You will start to rebuild credit fast immediately after you start getting a positive credit history marks.
The first thing to do to rebuild your credit fast is getting your credit report. This is your pulse. You are entitled to get a free copy of your credit report every 12 months, from the 3 major bureaus. Check the report to make sure the information is accurate.
If you find any errors, go ahead and dispute them. Read the report throughly and look for addresses or amounts you don’t recognize. If you are able to get a mistake corrected, it could add big points quickly.
1 – Start making timely payments
You probably know by now. Missing payments or late payments are a big contributor to a bad credit score. If you are naturally forgetful and can’t remember to make timely payments, set up auto-payments.
Start with the smallest balance credit card first. This way, you will be able to pay it in full quickly. It will also give you the confidence of being able to make payments for bigger cards later on. This will seem like a short time and you will rebuild your credit fast.
2 – Get a secured credit card
A secured credit card can help you big time to rebuild your credit fast. With these type of cards, you deposit some cash upfront as a collateral. Once opened an account, these cards work just like any other credit cards. I’ve seen my credit score jumping 50 points up right after I opened one of these.
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3 – Get a loan that rebuilds credit
These loan have only one goal: to help you rebuild credit fast. You can find these loans at credit unions or community banks. You will need a membership to get access, but it’s affordable and totally worth it.
Start making timely loan repayments. Your payments are promptly reported to the 3 major credit bureaus. Be sure to pay on time, as late payments or missed payments are also quickly reported.
4 – Get a co-signer
A word of caution: if you make late payments and have a co-signer, the co-signer credit score might drop too. The co-signer may also be denied for additional credit, since they’re responsible for repayment on your account. Use this option with care and be sure you can repay them.
5 – Turn into an Authorized User
Ask a friend or family member to add you as an authorized user on their credit card. Some cards allow primary cardholders to establish spending limits for authorized users. This could make someone feel more comfortable about adding you as authorized user. You could also ask someone to add you without actually giving you a card or card number.
Becoming an authorized user won’t have a huge impact on your score because you aren’t legally responsible for debts on that account. Being an authorized user can also hurt your score if the account holder doesn’t pay the bill on time, so make sure you ask someone with good credit habits.