How can I fix my credit score fast?

Welcome to Fluther.

Well, you can’t fix your credit score “quickly”; that’s actually one of the good things about it as an indicator of a person’s reliability. That is, it reflects the person’s long-term approach to life in the credit world; it takes a fairly long history to create, and it can’t be changed overnight.

But if you have current and ongoing credit problems, then you have to do what may seem impossible, and stop spending money that you don’t have. Cut up your maxed-out cards (don’t try to “cancel accounts”, as that actually worsens your score), and stop using them online, even if you are permitted to do that. YOU have to stop spending money; that’s why this indicator of your handling of that responsibility is an indication of your character.

You say that you are training for a job, but it appears that you do not yet have the job. So you should own up to your current problems when you do interviews for a paying position. So many companies use credit scores as one of many indicators when they hire, that it will be in your own best interest to admit that “my credit history is bad because I’m so broke, but I intend to pay off all of my creditors”. A credit history that shows a low score, a lot of past due debt and no serious attempt to stop spending money that you don’t have indicates low self-discipline, and who is interested in hiring that person?

I’m an independent contractor, I’m training for my current position though training is not paid, I won’t start earning revenue for another month which is when my training is complete. I have cut up my cards thank you, I just wanted to know the steps to raise my credit score the quickest, for example; paying minimum due on all cards or should I pay off the credit card entirely one by one until I can get them all paid? Not sure what to do.

You have too many credit cards, drop down to two.

@Are_you_kidding_me but doesn’t it hurt your credit score more to close accounts even if you pay them first?

Start making payments on each card. Try to pay at least the minimum on each one, every month.

Sign up for a money mentors class, or similar where you live. Join an orderly payment of debts program. Pay your minimums first then pay your highest interest rate credit second. The only other way is to get an inheritance or win the lotto. Sorry for the typos Flagged.

Do not close the cards, pay the minimum on all if you extra each month then.. . .

Pay the highest interest rate off first then the next then the next . . . .

I do feel I have too many cards, I know that raises a flag when applying for a mortgage as a first time buyer ..if I did close one or 2 should they be more recent cards or oldest cards?

Yes it does, you have too many lines of credit open for your income. Consolidate and close them. This will help your score but it will take 4–8 months.

Well thanks does anyone happen to know if I should close ones with higher or lower limits? And older or newer cards? Thanks you’ve all been very helpful

That is a little harder. Look at interest as well as amount of credit. Close high credit with high rates and if it is a good interest rate with a lower line then keep it.

Thanks a bunch

Do not “close” accounts. That will hurt your score. Simply cutting up the cards and not using them will enable the accounts to stay open – demonstrating the lenders’ extension of credit to you and their faith in your payment ability – and keeping the balances at zero (or continuing to pay those down, assuming you have debts with all accounts) will continue to increase your “credit-worthiness”.

In terms of which to pay and in what order, I doubt that you’ll get consistent (or accurate) information on which payment strategies will increase your score the most or the quickest, so the best thing for you to do is pay in the manner that saves you the most money. In that case, pay off AT LEAST all minimum payments, to avoid going to collections, late fees, dunning notices, etc. Aside from costing you more money, late fees get reported to the credit bureaus and harm your scoring. So whatever else you do, try to stay “current” on all accounts.

Once you’re at least current, then attempt to pay off the cards with the highest interest charges – and for sure avoid using those cards as much as possible in the future.

If you have any cards that enable “rollover” or transfer of accounts – and particularly if they have interest free periods that encourage your use of one account over another – then it might be a good idea to take advantage of that. That has two advantages to you: 1) it enables that interest-free grace period, which can give you some breathing space – but you have to ensure that you can make the payments! and 2) it has the advantage of consolidating accounts into a single payment – and then you need to be disciplined about NOT USING the cards that now have zero balances.

It’s going to be difficult, because to get into a place where you owed more than you could afford to stay up with payments has gotten you at least somewhat addicted to living on debt, and that is a hard monkey to get off your back.

You need to think of it in those terms, too: Debt is an addiction like almost any other.

Good luck to you.

Wow you’re right CWOTUS debt definitely is an addiction, thank you so much for that information, I do truly appreciate it.

If you are asking how to pay down your debt, pay minimum on all your cards except the lowest balance one and double that payment. Do that until it is paid off and then add the money you were paying on that card to the minimum payment of the next lowest balance. The cards pay off more quickly that way.
If you are asking how to fix your credit score, there is one honest way to do it…make your payments on time. There is a slightly dishonest way that will game the system. Look at your credit score and contest all negatives on it, whether you think they are true or not. That sends a message to the institution that filed the negative review and they have 30 days to respond. If they don’t, the negative has to fall off. In most big businesses, there is too much bureaucracy to meet this 30 day limit. If by some miracle they do respond, contest it again.