How To Increase Credit Score Quickly

How To Increase Credit Score Quickly

You have finally worked out how much money you can work into a car payment each month, and are eager to get your hands on your new vehicle – only to quickly find out your credit score is less than desirable, and you will need to make some changes to get the new or used car loan that you need. Here are some tips for Increase Credit Score Quickly and getting that car!

Make sure you got the right information

Before you start taking steps to Increase Credit Score Quickly, make sure that you have all of the right information. In some cases, you can get a better new or used car loan rate if your score changes by just a couple of points.

A credit bureau may have some wrong information such as saying a bill wasn’t paid on time when it was and addressing this issue can improve your score. If you are worried about more than just a couple of points, make sure you have the right number so you know how far you need to go.

Once a year, you can obtain a free copy of your credit report from www.AnnualCreditReport.com, and you can look over this information to spot and correct any discrepancies.

Pay your bills on time

It is important to figure out exactly what impacts your score, and paying your bills on time is one of the most important things you can do to improve your score. If you find that you have a tough time remembering, many sites allow you to pay your bill automatically on a certain date to solve this problem.

Look at what type of credit you have

There are different types of credit, and having a variety of different types of accounts will help a credit card such as a mix of installment loans and credit cards. If you only have one type of credit, that may hurt your score.

Also, look at how many accounts you have opened recently, and if you have applied for too many in a short period, that may negatively impact your score. This usually only knocks a few points off of your overall score, but it can certainly add up.

Don’t worry about applying for auto loans with multiple lenders, as you will have a short grace period in which the applications will only count once toward your score. This allows you to shop around for the best rates.

Stay away from…

There is one big “no-no” in terms of trying to improve your credit score – and that is closing unused accounts without paying down your debt. This will hurt your overall credit, not help it. Instead, focus on paying back these loans and getting your overall credit usage down.

Ideally, you should be utilizing no more than 10-20 percent of your credit limit, and this can dramatically improve your score.

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Prince Jose
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