A good credit score matters a lot when it comes to applying for a loan or even renting a new place.
If you don’t have a good credit score, it makes you come off as someone untrustworthy and somewhat irresponsible. This is why lenders, homeowners, and insurance companies hesitate to get into a deal with you.
But if you have a good credit score, it opens up a lot of doors leading to different opportunities for you.
So, you need to put effort into increasing your credit score.
If you have a low credit score or you have just started building your credit score and you want to do it fast, then this article is for you.
Below are a few tips that will help you increase your credit score fast
1. Buy a Seasoned Tradeline
The fastest way to increase the credit score is to buy tradelines. Tradelines allow you to piggyback on someone else’s good credit score and improve yours based on their credit score and history.
You can buy seasoned tradelines from 3rd Party companies who add you as an authorized user to a credit card account with a good credit score. When they do that, it positively affects your credit score.
If you want to get into the business of selling tradelines, you can check out the broker Coast Tradeline services to help your clients increase their credit scores.
2. Pay the Credit Card Debt
If you have a high credit card debt, then you must pay it off as soon as possible. As the debt keeps increasing or even if it stays the same, the impact of it starts showing in your credit score.
So, you need to make it a priority to pay the credit card debt so that your score doesn’t keep getting damaged. When the score becomes low, credit repair efforts take a lot of time to put things back on track.
3. Pay Credit Card Bills On Time
You need to pay credit card bills before the card gets closed. When you do that, zero or low balance appears on your credit report against that card.
This keeps the utilization ratio of the card down and helps boost your credit score. This credit score hack is completely ethical, and it works every time. You just need to do it at the right time.
4. Get the Negative Information Removed From Credit Reports
If your credit report has things such as collection accounts or bankruptcies mentioned on it then it can have a negative impact on your credit score.
You need to clear out all the negative information from your credit reports. If you find some information that is not accurate, you need to contact the concerned authorities to get that info removed as soon as possible. This will keep your credit report clean and would make you suitable for the benefits that you get from a good credit score.
5. Be Aware Of Your Credit Card Utilization Ratio
The card utilization ratio is an important factor that has an impact on the credit score. Card utilization ratio refers to the amount of credit that you are using, divided by the total credit.
You need to keep the credit card utilization ratio below 30% if you don’t want it to impact your credit score.
6. Request to Increase the Credit Limit
You need to ask the credit card company to increase the credit limit for your card. You can request it online or by contacting the card provider.
You can ask to increase the card limit on an old card. Most companies won’t allow the increase in new cards. You can request an increase in the credit limit every 6 months.
If you want to increase your credit score and you feel like you have enough time to do it, then you should go with the standard means of building a credit score.
But if an emergency requires you to increase the credit score in a shorter timeline, buying tradelines benefits would be your best bet.
Make sure to keep in mind the above tips for increasing the credit score that we have talked about here.
If you have any questions about boosting your credit score, feel free to reach out to us.