how to get my credit fixed fast
If your credit rating isn’t where you want it to be, don’t worry—you’re not alone. From missed payments to bad investments, there are loads of reasons why people’s credit scores may slip.
It’s tempting to bury your head in the sand and hope it’ll all work out somehow. But the reality is that if you want to get your credit fixed fast, there are certain steps you must take. Fortunately, this guide will be your trusty companion every step of the way as you work towards improving your credit rating.
In it, we’ll explore how to check and understand your credit report, ways to improve your score with minimal effort, and strategies for making sure you never find yourself in this situation again. Let’s get started right away on getting your credit back on track!
Check Your Credit Report for Errors
If you’re looking to improve your credit score, the first step is figuring out what’s dragging it down in the first place. That means checking your credit report and checking it thoroughly.
Your credit report contains all the information that goes into calculating your FICOcredit score, including your payment history and public records. By checking it regularly, you can spot mistakes and inaccurate or outdated information that could be dragging down your credit rating.
Even small inaccuracies can have a huge impact on your overall credit score, so make sure to take the time to go over every little detail and challenge any discrepancies with the reporting bureaus. Simply disputing errors—even ones resulting from identity theft—can help raise your credit score faster than almost any other form of credit repair.
Dispute Any Inaccurate Information With Credit Bureaus
The next step to fast-tracking your credit repair is to dispute inaccurate information with the credit bureaus. This can be done by creating a dispute letter that explains why the incorrect information is appearing on your report and requesting that it be removed. The more detailed you are in your dispute letter, the better chance you have of having the inaccuracy resolved.
You should also provide any relevant documentation to support your dispute. Make sure to include copies of any records that show the accurate information—such as receipts, bank statements, or utility bills—as this will help to strengthen your case. This could include anything from credit cards or personal loans to court judgments and liens.
Once you’ve submitted your dispute, keep an eye on your credit score for any changes and follow up with each bureau if needed if there are no changes after a certain period of time has passed.
Pay Down Your Credit Card Balances
If you want to get your credit fixed fast, one of the best things you can do is pay down your credit card balances. Doing this has multiple benefits and can help improve your credit score quickly.
Credit Utilization Ratio
When you pay down your credit card balances, you’re lowering your Credit Utilization Ratio. Your Credit Utilization Ratio is the ratio of the amount of available credit that you’re using versus the total available credit limit. The lower it is, the better it looks on your credit report and the higher your score will be as a result. Generally, it’s recommended to keep it below 30%.
Lower Debt-to-Income Ratio
Paying down your debt also lowers another important factor in determining your score—your Debt-to-Income (or DTI) ratio. This is how much debt you have versus how much money you make each month. The lower this number is, generally, the better off you are when it comes to getting a loan or a good interest rate on one.
So paying down those pesky credit card bills—or other debts—can potentially help in two very important ways: by lowering both your Credit Utilization Ratio and Debt-to-Income Ratio which can help improve your score quickly!
Do Not Close Old Credit Card Accounts
You probably already know that having a higher credit score is good—but did you know that having multiple open and active credit accounts can help improve your credit score? Keeping your old credit card accounts open (even if you don’t use them) shows that you are capable of handling more than one active account in a responsible way, which lends credence to the idea that you are a low-risk borrower.
Another bonus to keeping all your accounts open is that it creates a long history of responsible borrowing, which can actually be more beneficial to your credit score. A study by VantageScore Solutions showed that consumers who have four or more cards and keep them open for at least the last two years have better VantageScore results than those with fewer cards and shorter histories.
So why close your old credit cards? The only real benefit is in the form of fewer bills to pay each month, but it’s not worth it if it means hurting your already-low credit score. Plus, closing out
your old accounts also eliminates any unused rewards points, making all those purchases essentially worthless.
On top of all this, when you close an account the available amount of available credit lowers, which can lower your overall credit utilization ratio (the ratio of how much debt you carry compared to how much total available credit you have). A lower ratio is better for boosting your score—so don’t do anything to alter the balance!
Limit New Credit Applications
You can speed up the process of fixing your credit by limiting new credit applications. Every time you apply for a new loan or credit card, a potential creditor looks into your credit score. This means they’re taking a “hard inquiry” on your score which could shave a few points off – and that could take months to recover from. Even if you don’t end up taking out the loan or credit card, the inquiry will still show on your score.
The best way to avoid this is to limit your applications and only apply when necessary. Don’t be lured in by attractive interest rates or bonus points – these temptations often lead to more damage than good. Assess what you really need, and make sure it’s worthwhile before applying for any new credit cards or loans.
You can also think about getting pre-approved for a loan before you apply. This way, the lender will check your score but it won’t show up as an actual application and therefore won’t have an impact on your score like a hard inquiry would.
By limiting new credit applications, you protect both yourself from taking on too much debt and from potentially doing more damage to your credit score in the process of trying to fix it!
Consider Using a Credit Repair Service to Get Your Credit Fixed Fast
Not sure where to start with fixing your credit? Consider using a credit repair service to get your credit fixed fast.
Credit repair services can help you to quickly and easily improve your credit score, often by taking steps that you wouldn’t think of or know how to apply yourself. They do this by:
1. Reviewing your credit history and identifying inaccuracies or negative marks that could be hurting your score.
2. Negotiating with creditors to remove negative items from your report, or to adjust information that may not be correct.
3. Making sure that all accounts are properly reported and that payments are being reported accurately each month.
Credit repair services can be a great way to build up your credit quickly, as they understand the rules and regulations of the credit reporting industry, as well as what methods are most effective when it comes to improving your score quickly and efficiently. Plus, they also monitor all of your
accounts on an ongoing basis so you don’t have to worry about falling back into old patterns or behaviors that could put you in a precarious financial position again.
how to get my credit fixed fast
Conclusion
When it comes to credit repair, it’s important to have realistic expectations and to use the right tools. Credit repair is an iterative process, but with the right approach and actionable steps, you can make real progress on improving your credit score in a realistic amount of time.
Remember that taking the time to properly understand your credit report, dispute any errors or inaccurate information, and manage your debt responsibly can go a long way in improving your credit standing. While credit repair may take some time, with the right approach and commitment, you can fix your credit fast and start building a better financial future.