Quickest Ways to Fix Your Credit Score

Written By Jeff Hindenach
Last updated December 10, 2019

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April 12, 2016

Simple. Thrifty. Living.

The majority of people don’t really think about their credit score. That is, they don’t think about it until it is time to buy a house or apply for a new credit card, which means most people don’t know if their credit score needs fixing until it’s almost too late. Turning around a poor credit score usually takes time, since it takes seven years for derogatory marks to be removed from your credit report. Credit repair services are known to remove negative items more aggressively, but it can cost you. However, there are a few ways you can give your credit score an immediate boost if you need to see results quickly.

This may sound like a bad idea, but getting a new credit card can be the easiest, quickest way to boost your credit score. One of the main factors used to determine your credit score is called your credit utilization ratio, which compares your total credit limit among your cards with how much you owe in total. If you apply for a new credit card, the credit limit will be added to your overall credit limit, lowering your credit utilization ratio, which will raise your credit score. Here are some good credit cards that will give you extra perks as well as raise your overall credit limit.

Another way to lower your credit utilization ratio is to lower the amount you owe on your credit cards. If you have large debt sitting on your credit cards and you have the means to pay it off, it can produce a good jump in your credit score. However, just paying off whatever you can afford can help move the needle up on your credit score. (Paying off static debt like student loans or car loans doesn’t have the same instant effect, so stick to paying off your credit card debt.)

Millions of people have errors on their credit report and don’t even know it. Errors can be everything from the wrong address to one of your creditors reporting the wrong information on your report. It is a good idea for everyone to check out their credit report at least once a year. If you are more interested in monitoring your credit report or taking preventative measures against identity theft, it could be a good idea to sign up for a credit report monitoring service. These services will monitor your credit report and give you regular access to your report so you can correct any mistakes. Here’s a good list of the best credit report monitoring services.

About the Author

Jeff Hindenach

Jeff Hindenach is the co-founder of Simple. Thrifty. Living. He graduated from Bowling Green State University with a Bachelor's Degree in Journalism. He has a long history of financial journalism, with a background writing for newspapers such as the San Jose Mercury News and San Francisco Examiner, as well as writing on personal finance for The Huffington Post, New York Times, Business Insider, CNBC, Newsday and The Street. He believes in giving readers the tools they need to get out of debt.

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