5 Simple Strategies For Improving Your Credit Score Fast

Your debt ratio makes up as much as 30% of your credit score. It's most easily calculated by dividing your existing credit card balances by the total amount of credit available to you. While this may be an oversimplified calculation, it does demonstrate one overlooked area of your credit report which is easily manipulated.

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

1. 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.

2. 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.

3. 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.

4. 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.

5. Pay down your balances - 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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Brian Diez

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