Do You Want to Raise Your Credit Score Fast? 5 Tips on how to raise credit score fast.

To raise credit score is not that hard. A well known fact is that lenders will give people lower interest rates on mortgages, car loans and credit cards when they have higher credit scores. When your credit score falls below 620 it is difficult getting loans and credit cards with reasonable terms.

There are several tips that can be used to raise credit score.

Obtaining a copy of your credit report. Possessing a copy of your credit report might be a good idea. The reason is that if there is something on your report that is incorrect, once it is removed your credit score will raise. Any incorrect information should be removed by contacting the bureau. There are three major bureaus from where your credit report should come. These are Experian, Trans Union and Equifax bureaus. A different credit score is given to you by each service and you should know it.

Do not delay paying your bills. A 35% of your total credit score represents your payment history. What happened five years ago doesn't carry as much weight as your recent payment history. 50 to 100 points off of your credit score can be knocked down if you miss just one months' payment on anything. The best way for you to start rebuilding your credit rating and raise credit score is paying bills on time.

Pay all of your debt. Your outstanding balance once a month is reported by your credit card issuer to the credit bureaus. Whether you pay off that balance a few days later or whether you carry it from month to month doesn't really matter. Bureaus don't distinguish between those who carry a balance on their cards and those who don't and this fact is not known by most people. So even if you pay off your credit cards every month by charging less you can raise credit score. You should Leave a lot of room between the amount of debt on your credit cards and your total credit limits as lenders are looking for it. the wider that gap and the better your credit score when you pay your debt.

Try Not To Close Old Accounts. When people were not using old account in the past they were told to close them. That could actually hurt your credit score nowadays with today's current scoring methods. It lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. To a lender it makes you less credit worthy and can actually shorten the length of your credit history when you close your oldest accounts. You can raise credit score for you by just keeping those old accounts open.

Stay Out Of Bankruptcy. The single worst thing that will destroy your credit score is bankruptcy. It is very difficult to come back from as it lowers your credit score by 200 points or more. Any loan you get will be far more expensive once your credit score falls below 620. Up to 10 years will a bankruptcy be reported on your credit record. It limits you to high-interest lenders that will squeeze out high interest rate payments from you for years. That's the reality of the bankruptcy. Getting credit counseling to help you with your bills and avoid bankruptcy is better. Instead of declaring bankruptcy you can raise credit score over a much shorter period of time by simply getting credit counseling.