Increase Credit Scores-How Long Does it Really Take?

There are many ways to improve your credits scores. Some of these tips do require savings. Nether less there are ways to increase those scores fairly quickly. Here are some tried and true ways to get this done.

•    Pay Down Credit Card Debt
•    Increase your Credit Card limit
•    Pay off collections and charge-offs
•    Become a authorized user on a credit card
•    Pay off a debt

Pay Down Credit Card Debt
Amount owed on debt makes up 30% of your overall score. If you were to pay down your credit card debt you would see a boost in your credit scores. Example:

Visa Card
Balance owed: $4,000
Card Limit: $10,000

Master Card
Balanced owed: $6000
Card Limit: $13,500

American Express
Balance owed: $1,200
Card Limit: $10,000

Total Credit: $33,500
Total Utilized: $11,200

Your credit utilization is 33% of your credit limit. This would be a perfect example of how to increase your credit scores fairly quickly. Paying down the balance on Master Card or your Visa Card would work. The lower you can get that credit utilization number the higher your scores will increase.

Increase Your Credit Card Limit
The same principle applies here. Your credit utilization comes in to play. You could ultimately increase your credit card limits on your cards that have the highest utilization of credit. Granted FICO looks at the total number, your utilization of credit on each card is a factor. This is our least favorable solution.

Pay off Collections & Charge-offs
You can review your credit report if you have collections and charge-offs on it. Figure a budget to take care of the most recent collections on your report. Settle on those collections and you will see an increase in your scores. Once those collection balances report a zero balance you will see your scores increase.

Become an authorized user on a Credit Card
New credit makes up 10% of your score. Utilizing a family member’s good credit will help your score. This solution is for individuals that cannot get credit in their own name. Remember if their credit utilization is high, it may cause issues.

Pay Off Debt
Paying off your credit card debt is another part of the credit utilization scenario. So if you completely pay off your credit card balances this will increase your scores. Note: don’t close your credit cards as this could drop your credits score.

By following the mentioned practices you have have your credits scores increased within 30 to 60 days.

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Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.