Fix Your Credit Score Fast

Having a poor credit score can not only negatively affect you financially - it can

lead to lost job opportunities, rejected applications for tenancies and other seriously debilitating problems. If you have a credit score that could use a bit more than a simple boost, then you know exactly how it seems to follow you wherever you go. If you're sick and tired of always being refused for a credit card or paying more in interest rates just because you have poor credit, then it's time to use these fast fixes for your credit score - and get back on track right away:

1. Stop throwing your money at debts like your mortgage and student loan; instead, start focusing on paying off your credit card bills and any personal loans that you may have, as these kinds of debts drastically affect your credit score more than the other debts. While you may want to own your home faster or get rid of that student loan sooner, it's important to realize that this won't do much for your score. Yet when it comes to that one single credit card balance, you can really skyrocket your score just by throwing your money at it. When it comes to debt, it really pays to have the right ones taken care of first.

2. Don't spend more on your plastic than what you can pay. Credit reporting agencies frown on people who aren't able to live within their means, which a balance on your credit card indicates. Create a household budget that sticks within your income, and make sure you don't over-exceed what you make by using your credit cards to fund that shopping spree.

3. Know your limits. It's a simple move that can save you big in the long run. Why is this, you ask? Simple: if you spend over your limit, not only will credit reporting agencies give you a black mark on your report - you'll end up having to pay some pretty hefty fees! This money is better spent paying off the principal of your debt, not some outrageous fees that go straight into a banker's pocket. Additionally, make sure that credit reporting agencies have your limits correct - often your credit score can be lowered unfairly if an agency has the wrong information. Call them on it and get your report updated for an instant boost.

4. Don't close any old credit card accounts that you might have. Your credit score is determined by the amount of credit versus debt that you have; therefore, the more credit you have (without balances, that is) the higher your credit score will be. This shows credit reporting agencies that you are trustworthy enough for lenders without living beyond your means.

5. Ask for a goodwill adjustment, where a happy lender might just erase a late payment from your credit score if you've been displaying good credit behavior. Wait a year after making payments on time to request this, and you'll be seeing an improved score in no time!

Having a poor credit history does not necessarily mean it's the end of your future finance eligibility. Follow this guide and be pro-active in the repair of your credit rating, and you will soon see fruits of your efforts.

by: Phil Waterton

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