People with low credit scores ask the question “How to increase credit score fast? Before we answer that question, let us understand what credit repair is. It is an act of clearing your bad credit score. We need to keep a good credit score for various reasons. These include applications of car loans, home loans, and other credit purchases. Otherwise, you will have a hard time getting by our day to day life. Here are some useful tips for you to fix your credit score fast
Take a Look at Your Credit Report and Clean it up
The first thing that you need to do is to find out why you have a bad credit score. By law, you are entitled to receive one credit report per year. Go to AnnualCreditReport.com and request for your credit report. There are three major credit reporting companies you can ask your credit report. These are Equifax, TransUnion, and Experian. You do not need to worry about having to pay as you can get your credit report from each of these companies for free every year.
Now you have your credit report. Take a look at it and find out why your credit score is low. Look for accounts that claim you have late payments. If you are certain that the claims are false, then you should start disputing them. The report shows where to send your dispute.
Also, keeping a good credit score is important not only for future credit purchases or loan applications but also when looking for a job. Some employers take a look at your credit history before deciding on hiring you.
Pay Your Balance
One of the aspects that affect your credit is based on how much you owe. Though it is not always about how much you owe, it is how much you owe vs. your credit limit. There is this thing called “credit utilization” – This is the ratio between your credit limit and how much you owe. For example, you have a credit limit of $20,000 and you owe $10,000, then your credit utilization is 50 percent. If you have maxed out your credit limit, then your credit utilization is 100 percent. Remember that the lower credit utilization you have, the better your credit score will be.
Increase Your Credit Limit
Since we are looking for ways on how to increase credit score fast, this method is fast. Increasing your credit limit will affect your credit utilization in a good way. As mentioned above, the lower your credit utilization is, the better your credit score will be. However, increasing your credit limit does not mean you should spend more than you did with your last credit limit. It defeats the purpose of why you increased your credit limit in the first place.
Get Professional Help
Credit repair companies are not only there to help you clean your credit record. They are also consultants who can help you better understand how credit works. They can help you evaluate your credit report and formulate strategies on how to increase credit score fast. Blue Water Credit is a company that can help you with your credit score. With great knowledge about credit, you can count on them to fix and maintain your credit score. Visit https://bluewatercredit.com/ to learn more.