While long-term credit repair doesn’t happen overnight, you might be asking how you can raise your credit score in 30 days. It IS possible!
The sooner you start working on your credit score, the faster you’ll see results. There are steps you can take that can have a fast and positive impact on your credit score.
You could start seeing improvements in as little as 30 days by reducing debt balances, becoming an authorized credit card user and more. Here are actions you can start taking today that will impact your credit score more quickly.
WHAT CAN I DO TO IMPROVE MY CREDIT SCORE FAST?
Significant credit repair takes time, but even minimal improvements can lower your interest payments and increase your chance of getting approved for loans etc. It’s important to be diligent and avoid making more mistakes while you’re trying to improve your credit score
Don’t go in blind. It’s important to take the time to understand your credit score. The more you know about it, the easier it will be to increase your score and tackle any outstanding issues.
Check Your Credit Report
First thing first: check your credit report! You can access your credit report online through TransUnion Canada or Equifax Canada.
Pay To See Your Score
You might need to pay extra to see your actual credit score in addition to your credit report. Take the hit and find out what your score is with both bureaus.
Identify Negative Accounts
Your credit report offers a detailed history of every account you’ve ever opened. Take a close look and find the ones that are causing the most damage.
Correct Any Errors
Check for any incorrect personal information because sometimes someone else’s bad credit could be showing up on your account. Also, make sure every inquiry listed on your report is accurate, as hard inquiries can lower your score by several points. Contact the credit bureaus to correct any misinformation.
File A Dispute
If you have a valid reason (and proof) for missed or late payments, you might be able to get the marks removed from your report by filing a dispute with the original creditor.
Pay Off Credit Card Balances
Credit card debt is easy to rack up and difficult to pay off because of high interest rates. Tackle these balances first to reduce your debt-to-income ratio.
Settle Up Late Payments
The longer a balance is overdue, the more it hurts your credit score. Settle up late payments that haven’t been sent to collections yet as soon as possible.
Contact Collections
If you do have a debt that has gone to a collections agency, call them and offer to pay for a delete. That means you’ll pay the outstanding balance as long as they remove the delinquent account from your credit report.
Keep Balances Low
The closer your balance is to your credit limit, the higher your credit utilization (the amount of debt you’re carrying compared to the amount of credit you have available to you) — and the lower your credit score. Keep your balances low to reap the rewards of a higher limit.
Take The Offers
If you don’t have the cash to pay off your debts, raising your credit limit will help improve your credit score. If your credit card company offers you a credit limit raise – take it! But don’t go on a spending spree just because you have more money available to you.
Become An Authorized User
Make someone else’s good credit work in your favour. Find a friend or family member with good credit and ask if they would be willing to add you to their credit card as an authorized user. This joint information will show up on both your credit reports and raise your standing. The original borrower will have to contact their bank to have you added to their account.
BUY A NEW VEHICLE WITH LESS-THAN-PERFECT CREDIT
Sometimes it’s not possible to wait for your credit score to improve before buying a new vehicle. Here at Birchwood Credit, we specialize in bad credit car loans. This means you don’t need a perfect score to get approved for vehicle financing with us. Fill out an online application today or visit one of our convenient locations to check out our extensive vehicle inventory!
