Increase your credit score quickly

Through your actions and decisions, you can either improve or worsen your financial situation. If you have a credit account (personal loan, student loan, mortgages, credit card) then you also have a credit score. This is a three-digit number that informs your future creditor of your creditworthiness and how much you are responsible for your money.

The question now is: how am I doing to quickly increase my credit rating? The good news: this is possible and in a very short time (usually, in less than a year). The bad news: it takes a lot of effort on your part. Keep reading and inform yourself if you want to increase your credit rating as fast as possible.

Eliminate balances too small

If you want to increase your credit score quickly, you will have to use credit cards. But owning a lot of cards is not beneficial. That’s what you need to do:

  • Collect all your credit cards
  • Determine the ones with the lowest interest rates and the most benefits
  • Pay all others that have not been selected
  • Use 1 or 2 of the best cards
  • Do not cancel other cards, just do not use them
  • Make sure to use and fully refund the cards you use. Never spend the full amount available and do not be late on your payments.

If you have multiple accounts with small balances, it might be worth reading our article on debt consolidation by clicking HERE

Leave old debts on your credit report

Often people think that old debts on the credit report will have a bad impact on their credit score. But it’s rather the opposite. Credit history is the thing that contributes the most to your credit score. So, if you have a credit card for 5 years, so much the better. The more you have it, the better. And the more you use the card responsibly, the better your credit rating will be. An old debt paid in time is a great thing for your credit score.

Contested errors

If there are incorrect information or credit errors on your statement, dispute them. If you prove the mistake, Canadian credit agencies (Equifax and TransUnion) will probably correct it.

But do not argue a negative, because it will not improve your credit score, but will rather hurt you; Too much hassle is bad for your credit report.

Increase your credit limit

It’s important to use your cards when trying to improve the credit score. But it is also very important not to use more than 30% of the available amount. So, if you use your credit card for any purchase, consider increasing your credit limit. In this way, you will be able to continue using your card without spending more than 30% of the available amount.

Remember, however, if you are not sure if you can control your expenses, do not increase your limit.

Pay your bill twice a month

If you do not want to increase your credit card limit, then pay it back twice a month. The report will show that you do not use the total amount available each month. Just be sure to make the payment before the period covered by the statement. And also, make sure to repay the debt in its entirety each time.

Make automatic payments

If your credit score has been affected by missed or late payments, then choose automatic payments. You can do it for:

  • Student loans
  • Personal loans
  • mortgages
  • Auto loans

Thus, you will avoid missing payments that could seriously affect your credit rating.

Get a credit card guarantee

If your credit score prevents you from getting a new credit card, then opt for a secured credit card. Then use this card to pay for your groceries and other monthly expenses. Pay the balance in full at the end of each month.

Request a copy of your credit report

Ask for a copy of your credit report and analyze the report line by line to understand your financial situation. If you have tried to improve your credit score, but have not achieved the desired results, opt for the advice of a professional. In some cases, help and specialized support may be beneficial.

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