3 Steps to Fixing Credit Score Fast

A poor credit score will have a lot of negative effect on various aspects of your financial life. Not only will it be difficult for you to qualify for credit cards or loans but you will get bad rates for your insurance. By fixing credit score fast, you will be able to see a big difference. Here are measures you can use for fixing your credit score fast.

Have errors in the credit report fixed 

The Federal Trade Commission reports that around 5 per cent of consumers have errors in their credit reports that are bad enough to impact the results for their insurance or financial product. One in every 3 reports is reported to have errors that negatively impact on the score.

Every person is entitled to a free report once every 12 months from all the major credit bureaus. It is advisable to request for the report, check for errors such as the payments that are marked late after payment or any negative information that is too old for listing. You can then dispute those errors and have them removed.

Where disputes are raised, the credit bureaus are expected to respond within a period of 30 days. Any incorrect information needs to be knocked off from your report and this will positively impact your report. After fixing the errors, watch out for negative remarks.

Remain under your credit limit

Credit utilization will impact the amount of credit that you will use and this will impact your score. It is advisable to ensure that you keep your balance to below 30%. Remember that the overall, as well as the per-card utilization, will count. Some of the ways to keep it that way include:

• Make small but multiple payments. The micropayments can help to keep your balance low

• Ask for your credit limit to be increased

• Handle balances that come with high utilization

• Move some of your debt

Clear all past-due bills

No matter what strategy you try, it will not be possible for you to improve your credit score unless you pay on time. This is because the biggest influence on the credit score is payment history. If there is any bill that is past, due, get in touch with the creditor. Make arrangements to clear the bill and this will serve to rescind the delinquencies so that they don’t appear on your report.