One of the easiest ways to build credit fast is to obtain a credit card or loan and ensure that monthly payments are made on time. Many consumers who are building credit scores choose to open a credit card and charge a small amount every month that is then paid in full. An example of this is opening a credit card and charging one tank of gas each month.Continue Reading
Once credit is established, another easy way to increase credit quickly is to dispute errors. Having an error removed from a credit report can result in a score increase almost immediately. Having a low debt-to-income ratio can also increase a consumer’s credit score.
Another option for young consumers, or those without much of a credit score, is to become an authorized user on another person’s credit card. This gives the consumer the benefit of an established credit history without having to open any new accounts. Also, make sure to keep credit cards open, even if they are not being used. This helps increase the overall age of a consumer’s credit profile. Of course, paying bills on time and in full is one of the best ways to ensure a positive credit rating.Learn more about Credit & Lending