5 Ways to Improve Your Credit Score Fast

Whether you are buying a home or car or any other large item and need a loan in order to do so, your credit score will make or break the deal. There is no doubt that many people have taken a hit on their credit score due to a late payment or two. In poor economic times, it is more likely that the average credit score will be reduced. It is also the case that banks and other lenders aren’t eager to lend to anyone who has less than perfect credit.

While increasing your credit score can take a few months of hard work, there are a few things you can do now can increase your score within the next month or two.

Reduce your credit card balance – Pay down your outstanding balance to below 50 percent of the credit line. Contact your credit card company and ask for an increase in your credit line but do not use it. Both measures will ensure a higher score being reported in subsequent months.

Pay Off Smaller Debts Now – This reduces your debt to income ratio and increases cash flow. If you have a few more payments to make on a car loan or other debt, pay them off sooner (read: today) and watch your score increase.

Check Your Credit Report – if you are applying for a loan and your credit score is less than you anticipated, you may very well have inconsistencies on your report that are making your credit score lower. You should check your credit score at least once a quarter for this very reason. Check to make sure that there are no incorrect late payments as this can cause your score to drop.

Avoid Debt – If you are trying to get a loan, the last thing you want are new purchases added to your charge accounts. Refrain from using them until after you are approved.  Or better yet, refrain from charging and learn how to live on cash instead.

These tasks may be difficult as you plan on how you’ll carry them out, especially if you’ve learned to finance your life on credit. However, in just one to two months you can see significant increases in your credit score if you are consistent and diligent in making these necessary changes.

The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.


Jennifer Gueringer is a Social Media Associate at Enova International, Inc., and is interested in finding new and creative ways to be financially savvy. Find out more about her on Google+.


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