- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Improving a credit score is very much necessary for an individual to have a good credit history and stay credit healthy. It is never seen that there is a sudden improvement in the credit score of an individual. Improvement in credit score can only be seen gradually.
By putting the right kind of effort, one can notice that there is an improvement in their credit score. When it comes to improving the credit score, each effort of individual counts. But the efforts have to be put in a continuous manner and in the right direction.
Factors That Affect the Credit Score
Various factors affect the credit score in different ways. It is sometimes easy to work on some factors and sometimes a careful analysis is required before working on the factors that affect the credit score. Following is the list of all these factors
- Credit Mix the length of your credit history
- History Of Your Payments
- Amount that is due on your accounts
- The Length of Credit History
- Number of Credit Enquiries made by an individual.
Time Taken to Improve Credit Score
To improve credit score, there is no particular magic trick. It takes a complete process to understand where you need to put the effort so that there is an increase in your credit score. Mostly it takes around 30-70 days to improve the credit score of an individual. This is the time that it usually takes for the credit score to improve. But sometimes the number of days required improving the credit score might also increase.
Ways to Speed up Credit Score Improvement
It is not an easy task to say exactly how long it would take to improve the credit score, but an estimate of it can be given. Ideally, credit score improvement can be done in a proper way is by working on those factors that are responsible for affecting the credit score.
1. The first thing that should be done is to have multiple copies of your credit report. Having multiple and latest copies of your credit report will be helpful in understanding the exact things that have to be monitored to increase the credit score.
2. The next important thing is to pay all the bills on time. Paying the bills on time directly affects the credit score in a positive manner.
3. The next best thing to do is to set up the payments automatically. By doing this, the payments are made directly from the individual’s savings or current account.
4. Another way that would help in speeding up the credit improvement process is to pay the credit card bills always on time.
5. Lastly, you need to make sure that you have disputed the errors that you find in your credit report. If an individual disputes the errors that have been found in the credit report, then they can stay assured that their credit report has the latest updated information and is completely free from errors.
6. Try to be an authorized user: Request your friend or relative that you are an authorized user for their credit card. Being an authorized user is helpful in increasing the credit score of an individual in less time.
7. Go for a Loan that Builds Credit: There are some loans that are known as credit builder loans. These loans are for a few months and are known to build the credit score of individuals without creating a much financial burden to them.
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