Skip to content

5 Tips to Raise Your Credit Score Fast

Author and credit scoring expert Linda Ferrari shares 5 simple things you can do to help raise your credit scores quickly

1. Keep your credit card balances 30-35% below their limits. If you’re looking to raise your credit score quickly some of the things that you want to look for right off the bat when you pull your credit report are your credit card balances. You want to make sure, that your credit card balances are at least the low thirty five to thirty percent of their limit. It’s two to three months before you’re going to go into a loan transaction. You should start keeping your balances down, considering that a new increase in federal salaries for this year is not expected, except for the one that has already been officially announced: https://federalresumeguide.com/federal-pay-scale-for-2019/

2. Confirm that your credit card limits are accurately reported to all three bureaus. Another thing that you want to look for is whether or not all of your limits are reporting on in credit cards. This can give you immediate points overnight. Because If your limits aren’t reporting and your balances are high, it looks like you’re maxed out on your credit cards and you’re going to be penalized very seriously by the system for that. It could be up to 80 points. Even if you work in one of the best government jobs, this penalty is too big, especially when you can easily avoid it. So you want to make sure, that your credit card limits are being reported across all three bureaus.

3. Make sure your “good credit” is being reported to all three credit bureaus. Another thing that you want to do is you want to make sure, that your “good credit” is being reported to all three credit bureaus. Because not all creditors report to all three bureaus. So you have a great account, that has a great length of credit history on it, that isn’t being reported to TransUnion, let’s say then your TransUnion score is probably going to be lower than the other two.

4. HELOCs should be reported as mortgage or installment accounts. Something else to look for on your credit report when you’re looking for your points to jump up quickly is the next one. If  you have a home equity line of credit account you want to make sure, that it’s being reported is either a mortgage or an installment account. A lot of times the credit bureaus just automatically report home equity line of credits as revolving debt. So they fall under the same rules as using a credit card. What do we do when we get a home equity line of credit? We max it out, because we go out to buy new things for our home, to refurnish and so on. So you want to make sure, that it’s being reported as a mortgage account. It is not, just simply write a letter to the credit bureau and ask them to change the rating on the account.

federal pay scale for 2019

5. Ensure that accounts declared in a bankruptcy are reported with a zero balance. Another thing that you want to look for when you’re looking for ways to improve your credit score quickly is the following. If you have had a bankruptcy reported on your credit report in the past, you want to make sure, that the items that were included in that bankruptcy are being reported as included in that bankruptcy with a zero balance. I would say that 75% of the credit reports, that have bankruptcies reported on them are all reported inaccurately. It happens all the time. You can gain 50 to 100 points just by going through and making sure, that your bankruptcy items are being reported correctly.

The final advice. Send your request via an overnight, certified to the appropriate credit bureau. So you find inaccurate information that needs to be corrected the fastest way to do. That is to send an overnight certified letter to the credit bureau, that is reporting that inaccurate information asking them to remove it, to update or to change it. I see certified overnight, because you’ll get the quickest response that way. If you don’t have to send proof of a document with your claim the basically what you can do is you can go online to each of the three credit bureaus and you can file your dispute online to get it started immediately.

Make sure that you have checked all of the items listed below and done it in time:

  • Keep your credit card balances 30-35% below their limits
  • Confirm that your credit card limits are accurately reported to all three bureaus
  • Make sure your “good credit” is being reported to all three credit bureaus
  • HELOCs should be reported as mortgage or installment accounts
  • Ensure that accounts declared in a bankruptcy are reported with a zero balance
  • Send your request via an overnight, certified to the appropriate credit bureau

But there are going to be times when 30 to 60 days will not be enough time to make the changes that you need to bring your scores up by 50 or 100 points. And those are the times when you need to consider working with a professional credit company to help you. And if you find yourself in that position, call your mortgage professional and I’m sure, that they’ll point you in the right direction.

Sidebar