Credit Cards

The 3 Simplest Ways to Increase Your Credit Score Fast

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You’ll be surprised how quickly you can increase your score with these three moves.

Key points

  • Your credit score can affect your finances.
  • Increasing your credit score can make borrowing easier and more affordable.
  • There are quick ways to boost your credit score, including writing a letter of good will.

Increasing your credit score can have great financial rewards. If you can raise your score, you should have more loan options and qualify for a cheaper mortgage or other types of loans. Since landlords, employers, and utility companies also check your credit, your life will also be easier in several ways if you have a higher credit score.

So how can you boost yours? Is it possible to do it quickly? The good news is that there are three quick and easy ways to improve your credit credentials.

1. Ask someone with good credit to make you an authorized user

Most credit card companies allow account holders to name someone as an authorized user. Authorized users have the right to use the card to charge purchases, but have no obligations to make payments. When someone is named as an authorized user, the credit card also appears on your credit record.

You can use this to your advantage if you’re trying to boost your credit score quickly. You see, the credit score formula takes into account factors like the average age of your credit, the amount of credit used relative to what’s available, and your payment history. If someone has a card that has been open for a while where they haven’t used much available credit and have always paid on time, then having this card on their credit history could raise their score substantially.

You may only want to ask family or close friends for this favor, but the reality is that the person adding you as an authorized user never has to give you the card number of a physical card if you don’t. they want, so they can help you and help you build your credit, even without the risk of you incurring a lot of fees.

2. Write a goodwill letter asking creditors to remove negative information

Even a small black mark on your credit report can have a big impact, especially if it’s a late payment. Unfortunately, sometimes people who are usually pretty good at paying bills can end up making mistakes and skipping a payment or going over the limit.

If you have negative information on your credit report due to this type of error, it’s worth asking your creditor if they’re willing to help you. Sometimes writing a goodwill letter asking the creditor to remove derogatory information will work for you, especially if you’ve been a good customer.

Now, card companies are not required to remove accurate negative information. But if you ask, many will do it to keep you happy. It may take a few tries to find the right person, but it’s worth the effort, as removing even a single negative data point from your credit report could make a world of difference to your score.

3. Pay off your debt fast

Owing a lot of money, relative to the credit available to you, can also dramatically lower your credit score. If you are eager to improve it, try to pay off your debt as soon as possible. If you can take on extra work and make hefty extra payments, you may be able to have a significant impact on your credit utilization ratio and increase your credit score.

By exploring any or all of these three simple steps, hopefully you’ll be able to improve your credit score soon so it can start opening doors for you.

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