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How to Improve Your Credit Score in 2022

If you have ever applied for any type of loan, you’ll know that a credit score is a huge determinant of your loan approval. A credit score is a figure which shows your creditworthiness based on past loan payments. A good credit score starts from 700 and above but you can also get good loan terms with a score of 670.

So, what if you have a score less than 670? Well, the 670 is also not a great score. But don’t rush to look for payday loans online no credit check with instant approval and no faxing. Keep calm! You should always aim at getting 750 and above to get the best rates and terms.

According to the FICO Score, a borrower’s score is determined by:

What Is the Fastest Possible Way to Improve Your Credit Score?

Let me not lie to you. Improving your credit score is not going to happen overnight. This will take a few weeks, months, or even years. However, the more effort you put in, the less time you’ll need for score improvement.

So, how can you raise your credit score points fast?

Step 1: Run a Free Credit Report

You need to clearly understand your report before taking further steps. Identify areas that increase your score and areas that need improvements. All this information can be gotten for free from the major credit bureaus which include:

Step 2: Mark All the Negative Areas and Work Them Out

What is lowering your score? Is it late payments, errors, inadequate credit, multiple credits, or bankruptcy? Work out on each of them.

#1 Late Payments

If you have any late payments, consider paying them immediately. Once all the late payments have been cleared, you can try calling them to see if they can get rid of the late payments from the reports. Do this politely as it’s not their job to do so.

#2 Errors in the Report

If you identify any clerical errors or any missing accounts from technical or human mistakes, the Fair Credit Report Act states that it’s your right to file a complaint. Contact any of the credit bureaus for correction of these faults.

#3 Multiple Credits

Multiple credits can be hard to pay at once. That is why you need to consolidate them using a single loan. A single loan will be easier to pay and with low interest. This will allow you to plan on fast loan repayments and hence debt clearance.

#4 Not Enough Credits

This can be confusing. I’ve already talked about not having multiple credits and now I’m talking about not having enough credits. Well, this applies to the newcomers. Those who have never applied for any loan will still have a low credit score since they don’t have a history to determine their creditworthiness.

To fix this, get at least 3 lines of credit. It could be credit cards, car loans, personal loans, or whatever loan you choose. Don’t go for the high-interest loans.

Go to any reputable bank and ask request them for any loan that you are eligible to apply. Give them the reason for doing this. By doing so, the loan lenders will help you chose the best loans for your needs.

#5 Bankruptcy

Okay. I’m not going to lie here. The chances of removing bankruptcy cases from your report are extremely low. The bankruptcy case will stay on your report for a period of 7 to 10 years. You can only dispute it after the 7 years are over.

In this case, it can be hard to get approved for loans but there are lenders who can approve for loans even with a bad credit.

You can however look for errors if there are any and dispute them.

Step 3: Increase Your Credit Limit

You can request your lender to politely increase your credit limit. To be on the safe side, always use less than 10% of your credit utilization.

Don’t assume that you can use high credit utilization in one month and then come back to the 10% without consequences. The amount will still be recorded in your report. So, it’s best to be consistent.

If in the past you have been using high credit utilization, you can minimize the amount and ask your bank for a raise in your credit amount. For instance, if you had a credit limit of $2,000 where you have been using the full amount and the bank raises your credit to $10,000, that would be 20% rather than the 100% you were using.

It will hurt at first because you have been using high credit utilization but this will bounce back after you stop.

Step 4: Pay Your Debts Before the Reports Are Made

The loan lenders have a specific period when give the report to the credit bureau. You need to call off your credit cards and other loans and figure out exactly when they report to the credit bureau. When they pull the report, it will show that all of your debts have been paid down to zero. This will bump your score to where you need it.” Chandler David Smith, a credit card finance analyst urges.

Step 5: Increase Your Pay Amounts

To clear your debts faster, you’ll need to figure out a way of increasing the regular payments. If the income is not adequate, make a budget template where you’ll cut some expenses for a while until the debts are fully paid.

You can also get a second income source like freelancing, selling unwanted house furniture, clothes, and anything else you may think of. Start babysitting or delivery of customer items. You’ll be amazed at how much you’ll raise from these part-time jobs. You can also request your employer to increase your working hours for more pay if it’s possible.

Step 6: Make Regular Payments

Don’t leave your credit card rolling on month after month. If you are going to leave money on your credit card, make sure you at least make the minimum payments.


Increasing your credit score is not difficult. Just remember that efforts are needed and this will not happen overnight.

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