How to Fix Bad Credit Fast

It takes a sound strategy and die-hard commitment to fix bad credit fast. But the good news is repairing bad credit is possible. Once you have obtained a copy of your credit report, carefully review existing debts and fight any credit errors immediately that can negatively impact your credit standing. Consult with nonprofit debt managing companies to help you determine your best debt-attacking strategy.

Instructions

1

Obtain your credit report. According to Money Central, in order to improve bad credit, you must know your FICO score standing (which ranges from a low credit score rating 300 to a high 850 standing). Get a free credit report by contacting any one of the three credit bureaus Equifax, Experian, and TransUnion by phone or mail every 12 months.

2

Terminate outstanding collection accounts. According to Credit Loan, paying off bad credit once it is in collection can damage your credit standing by marking it as "Paid Collection." Contact the credit collection agency to request that the balance be paid off in full or by making monthly payments only if the agency agrees to permanently remove reporting from one or all three credit bureaus.

3

Pay down balances as quickly as possible to less than 80 percent to repair bad credit. According to Oskie, 30 percent is the ideal debt ratio to hold. Contact a non-profit debt relief agency to help you work out a debt-consolidating plan with collection agencies or creditors.

4

Transfer your high-interest-rate credit card to a low-interest-rate card. Pay at least the minimum amount due or double the minimum balance due on all of your cards. Cut debt in half fast by moving onto the next card with the same aggressive payment plan once the previous card reaches a zero balance.

5

Apply for a secured credit card to rebuild your credit history. Fund the credit card account and then charge it on small expenses. Exceed the minimum balanced required by paying double. Secured cards generally mark a positive reflection on your credit report if they are paid on time