5 Strategies for improving your credit

5 Strategies For Improving Your Credit Scores Quickly

If you just need a few points to qualify for a loan, then you may not need to invest in credit repair.

Your debt ratio makes up about 30% of your score. If you divide your existing credit card balances by the total amount of credit available to you, you can get an idea of your debt ratio. Generally speaking, the lower your debt ratio the higher your score.

Use any or all 5 of these strategies to push your debt ratio into a more favorable position and watch your credit score climb.

Increase your credit limits - Call any lender with whom you've made prompt payments for the past 6 months and ask for a credit limit increase. Repeat this process every 6 months.
Reactivate old accounts - Most lenders will deactivate your credit card if it goes unused for 3-6 months. Inactive card limits are not counted towards your debt ratio. Simply use your card to make a small purchase once every 3-6 months to keep it active.
Apply for a new credit card
By adding a card you are adding to your available credit without adding to your balance. The larger the limit the better for your debt ratio. Click here if you need to add a credit card with a $5,000.00 or $10,000.00 limit to quickly and legally establish a credit history and drop your debt ratio.
Become an Authorized User.
It normally takes some time to build a large available credit limit with most lenders. You can take a short cut and request a friend or family member add you as an authorized user to their account. Make sure they make their payments on time first. You get the benefit of their credit history and limit without the responsibility of making payments.
Pay down your balance.
If you have the money, try paying down your existing balances to under 30% of your total available debt for a quick credit score increase.

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