Ways to Quickly Fix a Credit Score

Many things can be done to raise your credit score quickly and allow yourself access to lower interest rates for larger purchases--and the ability to get credit accounts when you need them. Of the three major credit agencies, two of them, Equifax and TransUnion, use the FICO scoring system developed by Fair Isaac and Company. Experian uses its own scoring system, but it is very similar to the FICO system. Use good credit practices to raise your FICO and Experian credit scores quickly.

Your Bills

Get in the habit of paying your bills on time, and paying at least the minimum monthly payments. Each month, you should gather your bills together and mark on their envelopes what day each payment is due. If you can use online payment options to make sure payments arrive on time, then do so, but make sure each payment arrives either on or before the due date. Never pay less than the minimum payment due regardless of the situation. Try to pay a little more than the minimum payments each month to quickly raise your credit score.

Your Credit Cards

According to HomeBuyingInstitute.com at least 50 percent of your FICO score is based on how long you have had your credit and whether or not you pay on time. Nearly 30 percent of your FICO score is based on how much you owe. The longer you have had credit, the less you owe toward your balance and the better your paying habits, then the better your credit score. Continue to pay off your credit card accounts, but refrain from using them to help reduce your overall credit debt. Once you have paid off an account, do not close it. Allow old accounts to remain on your credit report with a zero due balance. Long-standing accounts with no balance due will quickly raise your credit score.

Your Credit Report

According to MSNBC, every consumer is entitled to one free credit report from each reporting agency each calendar year. Order your credit report and check the accuracy of the information on it. Make sure your personal information is accurate, including your full name, your current address, your past addresses and any aliases you may have used. Be sure you recognize all of the accounts on your credit report, and that the balances look accurate. If you see anything that does not look accurate, let the reporting agency know by using the dispute procedure outlined on the report. If there are inaccurate accounts on your credit report, then having them removed will quickly raise your credit score.