniques you can use to raise your score fast.
The first task is to take a good hard look at your credit report, it is estimated that at least 70% of credit reports contain errors.
You want to make sure that yours is not included in this group especially if the item is a recent negative entry.
If you do locate one of these items you want to immediately "challenge" it with the credit bureaus..
this will be one of the fastest ways to increase your current scores.
Even if you have negative items that are on your report that you own, it is a good idea to move forward and challenge them as well.
People have been known to have success deleting negatives and raising their scores due to companies not being able to properly verify items that are challenged.
Another great way to instantly raise your score is to open a new credit card and increase the amount of available credit that you currently have, but keep in mind that this strategy will only work if you do not have enough accounts on your credit report.
If you have two or open accounts with a payment history this should work for you.
On the other hand if you already have a good number of credit accounts don't bother with this.
And lastly, if you fall into the group of people with a good number of credit accounts and need to raise your score, you would need to either reduce the amount of credit you are using on those accounts or close a few of these accounts all together.
Part of the formula for calculating credit scores looks at the amount of credit you are using and if this amount is too high, your score will be penalized.
Reducing the balance or closing a couple of them will work to add more points to your scores.