Most people are familiar with common methods of raising credit scores, such as paying down debts and avoiding missed payments. However, when you want to raise your credit score fast, these methods alone won’t do the job. Below are some creative strategies you can use to boost your credit score as quickly as possible.
1. Dispute entries on your credit report.
Under the Fair Credit Reporting Act, you have the right to dispute entries on your credit report that you believe are inaccurate or incomplete. In most cases, the credit reporting bureaus must investigate any disputes you file within 30 days of receipt. Thus, if your credit report contains negative entries that you believe are unfair, outdated, incomplete or completely inaccurate, it is in your best interest to dispute them.
To dispute information on your credit report, you must send a written letter to the credit reporting companies that explains your position. You should also include any documents you may have that support your claim. You should also send a dispute letter to the organization that is reporting the information in question to the credit bureaus. If your dispute is found to be valid, the information in question must be removed from your credit report, and your score will increase.
2. Ask for a good-will adjustment.
In some cases, it may be possible to have negative information removed from your credit report even if the information is accurate. Forbes recommends discussing your situation with creditors in an attempt to convince them to stop reporting negative information. For example, if you made a few late payments on a credit account because of a medical emergency but your account is now current, the creditor may be willing to let you slide. Likewise, if you have an account in collections, the creditor may be willing to remove the account if you offer to pay the balance in full. However, if you decide to negotiate with a creditor, be sure to ask the creditor to put the agreement in writing before you make any payments.
3. Purchase seasoned/authorized user tradelines.
Another practice that may increase your credit score very quickly involves purchasing a seasoned tradeline, which is an active credit account with a long, spotless payment history. Adding such an account to your credit report can raise your credit score by improving your available credit, the average age of your accounts, your payment history and more.
To add a seasoned tradeline, the owner of the tradeline must list you as an authorized user on the account. Many different online brokers offer to connect owners of seasoned tradelines with consumers in need for a fee. However, you can also accomplish the same goal if you have a friend or family member with a seasoned tradeline who is willing to list you as an authorized user for free. Regardless of how you choose to acquire a tradeline, make sure that you trust the tradeline’s source. Credit scams are a serious concern, and not all tradeline brokers are reputable. Likewise, if you ask a family member or friend to help out, make sure the credit account you are adding is in good standing.