5 Quick Tips To Improve Your Credit Health

Are you trying to raise your credit scores fast

Unfortunately, there’s no silver bullet that’ll raise your credit scores overnight. But there are a few ways you might be able to improve your credit score over time if you manage your credit well.

  • The truth about raising your credit scores fast

  • Tips that can help raise your credit scores

  • Pitfalls to avoid when working on your credit score

The truth about raising your credit scores fast

While a lucky few might be in a situation where they can raise their credit scores quickly, the bottom line for most of us is that building credit takes time and discipline especially if you’re trying to rebuild bad credit. That’s because your credit scores are complex and made up of several interconnected factors.

So trust me; while some credit repair agencies may promise to raise your credit scores fast, there’s no secret that will help you boost your credit scores quickly.

But if you start to develop healthy habits now you can build credit over time all by yourself.

5 factors that affect your credit scores

  1. Payment History

  2. Credit Usage

  3. Length of your credit history

  4. Credit mix

  5. Recent Credit

Tips that can help you raise your credit score

Because credit is so complex, building credit takes time. Depending on your individual situation, there may be ways to raise your credit score quickly - like paying down all your debt in a very short span of time. BUT IF YOURE STARTING OUT WITH BAD CREDIT, even a drastic measure like that may not have the immediate effect you’re looking for. No matter what, the most impactful thing you can do for your credit is to create some consistent habits. Here are some tips that can help you raise your credit scores over time.

  1. Check your credit reports on a regular basis to track your progress.

  2. Sign up for free credit monitoring.

  3. Figure out how much money you owe.

  4. Set up autopay so you never forget to make a credit card payment.

  5. Pay twice a month.

  6. Negotiate a lower interest rate.

  7. Ask for a credit limit increase.

  8. Mix it up.

  9. Become an authorized user on someone else’s account.

Pitfalls to avoid when working on your credit

When it comes to building credit, it’s easy to get overly focused on ways to raise your credit scores fast. The truth is that building credit takes time. So take a step back and make sure your strategy doesn’t do more harm than good.

Here are a few “don’ts” to keep in mind.
  • Dont apply for a bunch of new credit cards just because you want to increase credit utilization. Even though this might help lower your credit utilization ratio, it could also make you look like a risky borrower thanks to the new hard inquiries on your reports.

  • For the same reason, don’t take out a loan just to improve your credit mix. Only apply for a new loan if you actually need it.

  • Don’t carry a balance on your credit card just so you can build credit. Carrying a balance can lead to unnecessary interest charges , and it might actually hold your scores down by increasing your credit utilization ratio.

  • Don’t cancel your credit card after you pay it off — unless you have a good reason to do so. Closing your credit will hurt your length of credit history , so it’s better to leave it open, even if you’re not using it anymore. Of course, if having a card tempts you to spend more, or it comes with an expensive annual fee, you might want to rethink this conventional wisdom.

What’s next

There are a few steps you might be able to take to raise your credit scores relatively quick, like paying off credit cards with high balances and disputing errors. But for the most part, it takes time and patience to build credit.

Tim Devaney | Credit Karma

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