You could be looking to improve your credit score for any number of reasons. Whether you just checked your credit for the first time in a number of years, you are looking to take out a loan soon or you just found out that you have been the victim of identity fraud, you are going to want to get started as quickly as possible to try and combat whatever damage you or others have done over the years.
Immediately there are a number of ways that you can potentially repair a tarnished credit record. First you should take a look at your credit score and look to see if there are any mistakes that you can report. If you were a victim of identity fraud this is an especially important step to make sure that the only things hurting your credit are the things that you actually did.
Pay Things Off
Secondly, if you have any balances that are outstanding that you think you can pay off contact who you owe the debt to and ask if they are willing to erase or mark the debt as agreed if you pay it outright. As debts mature the likelihood of them being paid continues to decrease, companies are often willing to negotiate then in order to get the money that is owed to them.
Get More Credit
Another quick way to get your credit up is to up your credit. By this I mean ask for a credit increase. If you can manage to not take the new credit limit as a challenge to meet, then a higher credit limit means lower utilization of your credit which means less risky behavior in the eyes of banks and credit institutions.
Use Someone Else’s Credit
If you don’t have the best history with money and credit cards but are hoping to turn over a new leaf you can still get a line of credit. Talk to someone with a credit card, such as a family member or spouse, and have them open you up a card as an authorized user on their account. It may be a bit trickier than managing a credit card yourself, but if you do something like set up just recurring payments and bills to be paid with it you can be on your way to better credit in no time. The key is to make sure that you don’t abuse the line of credit and get yourself into more trouble.
While getting your credit on track can be a slow process depending on how bad it is and how long it has been there, the thing is to get started as quickly as possible. All of these steps can start a snowballing effect (along with just better financial planning) and have you getting higher and higher credit limits and better interest rates. This means you’ll be going in the right direction faster and faster.