What is the best and fastest ways to increase personal credit report and rating?

1. 68

   alexandriaruthkposted 11 years ago

   What is the best and fastest ways to increase personal credit report and rating?
   
   iI these days where ones credibility to borrow is dependent on your credit report or rating, what are the best ways so that you can increase it?

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2. 0

   JThomp42posted 11 years ago

   The best way I found was to pay off all credit cards to a 0 balance and most importantly (Cancel them) leaving them open can hurt your credit as much as a bad payment history report. CUT THEM UP. Also avoid retailers, Banks, etc. from doing credit checks on your credit too often. Example: Say you want to buy a house and you have also just bought a new car? Avoid every car dealership accessing your credit. It looks bad if you have too many hits in a short time period. Most importantly, Always be on time with your payments.

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3. 67

   touchmyheartposted 11 years ago

   I agree that paying off and getting down to a zero balance is best.   As you go along, try to get the lower balances paid first, then move to the other accounts based on interest rate.  Once you pay off a debt, then you can use the amount of that payment to apply toward your next pay down.  As always, paying on time, and the steady results showing that your debts are being paid off will help.

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4. 60

   dianetrotterposted 11 years ago

   1.  Stop charges when it is unnecessary. 
   2.  If you must charge, charge to one card only.
   3.  If you know what you are doing, shift balancing between zero interest accounts.  Make sure you time it to move the money before interest rate kicks in.  There is a transfer charge but it can be far less than paying a high interest rate throughout the year.
   4.  Don't co-sign for anyone other your mother.
   5.  Don't loan money that you don't have.
   6.  Cook at home and carrying your lunch to work.

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5. 65

   Miranda Birtposted 11 years ago

   That depends on your personal credit, honestly. The first thing you should do is pull a credit report from AnnualCreditReport.com - they will give you all three credit bureau reports for free. You will want to carefully analyze this for accuracy. If you see something on there that shouldn't be, dispute it. If you know you've paid something, dispute it. I raised my own score almost 100 points by taking this action. You can also have accounts removed if they are older than 7 years - great idea if you have had problems in the past. This step alone is the fastest thing you can do to improve your score.
   
   While going through this process, do NOT apply for other credit. While multiple inquires will only ding a few points, if you are buying a house or trying to secure financing sometime soon it can cause problems.
   
   Make your payments on time! This is quite literally the biggest factor in your credit score. If you don't make those payments on time (no more than 30 days late), you will always have bad credit. Set up reminders on your computer, your phone, wherever is most convenient for you.
   
   Diversify your credit with a mix of revolving and installment accounts. Some sources recommend 3 open trade lines. Truthfully, it really depends on what you are trying to achieve by improving your credit.
   
   The first step is pulling that credit report. I highly recommend starting with that from personal experience.

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