5 effective ways to fix your credit fast (2024)

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MoneyWatch: Managing Your Money

5 effective ways to fix your credit fast (2)

When it comes to ensuring the health of your finances, your credit score plays a big role in the equation. But while your credit score is a crucial component of your finances, your score doesn't just impact your ability to borrow money at a favorable interest rate. It can also play a role in whether you're able to buy a home, rent an apartment or even land your dream job.

That's a large part of why so much emphasis is put on making sure your credit score is as high as possible. But while a good credit score is important, the reality is that late payments and maxed-out credit cards happen. And when these types of issues arise, they can have an outsized (and negative) impact on your credit, making it a lot more difficult to navigate your finances.

So how do you repair the damage that's done to a less-than-stellar credit score? Well, the good news is that there are ways to take control and improve it quickly. If you want to improve your credit now, there are a few strategies you can use to do that.

Explore your top credit repair options online now.

5 effective ways to fix your credit fast

If you want to improve your credit quickly, the following strategies could help:

Use a reputable credit repair service

One of the quickest ways to kickstart your credit repair journey may be by enlisting the help of a reputable credit repair service. These companies specialize in identifying and disputing inaccuracies on your credit report. That can be a quick fix for your credit because inaccurate information, such as errors in account balances, late payments or accounts that don't belong to you, are common but can significantly drag down your credit score.

Credit repair services employ professionals who are well-versed in navigating the complex world of credit reporting. They scrutinize your credit report for discrepancies and work with credit bureaus to rectify any inaccuracies promptly. While this option comes with a cost, the investment may be worthwhile if you need fast results and lack the time or expertise to navigate the credit repair process on your own.

Find out how a credit repair specialist could be the key to repairing your credit quickly.

Prioritize and pay outstanding debt

If you have outstanding debts, prioritize them based on interest rates and amounts owed. Focusing on high-interest debts first can save you money in the long run. You can also consider negotiating with creditors for more favorable repayment terms, such as lower interest rates or structured payment plans. If you can't determine how to navigate this on your own, it may benefit you to get in touch witha debt management company for more support.

By making regular, timely payments on your debts, you not only reduce the outstanding balances but also send positive signals to credit bureaus. And, if you're paying off credit cards, doing this may also lower your debt-to-credit ratio in the process, which positively impacts your credit score and demonstrates to lenders that you are a responsible borrower.

Explore secured credit cards

Secured credit cards can be a powerful tool when it comes to rebuilding your credit quickly. These cards require a security deposit, which then becomes your credit limit. By using a secured credit card responsibly – including making timely payments and keeping balances low – you can showcase your ability to manage credit responsibly.

Secured credit cards are often more accessible than other lending products when it comes to applicants with lower credit scores, making them an excellent option if you're looking to rebuild your credit. And, as your credit improves over time, you may be eligible for unsecured credit cards with higher limits and more favorable terms.

Become an authorized user

If you have a family member or close friend with a strong credit history, you can also consider asking them to add you as an authorized user on their credit card account. Becoming an authorized user allows you to benefit from their positive credit history, potentially boosting your credit score.

However, it's crucial to choose a responsible and trustworthy person for this strategy. While your credit won't be impacted by late payments or defaults to the account you're an authorized user on, the goal is still to showcase responsible credit card usage. You should also ensure that the credit card issuer reports authorized user activity to the credit bureaus for maximum impact on your credit score.

Develop a budget and stick to it

Taking control of your finances is another fundamental step toward fixing your credit. Start by creating a realistic budget that outlines your monthly income and expenses. Identify areas where you can cut back on non-essential spending and allocate more funds toward paying down outstanding debts.

A well-managed budget not only helps you make timely payments but also demonstrates financial responsibility to creditors and credit bureaus. After all, consistent, on-time payments contribute positively to your credit score over time.

The bottom line

While there is no instant fix for your credit, the strategies outlined above can set you on the path to a healthier credit score if used the right way. Whether you choose to leverage the expertise of a credit repair service, adopt responsible financial habits or explore credit-building tools, the key is consistency. By taking proactive steps and remaining committed to your financial goals, you can make significant strides in fixing your credit fast and securing a brighter financial future.

Angelica Leicht

Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.

5 effective ways to fix your credit fast (2024)


What are 5 ways to improve your credit score? ›

Here are five credit-boosting tips.
  • Pay your bills on time. Why it matters. Your payment history makes up the largest part—35 percent—of your credit score. ...
  • Keep your balances low. Why it matters. ...
  • Don't close old accounts. Why it matters. ...
  • Have a mix of loans. Why it matters. ...
  • Think before taking on new credit. Why it matters.

