Getting Out of the Red: How to Improve Your Credit Score Fast

Summary: Having a good credit score makes life easier and cheaper. Even if you’ve tanked your credit, we’ll give you some ways to bring the number back up. You don’t have to wait seven years to start improving your credit score. There are a few tricks to get that number out of the red.<a title="Credit Karma" href="https://www.listenmoneymatters.com/go/credit-karma/" target="_blank" rel="noopener"><br><br> </a><br> Having a good credit score can save you thousands of dollars over a lifetime. It makes you eligible for lower interest rates for car loans and mortgages. Some jobs even require a credit check.<a title="Credit Karma" href="https://www.listenmoneymatters.com/go/credit-karma/" target="_blank" rel="noopener"><br><br> </a><br> The biggest factors in your credit score are:<a title="Credit Karma" href="https://www.listenmoneymatters.com/go/credit-karma/" target="_blank" rel="noopener"><br><br> </a><br> <br> Paying your credit card and loan bills on time.<br> Using less than 20 percent of your total credit line.<br> Avoiding mistakes that result in bad marks to your score (like not paying your bill on time or going into collections).<br> <br> You can lower your utilization by asking for an increase in your limit. Don’t close a credit account. It lowers utilization and reduces the length of your credit history. You don’t have to use the card a lot, just put a recurring payment on it to keep it open.<a title="Credit Karma" href="https://www.listenmoneymatters.com/go/credit-karma/" target="_blank" rel="noopener"><br><br> </a><br> If you have <a href="https://www.listenmoneymatters.com/how-to-find-the-perfect-credit-card/">several credit cards</a>, put small, recurring payments on each. More payments across more cards will boost your score. Set them to auto pay so you won’t miss a payment.<br> Paying on time is the biggest factor for your score so even if you can’t pay the entire balance, pay something on time.<a title="Credit Karma" href="https://www.listenmoneymatters.com/go/credit-karma/" target="_blank" rel="noopener"><br><br> </a><br> If you have such bad credit or non-existent credit, you can get a <a href="https://www.listenmoneymatters.com/how-to-use-credit-card/">secured credit card</a> to start rebuilding or building your credit. You put down a deposit and that amount is your credit limit. After a time, you can switch over to a regular credit card.<br> A bad credit score isn’t the end of the world but you should do what you can to improve it. <br> By taking intentional steps to build your credit now, you will have an easier time being approved for loans and credit cards in the future. Working on your credit allows you to make an investment in your future that will lead to tangible benefits.<br> <br> Getting Your Credit Under Control<br> Before you can begin to build your credit score, you will need to do a little bit of damage control. If you have bad credit because of late payments, outstanding debts or home liens, you will need to address the root cause of your current score. <br> You must fully assess your situation, re-organize your finances and put yourself on the <a href="https://www.myfico.com/credit-education/improve-your-credit-score/">path to manageable debt</a>.<br> Below you will find some helpful tips when determining how to improve your credit score fast.<br> Assess your score<br> You won’t be able to effectively solve a problem that you don’t fully understand. Many people know that their credit is bad, but they aren’t sure of the scale or scope of the issue. <br> There are several consumer credit reporting agencies that offer free credit reports upon request. For example, <a href="https://www.listenmoneymatters.com/go/credit-karma/">Credit Karma</a> is a great tool to get yourself a free credit report.<br> <a href="https://www.listenmoneymatters.com/go/credit-karma/"></a><br> Order a copy and read through it carefully so that you can check your ...