How To Raise Your Credit Score Fast!

WHO do you need to impress if you want to raise your credit score?

There are three main credit reporting bureaus in the US that review data about your credit and payments in order to generate your credit score. These three are Equifax, Experian, and TransUnion. Whether you open a new line of credit, make a credit card payment on time, or mess up and miss a minimum payment by more than 30 days, any credit moves you make will be reported to these companies. You may have a different score with each of the three companies because they have different processes they use to calculate your score. Thankfully, they're all using the same general factors in their calculations, like payment history and credit mix, so you can reliably increase your score with all of them if you use credit well.

WHAT are the main credit factors?

The five main factors that bureaus look at when creating your score are: credit age, payment history, credit utilization, hard inquiries and credit mix. These are the basic building blocks of your credit score. There's also one more category that won't apply to everyone: derogatory marks. Derogatory marks are notes that something negative happened, like a late payment, foreclosure or bankruptcy. After considering all of these categories and any derogatory marks, a score is generated that reflects your credit behavior.

WHEN will your score start going up?

Your credit score will start to change once the three reporting bureaus see the changes in your data. If you're using credit cards to build your credit, your credit data is sent to the bureaus once a month on a date set by the card issuer. Usually this reporting date is sometime near your payment due date. In my experience, it's often four days after my due date. Since the reporting date comes roughly a month after you open your new card, credit cards can start to raise your credit score fast. Other types of creditors usually report to the bureaus on a monthly basis too, although in some uncommon cases it's reported quarterly.

WHERE can you see your credit score?

I've created two charts that list various places online to check your credit score for free! One chart lists sites that anyone can use, while the other chart has sites that can be accessed by cardholders of each company's credit card. You can click on this link to access those charts!

WHY would you care about raising your credit score?

Any time you need a new car, an apartment to rent, or have an emergency and need to borrow money that you won't be able to pay back without a payment plan, there's a chance that a low credit score could block you from getting it. This can range from annoying to devastating, depending on your circumstances. By contrast, a high credit score can give you access to all of these things and more, while repeatedly saving you money in the process. When it's good, it's working behind the scenes constantly for you. And when it's not? It can quickly become your worst enemy.

If you're ready to start working on raising your credit score right now, I have the perfect place for you to start! This link leads to a list of the best beginner credit cards to help you make your choice quickly and start building your credit as fast as possible!