What is the fastest way to repair your credit? ›

If you want to improve your credit quickly, the following strategies could help:
  1. Use a reputable credit repair service.
  2. Prioritize and pay outstanding debt.
  3. Explore secured credit cards.
  4. Become an authorized user.
  5. Develop a budget and stick to it.
Feb 27, 2024

How to build credit fast 7 simple strategies? ›

However, you can boost your credit score with the major credit agencies by using the seven tips below.
  1. Read Your Credit Report. ...
  2. Pay Your Bills on Time. ...
  3. Set Up Payment Plans With Creditors. ...
  4. Limit Applying for New Credit. ...
  5. Consider Keeping Old Accounts. ...
  6. Keep Credit Utilization Low. ...
  7. Use Different Types of Credit.

What habit lowers your credit score in EverFi? ›

What financial behaviors will typically lead to a low credit score? Maxing out your credit cards will typically lower your credit score. Your payment history and your amount of debt has the largest impact on your credit score.

What are 5 factors of a credit score? ›

What's in my FICO® Scores? FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).

What are five 5 factors affect your credit score? ›

Payment history, debt-to-credit ratio, length of credit history, new credit, and the amount of credit you have all play a role in your credit report and credit score.

How to wipe your credit history clean? ›

How to remove negative items from your credit report yourself
  1. Get a free copy of your credit report. ...
  2. File a dispute with the credit reporting agency. ...
  3. File a dispute directly with the creditor. ...
  4. Review the claim results. ...
  5. Hire a credit repair service. ...
  6. Send a request for “goodwill deletion” ...
  7. Work with a credit counseling agency.
Mar 19, 2024

How to fix really bad credit? ›

Here are seven steps you can take to begin improving your credit score.
  1. Check Your Credit Score And Credit Report. ...
  2. Fix or Dispute Any Errors. ...
  3. Always Pay Your Bills On Time. ...
  4. Keep Your Credit Utilization Ratio Below 30% ...
  5. Pay Down Other Debts. ...
  6. Keep Old Credit Cards Open. ...
  7. Don't Take Out Credit Unless You Need It.
Feb 8, 2024

How to raise your credit score overnight? ›

How to Raise Your Credit Score 100 Points Overnight
  1. Become an Authorized User. This strategy can be especially effective if that individual has a credit account in good standing. ...
  2. Request Your Free Annual Credit Report and Dispute Errors. ...
  3. Pay All Bills on Time. ...
  4. Lower Your Credit Utilization Ratio.

How do I build credit ASAP? ›

9 ways to build credit fast
  1. Understand the concept of credit. ...
  2. Check and monitor your credit. ...
  3. Dispute credit report errors. ...
  4. Open a credit card account. ...
  5. Take out a credit-builder loan. ...
  6. Become an authorized user. ...
  7. Request a credit limit increase. ...
  8. Keep a mix of different account types.
Apr 11, 2024

What is the #1 way to build your credit? ›

To build credit, it's important to practice good financial habits and monitor your credit routinely. One way to build credit is by applying for and responsibly using a credit card. In some cases, paying other bills, like rent or utilities, can help boost your credit scores.

Can I pay someone to fix my credit? ›

Yes, it is possible to pay someone to help fix your credit. These individuals or companies are known as credit repair companies and they specialize in helping individuals improve their credit score.

What purchases increase credit score? ›

It's not always big good things to buy to build credit, some small things to buy to build credit are regularly using your credit card to pay your phone, internet, or utility bills, such as water and electricity, which can help establish a good credit history and raise your CIBIL score.

Do big purchases help credit score? ›

Experts recommend keeping your credit utilization below 30%. If you make a big purchase on a credit card, it may bring you close to your credit limit. And unless you pay off the balance quickly, it could negatively impact your credit score.

Does paying twice a month help credit score? ›

That said, making two payments per month actually can help your score—but for a different reason. This strategy makes your credit utilization ratio appear lower, which can boost your credit score in the long run.

What are 4 ways to build your credit score? ›

There is no secret formula to building a strong credit score, but there are some guidelines that can help.
  • Pay your loans on time, every time. ...
  • Don't get close to your credit limit. ...
  • A long credit history will help your score. ...
  • Only apply for credit that you need. ...
  • Fact-check your credit reports.
Sep 1, 2020

What raises your credit score more? ›

Make all payments on time and avoid applying for new credit. Lower your utilization ratio by paying down balances, increasing credit limits, or consolidating your debt. Become an authorized user on an account with a long history of responsible use.

How to fix your credit yourself? ›

Here are 11 steps you can take on your own to steer your credit in the right direction.
  1. Check Your Credit Report. ...
  2. Dispute Credit Report Errors. ...
  3. Bring Past-Due Accounts Current. ...
  4. Set Up Autopay. ...
  5. Maintain a Low Credit Utilization Rate. ...
  6. Pay Off Debt. ...
  7. Avoid Applying for New Credit. ...
  8. Keep Unused Credit Accounts Open.
Apr 22, 2023

How do I raise my credit score 10 points? ›

How to Raise Your Credit Score by 10 Points
  1. Dispute Errors – Errors on your credit report can adversely impact your score. ...
  2. Pay Down Credit Card Debt – Paying off credit card debt reduces your credit utilization, which measures how much of your credit you're using.
Sep 23, 2022

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