Does your credit score leave a lot to be desired? Are you planning to buy a house, car, or apply for a credit card, but you have a feeling you’ll be turned down?
Not to worry.
What follows are the steps to take when you want to raise your credit score instantly. Whether you have no credit, bad credit, or a slightly lower credit score than you’d prefer, these steps will help.
Here is how to raise your score while earning great rewards in the process by experienced credit counselors in Newport Beach, California.
And remember, if you ever want to raise your credit score with proven advice, call Spearhead Credit Solutions, and we’ll help you get started.
Why is it Necessary to Raise Your Credit Score?
Raising your credit score can give you better access to attractive credit products, like low-interest credit cards with amazing rewards, as well as low-interest mortgage, auto, and other types of installment loans.
With lots of perks and the ability to save loads of money, the bottom line is that fixing your credit and raising your score can make life easier and more enjoyable. Added perks include better rates on insurance and the opportunity to skip utility deposits.
How Often Does Your Credit Score Go Up or Down?
Waiting for your credit score to go up after you begin working on it can seem like it can take forever. The thing is, your credit score can change daily. If you check it every day, you may see it rise or fall a few points each time. These fluctuations are normal.
However, if you pay off a credit card and your credit score doesn’t rise the next time you check it, give it time. Delays can happen between activity on your account and the time it takes to get reported to the bureaus. In due time, your positive changes will be reflected, and your credit score will showcase the boosted score.
Is Credit Repair Legit & Does it Work?
Can You Improve Your Credit Score Instantly?
In the not too distant past, there was a prevailing rumor going around online that you could raise your credit score 100 points virtually overnight. This sounded too good to be true for most, but some tried it anyway. What they found was that these grand promises were nothing more than lies, and those unfortunate credit score chasers found themselves embroiled in more than one variety of credit scams.
Unfortunately, you can lower your score by 100 points far more quickly than you can raise it by that much.
But don’t despair. There are ways you can raise your score instantly and starting right now. With the right amount of attention, and by making wise moves using your credit report as your guide, you can raise your score significantly before you know it.
7 Ways to Get Your Credit Score Up Starting Today!
The best way to raise your credit score is by taking small but increment steps. Here are some steps to begin taking right now.
1. Dispute Errors
Go over your credit report line-by-line to ensure that all items belong to you and are correctly stated. A date, account balance, or name on the account that doesn’t match reality could be grounds for complete removal. You can dispute these items right on your online credit report, which will enact an investigation by the credit agency until a determination is found. If you can get those items removed, your score is sure to rise.
2. Check for Fraud
Do all of your credit accounts belong to you? Do you notice a credit card, auto loan, or mortgage loan that you don’t recognize? If so, you might be a victim of fraud. Call the police and dispute those claims to clear your name and raise your score.
3. Start Paying Off Debt
If you have the available funds, start paying off your debt amounts. Start with the ones that have the highest debt to credit limit ratio, as those will affect your credit score the most.
4. Pay Your Bills on Time
Starting today, vow to pay all of your bills by the due date. If you can, pay early and even double the amounts, as doing so can work wonders for your score moving forward.
5. Reduce Revolving Account Balances
Ensure that you never go above 30% of your limit on any of your credit cards. If you have already spent over that amount, start paying those balances down as quickly as possible.
6. Only Apply for Credit When it Counts
As you begin repairing your credit, you may see offers for the latest and greatest credit card or loan. While tempting, it’s better to reserve your applications for when you really need the credit, such as for family emergencies.
7. Add a Mix of Accounts
Make sure your credit report shows a variety of installment and revolving accounts, as too much one type can actually weigh your score down.
How to Instantly Raise Your Credit Score When You’re in Deep
What if you are trying to raise your credit score, only a few credit mistakes are dragging your score down? In that case, you can take the following steps to begin rebuilding your credit now.
– Get a Secured Credit Card
Unlike the typical unsecured credit card, a secured card is funded by you. You have a pre-set limit, which usually amounts to the deposit you made, and you can then use your credit card anywhere they are accepted.
Since you are paying a deposit and using that to fund your limit, you can think of a secured card as a debit card, with one distinct difference. Unlike a debit card, a secured card gets reported to the credit bureaus. All payments you make on-time will be reported as such, and likewise with any late payments. As long as you don’t mess up and are diligent with building a positive secured card history, your score should go up fast.
To raise your score, you can then make monthly payments toward your card balance. Some secured cards have annual fees, and some don’t. They may also have a fixed or variable APR, so do your homework. You don’t want your entire balance to be eaten by fees, after all.
However, using and paying off a secured card each month is an excellent way to raise your credit score quickly when your credit mistakes have become a heavy burden to bear.
– Consider a Credit Builder Loan
This option for boosting your credit score is similar in concept to a secured credit card. It could also be called a secured installment loan. Here’s how it works.
As a “borrower,” you will put a small sum, usually $500 or less, into a savings account at a particular bank, whereby you will then make fixed monthly payments until the amount is “paid back.” Once the total balance has been fulfilled, you will have access to the money again.
These loans are designed for those with poor credit or no credit at all and demonstrate an ability to repay your debts in a timely manner. The bank, in turn, will report your positive payments to the credit bureaus, boosting your overall score.
As a bonus, some banks pay a tiny bit of interest on credit builder accounts, meaning you could earn a few extra dollars on top of your initial deposit while building your credit at the same time.
How to Get Your Credit Score Up When You Have No Credit
If you have no credit to speak of, you can follow the same instructions for those with bad credit. Try a secured credit card or a credit-building loan and watch your scores go up. You can also look for credit cards and small loans designed for those with no credit history to speak of.
How Fast Does Credit Go Up with Consistent Effort?
With ongoing work to rebuild your credit – or grow it if you’re just getting started – it is not unreasonable to see your credit scores rise as much as 100 points in as little as 12 to 18 months, or even less. Your results may vary, depending on the specifics revealed by your credit report.
If you want to rebuild your credit with proven professionals guiding your way, call Spearhead Credit Solutions, where we have experienced credit counselors standing by in Newport Beach, California. Pick up the phone, and we can help you get started.