Quickly Fix Bad Credit

Raise FICO Score Quickly

If you need to quickly fix bad credit your options are limited. There are a lot of ways to rebuild credit, but most of them can take months or even longer to get your credit to where you want it to be. Even so if your goal is to raise FICO score quickly here are the 4 best ways to do that.

1. Look for Errors at Your Credit Score

Your credit is figured out by three large companies, Equifax, Experian, and Trans Union. These companies all use similar information and similar formulas to determine your FICO score.

You are entitled to look at your credit score once a year without affecting it. So use this time to check up on the three giants and see what information they have about you. One or more of them might have wrong information and maybe using it to create your credit score.

Some mistakes to look for are.

• Information from Another person with a similar name on your account
• Information from Another person with an old address of yours
• Identity thief
• Wrong Information (saying you didn’t pay something you did)

If you have found a mistake on your account you will need to send out a dispute letter to the company. In this letter tell them what you are disputing and why. It is also a good idea to attach the document of the report.

Here is an example of a Credit Score Dispute letter.

By law the Credit companies have to investigate any claim that you dispute. If they cannot find evidence for it within 30 days it will be taken off your credit score and it’s negative affect will be neglected.

You are allowed to view your new credit score without affecting it after a dispute.

2. Lower your Debt to Credit Limit

Credit card companies don’t like to see someone spend more than 30% of their credit limit. The less you spend the more stable you are considered to be. This is said to account for approximately 30% of your credit score, so it is pretty important.

If you want to raise FICO score quickly one option is to pay down your balance. The less money you owe the less of a risk you are.

Another way to lower you Debt to Credit limit ratio is to have your credit line increased. If you owe $3,000 in debt on a credit card that offers you a credit limit of $6,000 you are using 50% of your credit line. But if you get the credit card to increase your credit limit to $10,000 you are only using 30% of your credit line, a big difference in the eyes of the Credit companies.

3. Join Sign a Loan

A third way to quickly fix bad credit is to take a joint loan with another person. For instance, if your spouse has good credit you two can borrow money together. This way, your credit score increases for being associated with your spouse.

By cosigning with another person you inherit some of their credit history; hopefully this will help you raise FICO score quickly.

Quickly Fix Bad Credit Review

Now you know a little bit about, how to build credit quickly. These are pretty fast ways to increase your score, but over the long term paying your bills on time and taking on a reasonable amount of debt is the way to a higher score.

It is supposed to measure your risk, so be the person who you would be willing to loan money to. It may not quickly fix bad credit, but it will over time.

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