8 Quick Ways to Increase Your Credit Score

Many people have received bad credit ratings due to the recession. Bad credit can prevent you from getting hired for a job, getting a promotion, or getting approved for a loan or credit card. However, here are 8 quick ways to increase your credit score to improve your financial situation:

1. Order your credit report and credit score from the 3 major credit bureaus, Experian, Equifax and TransUnion. You can order your credit reports and credit score online at annualcreditreport.com or by phone at 877-322-8228.

2. If you find any errors on your credit report dispute the information online for a quicker turnaround time usually within 2 weeks.

3. Pay off collection accounts, judgments, and tax liens as soon as possible. Each account paid can increase your credit score by 20-25 points.

4. Once you pay a delinquent debt ask the company to remove it from your credit report. They may say no but it is worth a try.

5. If applying for a mortgage loan, know what your middle credit score is, i.e. if you Equifax score is 620, your TransUnion score is 650 and your Equifax score is 635, your middle score would be 635 and develop a plan to increase that credit score if you are trying to get approved for a mortgage.

6. If you have been 30 days or more late on a credit card bill get current. Getting current on your credit card bills can increase your credit score by 20-30 points.

7. Make sure your account balances are reported accurately on your credit report. Your account balances may not report the most recent balance and can lower your credit score because account information may be reported once every 2 to 6 months.

8. If your credit card balance is 30% or more over the credit card limit send your payment so that it arrives 5 to 7 days before the due date. This will ensure the most recent balance is updated to the credit bureaus each month.