Log out
Building or improving your credit fast is possible. While it’s essential to keep in mind there is no magic pill to fix or build credit overnight, there are strategies you can use that will have a positive impact quickly.
Need a credit card and keep getting rejected?
Being consistent and intentional in moving forward with efforts to a better credit score will pay off before you know it, so you can move on with the big purchases you want to make.
Here are 10 ways I have found that will help to build or raise your credit quickly.
1. Review your credit report
Look at your report to see what is affecting your score. You can obtain your credit report through AnnualCreditReport.com or from financial firms like myFICO. If you find any errors or accounts that don’t belong to you, be sure to reach out to the company that the account is from to get it removed from your report and stop any further damage that it is doing.
As a Bonus: Get your credit score and report instantly from myFICO! Enjoy score monitoring so you can watch it improve.
2. Make payments on time
Your payment history is the biggest contributing factor to your credit score. Even if you have had a rough patch with your finances that caused you to miss a few payments, ensure going forward that all payments are made on time and in full.
As a Bonus: Discover Extra, the debit card that boosts credit by 48 points on average. Build credit and earn rewards!
3. Pay down your debt
Having debt isn’t necessarily a bad thing; it’s how you build credit. But you need to manage it. Your debt should never exceed 30% of your credit limit. This is called credit utilization, and it is a significant factor in what affects your credit score. Paying your credit cards down before the billing cycle ends and making monthly payments on your debt will positively affect your score quickly.
As a Bonus: Borrow money fast when you need it most with Explore Credit. Get a loan up to $2,000 with no hidden fees and no early repayment penalties!
4. Don’t close old accounts
If you have a credit card on your account that you haven’t used in years, it would be wise to keep the account active. Having old accounts that are in good standing has a positive impact on your credit, and the best part is you don’t have to do anything. They show that you have had credit for a long time and have maintained the card’s balance as paid off.
As a Bonus: Get a cash advance in 5 minutes or less with no credit check or late fees. Download the Dave app and score up to $500 instantly.
5. Limit applications for new credit
Anytime you apply for anything that requires a credit check, you will receive a “hard inquiry” on your credit, which will temporarily lower your score. If you already have credit cards and loans to pay down, avoid applying for anything new. This will keep your score from falling further, and if you must apply for something new, do so sparingly and strategically. Experts suggest waiting at least six months between applications.
As a Bonus: We have a card for you! Apply online for Merit Platinum and you can be approved with no credit check and no employment check.
New
6. Ask to be added to another person’s credit card
Asking your spouse, parent, or friend with good credit if you can be added to their credit cards as an authorized user will almost immediately raise your credit. This doesn’t mean they have to give you access to their card, but you can piggyback on their good credit until yours has gotten to the level you need it to be at.
As a Bonus: Build your credit with a credit builder card! Apply online for Surge Platinum Mastercard and get a credit limit of up to $1,000 that doubles in just 6 months.
7. Apply for a secured credit card
Getting a secured credit card will help to build your credit. These are credit cards that require you to pay upfront for the balance before you can use the card. Be sure to use less than 30% of the balance and pay it off on time, and you will see a positive effect on your credit score.
As a Bonus: Build your credit with Go2bank’s Secured Credit Card. Get a credit limit starting at $100 with no credit check and no annual fee!
8. Get a credit builder loan
Another credit-building tool to consider is a credit builder loan. Here you borrow a small amount of money – $300 to $3,000 – and make regular payments over a specific period of time. The money is held in an account until the loan is paid in full and then it is returned to you. The payments are reported to the credit bureaus and help establish a positive payment history which in turn boosts your credit score.
As a Bonus: Join 4 million+ users who get a cash advance up to $250, build credit, and save with Brigit. No credit check required. No interest.
9. Pay off collection agencies
If you have any collection accounts on your credit report, they need to be dealt with as quickly as possible. Once paid off, you can ask the agency to remove the account from your credit report to avoid a blemish on your history. This may take a little extra time, but it is well worth it and will make a substantial difference in your score.
As a Bonus: We have a personal loan option for you! Get a loan of up to $50,000 from Upgrade with no prepayment fees and fast funding.
10. Find a professional for help
If you are really struggling to improve or build your credit quickly, working with a certified credit counselor or a credit repair agency might be something worth considering. These professionals can put together a plan specifically designed for you.
As a Bonus: Take control of your debt with TurboDebt. Get a free consultation, find a plan that works for you, and get out of debt faster than you think!
Final Thoughts
Repairing or building your credit score isn’t something that will happen overnight, but there are steps you can take to see results fast. Persistence and consistency will pay off; it is possible to reach the credit score you want. Use the tips above to help you get a head start and boost your confidence to keep going.
