What is the fastest way to increase my credit rating by 50 POINTS?

Answer 1

The first thing you need to do is find out what's driving your score down. Generally speaking, in the order of biggest effect to least effect these items would be: Bankruptcy, Judgement, Collection Items, Garnishments/Levys, Reposessions, 90-Day Late Payments, 60-Day late Payments, 30-Day Late Payments (Late payments on a mortgage are more severe), Relationship of Revolving Balances to Credit Limits (how maxed-out are you), Number of Revolving Credit accounts, Number of Total Credit Accounts.

If there are any of the first 4 things on your report, you should work to pay these off first. In cases like this descretion is the better part of valor. For example, if you had a roommate stiff the cable company but you signed the agreement you're better off just paying off the collection item (no matter how much it is). Take care of these first. If you have a high relationship of revolving balances to limits, then your best bet is to pay off/down these as soon as possible. Only time can help late payments.

To keep your credit score high, avoid all the obvious things (i.e. judgements, late payments, etc.). In addition, make sure you have available unsecured revolving credit equal to about 25% of your gross annual income and try to utilize less than 30% of that. For example, if you make about $35,000 per year, all of yoru credit cards should have a combined limit of LESS than about $8,750. Of that, you want to try to never owe more than about $2,625.00 at any given time. The less you owe, the better. Having a small car loan and eventually a mortgage will also help to keep your score up.

Good luck!

Answer 2

There is no FAST way to increase you credit score. The FICO formula was DELIBERATELY designed that way. IF there are errors on your credit file, you can dispute them and have them removed. Even that takes up to 30 days. Any changes to an account that affect your score may not appear any faster. Most creditors only report once a month.

Answer 3

1. Obtain a copy of your credit bureau report. Review it to ensure it is correct. Close all inactive credit accounts that still show as open on the report, by contacting those companies and followign their instructions on how to get accounts closed.
2. Make sure whatever credit you have that is active is as far below the approved limit as you can manage. Anything over its limit will hurt your report - alot.
3. Stop applying for credit. Each application temporarily drives your credit score down.

Answer 4

If you have any credit cards with low or zero balances, pay them off and then cancel them. I was told that having a lot of credit cards can actually hurt your credit because of the potential for you getting in too deep is there whether you use it or not.