It is easy to lower your credit score, but much harder to raise it after it has fallen. There are always the tried-and-true solutions of taking on debts and then adhering strictly to their payment schedules, but those solutions take time and a bad credit score can linger for years to come. Not all hope is lost, however, because there are some quick fixes that you can use to patch up and maintain a high credit score. Keep in mind though, that not all of these fixes will work for everyone.
Quick Fix # 1: The first thing that you can do is to get a copy of your credit report. Make sure you know how to read and understand your credit report and go through the items on the list one by one to see if there are any errors. Businesses do sometimes make reporting mistakes and those mistakes can be pretty detrimental if they start adding up on your report. If you find errors on your report, get them corrected by contacting the businesses that reported them.
Quick Fix # 2: Even in cases where there are no errors on your credit report, you might be able to convince one of your creditors to remove some of those items on your credit reports. Naturally, your creditors are not guaranteed to do this and are more likely to do so if you have been a profitable customer for them over time.
Quick Fix # 3: If you have the money available, you may want to consider paying down a part of your outstanding debt to boost your credit score. Paying down the balances on revolving accounts such as credit cards is particularly effective because they are given greater weight by credit rating agencies.
Quick Fix # 4: You may be able to talk collection agencies into removing bad entries on your credit report in exchange for repaying the entire value of outstanding loans. Contact these agencies if they are willing to offer pay for delete clauses on loan settlements.
Quick Fix # 5: Not closing your old credit cards and making use of them from time to time can help keep your credit score from falling. Doing this helps your credit score because part of your credit score is measured based on the ratio of your outstanding debt to your available credit, on the length of your credit history, and the kinds of credit that you use. Closing old credit cards can impact any one or even all three of these factors negatively.
Quick Fix # 6: See if you can convince someone with an established credit card and lengthy history behind that card to add you as an authorized user. This will add the that card’s lengthy and presumably healthy credit history to your own credit report.
Quick Fix # 7: Be careful when applying for more credit because a large influx of credit inquiries from potential lenders can damage your credit score. Multiple credit inquiries that are spread out across a lengthier period of time are particularly damaging.
Quick Fix # 8: Consider getting a more diverse mixture of credit on your report because more diverse mixtures improve your rating. For example, if you have a credit card but no outstanding loan, get a small loan and vice versa.
In conclusion, you are by no means helpless if your credit score is bad. There are real, concrete actions that you can take to improve it, even in a short time frame.