If you are on the border of a bad credit score and a decent credit score, there are a few things you can do to improve your score fast. The tips in this article is not going to raise your bad score by a couple hundred points, but it might be enough to push you over to decent credit camp to rent an apartment or get a small car loan.
Change the balance to no limit credit card.
You can improve your credit score a couple of points by changing the balance to credit availability ratio on your no limit credit card (ie. American Express or Diner's Club).
When would this show up on your credit report? In about a couple of months, your credit report should reflect your improved credit score.
Become a co-assigner on someone else's card.
For someone with no or bad credit, becoming a co-assigner under someone else's good name is the fastest way to improve your score, even if you do not charge anything on the card. Of course, the hardest part of this tip is finding someone who is willing to add your name to their card.
Apply for another charge card.
A portion of your credit score is based on balance to credit availability. If you only have a total credit limit of $4000 when you add up all the credit limits on your cards and you regularly charge $1000 a month, then your ratio is 25%. If you open another charge card with a credit limit of $1000, then your balance to credit availability changes to 20%.This is the same idea of charging everything on your American Express card for a month to improve your score.
Start paying your bills on time.
Steady payments of bills show up on your credit report approximately 90 days later.
Check your credit history for errors.
This is not the quickest method, but it is the most important. If there is something seriously wrong with your credit history such as identity theft, it could take months to unravel, but the payback is huge. This can improve your score by at least a hundred points if there is identity theft or misreporting of your payments from your existing card companies.
These tips to improve your credit scores fast works if you are only looking to be able to rent an apartment or get a small car loan. They can show up on your credit report fairly quickly, within a couple of months. However, if you are looking to purchase a home, it could take up to a year before a bank thinks you are a good risk.