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Your credit score affects so much of your financial life. The terms of your mortgage, financing your car, or even if you’re approved for an apartment are all impacted. When you have bad credit, it can be difficult to get good interest rates and terms so you end up paying more than you should. It’s not fair and it can be tough to improve your credit, but not impossible.
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There are actually ways to boost your credit fast with a little effort and discipline. And the good news is, the lower your credit score, the more dramatic the results.
Here’s how you can turn bad credit into good in as little as 60 days and keep it that way.
1. Pay Off Your Debt
Paying off your debt is one of the most crucial steps in improving your credit score. Tackle your debt using either the avalanche method – pay high-interest debt first – or the snowball method – pay the smallest debts first. It’s essential to find the method that works best for you. If you need the motivation of quick wins, go with the snowball method but if you can be more disciplined and want to save money, then the avalanche method is for you. Always pay more than the minimum required as this will accelerate your progress.
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2. Keep Your Credit Utilization Under 30%
Credit utilization refers to the amount of available credit you are currently using. This is the second biggest factor in calculating your credit score. Be sure to use less than 30% of your limit on any card, the lower the better. As soon as your credit card reports a lower balance to the credit bureaus you will see your score improve.
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3. Ask for a Higher Credit Limit
Request a higher credit limit for your existing credit cards. If you have a higher credit limit but your balance stays the same, you will lower your credit utilization ratio and so boost your credit score. Contact your credit card issuer and inquire about a limit increase. Be prepared to explain your reasons for needing it, such as your commitment to improving your credit score.
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4. Become an Authorized User
If you have a family member or friend with a good credit history, ask if they would be willing to add you as an authorized user. Being an authorized user means their account is added to your credit reports. Your credit score instantly benefits from their positive payment history and higher credit limit. You don’t even have to use the card to see the effects. Be aware though, just as their positive credit card use can improve your score, any negative actions on their part can affect your credit as well.
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5. Get Credit for Rent and Utility Payments
Your on-time rent and utility payments can be used to boost your credit score instantly. You just need to set it up. Use rent reporting services AND Experian Boost to get the full effect. Together they will report your rent, utility bills, phone bills, and streaming service payments so that you get credit for all your on time payments. These services help you demonstrate a positive payment history that can then improve your creditworthiness.
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6. Add to Your Credit Mix
Credit scoring models consider the variety of credit types you have. To improve your credit mix, consider taking out a credit-builder loan or a secured credit card if you don’t already have one. These can help diversify your credit profile and show that you can manage different types of credit responsibly.
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7. Use a Credit-Building Tool
There are credit-building tools and services designed to help individuals with poor credit improve their scores. Some of these services offer secured credit cards, credit builder loans, or credit monitoring to track your progress. Explore these options, since they may just give you the boost you need.
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The Bottom Line
Remember, improving your credit score takes time and discipline. While significant progress can be made in 60 days, achieving an excellent credit score may take longer. Stay committed to your financial goals, and over time, your hard work will pay off. As your credit score improves, you’ll have access to better financial opportunities and a brighter financial future.
