How to Fix Credit Reports Fast

A negative credit rating can seriously impede your financial freedom. Negative marks on a credit report may prevent you from getting competitive interest rates on mortgages, car loans, and personal loans. A bad credit rating can even keep you from getting employed. While credit repair traditionally takes a number of years, you can employ some strategies to quickly improve your credit rating.

Instructions

1

Pull a copy of your recent credit report. You must know where you stand before making big adjustments to your credit rating. Look for negative information like charge-offs, judgments, liens, and delinquent accounts. Make these a priority. You'll also want to pay for your FICO score (they range from 350 to 850).

2

Contact all of your creditors on your revolving accounts and ask for credit line increases. This could backfire, however, if you are denied increases -- excessive inquiries on your credit may begin to further reduce your score. Only apply for credit line increases if you have a FICO score above 600. Increasing your available credit will help your score.

3

Ask your creditors for "goodwill" cancellations. If you've been a solid customer with a company, you may be granted clemency on an old, 30-day delinquency. Similarly, if you have an old collection account that was paid, you may be able to persuade the creditor to remove this.

4

Use old credit accounts. If you have an account that is more than 10 years old and still active, begin using it sparingly. Old and current credit helps bolster your score.

5

Pay off your credit card delinquencies with vigor. Do all you can to get cash to pay these off. Use your tax return, cash in investments, liquidate stocks, and sell collectibles. If you're serious about quickly repairing your score, you'll need cash on hand.

6

Stop using delinquent credit accounts. More debt piled on bad debt may negatively affect your score.