1. Pay Down Your Credit Cards! Ideally, you want to owe less than 25% of the available credit for each account. (No, it won’t help you AS MUCH to pay down your highest interest cards first or your lowest balances. You need to have EACH card paid down below 25% for the best possible score)
2. Get a Bank or Lender to do a Rapid Rescore – This is one of the quickest ways to repair your credit. If you have legitimate errors, or things that have changed since reporting to your credit, (such as a paid off account) this is the quickest way to get your score raised. Yes, it will cost you some money. But, if you are in the process of making a major purchase, it will be well worth the expense.
3. Piggyback – the Right Way! FICO 08 has changed the rules on piggybacking. This is because people were paying to become an authorized user for people they didn’t know. Getting added onto an account as an authorized user is a great way to build credit. The good news is that you can still do this with your spouse or parent.
4. Ask for Delinquencies to be Removed! You never get what you don’t ask for! If you have been an otherwise good client, some lenders will delete a minor slip up from your report simply by you asking. There is no guarantee they will, but it certainly doesn’t hurt to ask.
5. Pay Your Credit Cards – BEFORE the due date – Many people think that paying their credit cards on the due date will result in a zero balance being reported. This isn’t true! If you pay on your due date, the total amount owed prior to payment will be reported.
6. Check Your Reported Limits – If you lender is reporting your limit incorrectly, this can really hurt your credit score. Some lenders (Such as Capital One and American Express) don’t report your limit at all. If you aiming to improve your credit score, avoid using these cards. If your other creditors aren’t reporting your limits correctly, you will want to get this corrected on your credit report.
7. Rehabilitate Your Student Loans! – Ok, this isn’t the fastest method on our list, but it is a great option if you have student loans that are in collection. The rehabilitation process can take up to a year, but when you are over the derogatory information regarding this account will be removed from your credit history.
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