If you're thinking about buying a new car or obtaining a mortgage loan in the near future, it doesn't hurt to improve your credit score and receive the best rate possible. You can take several measures to boost your score fast. Your credit rating says a lot about your ability to handle debt and credit wisely. Lenders carefully review credit files before issuing loan approval. With these fast credit fixes, you can raise your credit rating and improve your chances of approval.
Evaluate your report. Order your report and carefully check your file for minor and major mistakes such as name typos, erroneous collection accounts, late payments, judgment or other damaging entries.
Contact credit bureaus immediately. Circle reporting mistakes and send a letter to the credit bureaus requesting investigation and removal of mistakes on your credit report.
Get rid of your debts. Put a halt to shopping, vacations, eating out and other unnecessary spending, and put all your effort into paying off your debt and quickly raising your credit rating. If necessary, ask your employer for a raise, use personal savings, or work additional hours to generate cash.
Use inactive accounts. Fixing and improving your credit score entails using your credit cards and paying off the balances. Find your unused credit cards, use them for inexpensive purchases, and pay off the balance every month.
Negotiate the removal of negative remarks. If you're a long-time customer with a relatively good payment history who happened to skip or submit a late payment, contact your credit card company and negotiate the removal of delinquent or 30-day-late remarks. Highlight your previously excellent payment history and the reasons behind the delinquency.
Request a credit limit increase. Maxing out or going over your credit limit drops your credit rating. If nearing your limit, request a credit line increase to raise your available credit and help your credit score.
Valencia Higuera is a freelance writer from Chesapeake, Virginia. She has contributed content to print publications and online publications such as Sidestep.com, AOL Travel, Work.com and ABC Loan Guide. Higuera primarily works as a personal finance, travel and medical writer. She holds a Bachelor of Arts degree in English/journalism from Old Dominion University.