Fastest Ways to Raise Your Credit Score by 100 Points
If your credit score is less than perfect, you are not alone. A score of 620 or lower is considered bad or poor. Obviously, the better your credit score, the more likely you are to reap certain benefits. However, there are a few ways you can raise your credit score by 100 points quickly.
Get Your Credit Report and Check It
Unfortunately, mistakes can happen, even in your credit report. The Federal Trade Commission states that around 5 percent of people spot errors on their report that is bad enough to adversely affect them in a financial manner. To that end, you should obtain a copy of your credit report and thoroughly check it for errors. Report any discrepancies you spot so they can be fixed or deleted.
Stay Under Your Credit Limit
Use your credit card sparingly and make sure to stay under your credit limit. Generally speaking, you aim for as low a credit utilization ratio as possible. Spending under 30 percent of your total credit limit can help to improve your credit score, but you can do more than that. When you owe on your credit card bill, you can make small payments toward it until you have fully paid it off. This can help to keep your balances low, especially if you make a payment well before the due date. You can also request a higher credit line if you’re worried about going over your current one.
Be Current on Payments
Finally, a great way to increase your credit score by 100 points quickly is to always be current on your payments. You should never miss a payment and should ensure that you pay off your balances well before the bill’s due date. If you miss a due date, it’s not the end of the world, but you will have to be diligent going forward.
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