Rebuilding Your Credit Fast
Want to fix up your tarnished credit record quickly? Do these three things:
1. Challenge your credit report
You can challenge pretty much anything on your credit report. In fact, when you sign up with one of those credit repair services, that’s exactly what they’ll do.
Doing it by yourself isn’t all that hard either. Choose the negative items that look the easiest to be removed and challenge three or four of them at a time. This process will take time, especially since all three credit bureaus will have to update your reports, although once they do, you can expect major changes in your score within 30 days.
2. Pay down your existing debt
Keeping high balances on your revolving credit, especially when you’re over 50% of your limit for each, pulls down your credit score in a significant way. Settling your bills on time and paying them down to below 15% of your total credit limit should help ease your credit record woes over time.
3. Avoid Unsecured Credit Cards For People With Bad Credit And Opt For A Secured Card Instead
Sub-prime credit cards generally aren’t great options when you’re trying to raise your credit score. Furthermore, they’ll often have severely low limits, constricting fees and unusually high interest rates.
A better option will be to apply for a secured credit card instead, where your limit will be equivalent to whatever amount you deposit. Using one, you can enjoy a higher credit limit than what an unsecured card should get you, which will help with your overall credit score.
