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What are the best ways to quickly raise your credit score?

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  1. There are no ways to raise your score "quickly" as in "within a year". The best you can do is take out a loan of some kind and pay it back regularly, or get a job where you income far exceeds your debt. Suggestion -- get a credit card of any kind, charge your normal bills to it, and pay off the balance every month. Though I have heard this doesn't work particularly well since you need to carry a balance from month to month to show that you can responsibly repay a loan.
  2. Do not take out a credit card if you are trying to raise your credit score. The credit check they do on you will actually in the short term have an adverse affect on your score. The best thing you can do is take out a small personal loan from a bank and pay it off in about six months. Then do it again. As long as you haven't done anything to further hurt your credit, it will improve your credit a great deal.
  3. Getting a line of credit at the bank is probably one of the best ways to do this. Typically, rates are lower especially if you back it with collateral (house, car). You can consolidate your debts and pay them off. Then, pay your line of credit down each month. Using a credit card when having to carry a balance is a bad idea. Yes, there are some cards with lower rates however, the rates are still going to be onerous on you. If you get a standard credit card you're looking at rates in the neighbourhood of 12%-19%! One point of contention. The idea that it is bad to have a credit card outright is wrong. Actually, if you believe you can keep spending under control (VERY important consideration) and can afford it, charging items to your card and paying them off on time is a positive. It shows creditworthiness on your part. You must maintain this and ensure you don't pay your balance off 1 day late even once until you have vastly improved your credit report.
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  6. Apply for a Credit Card (Just don't use it)
  7. Pay off your current creditors, on time!
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