The 3 Simplest Ways to Raise Your Credit Score Fast

You'll be surprised how fast you can increase your score with these three moves.

Increasing your credit score can have a huge financial payoff. If you're able to raise your score, you should have more borrowing options and qualify for a more affordable mortgage or other types of loans. Since landlords, employers, and utility companies also check your credit, your life will also get easier in several ways if you have a higher credit score.

So, how can you boost yours and is it possible to do it quickly? The good news is, there are three simple and fast ways you can improve your credit credentials.

1. Ask someone with good credit to make you an authorized user

Most credit card companies allow account holders to name someone as an authorized user. Authorized users have the right to use the card to charge purchases, but no obligations as far as making payments. When someone is named as an authorized user, the credit card also shows up on their credit record.

You can use this to your advantage if you are trying to increase your credit score quickly. See, the credit scoring formula takes into account factors such as your average age of credit, the amount of credit used relative to what's available, and your payment history. If someone has a card that's been open for a while that they haven't used much available credit on and that they've always paid on time, then having this card show up on your credit record could increase your score substantially.

You'll likely want to request this favor of only family or close friends, but the reality is that the person who adds you as an authorized user doesn't ever have to give you the card number of a physical card if they don't want to -- so they can help you out and assist in raising your credit even without risking you running up a lot of charges.

2. Write a goodwill letter asking creditors to remove negative information

Even a minor black mark on your credit report can make a big impact, especially if it's a late payment. Unfortunately, sometimes people who are generally pretty good with paying the bills can end up making errors and missing a payment or going over the limit.

If you have negative information on your credit report because of this type of error, it's worth asking your creditor if they are willing to help you out. Sometimes, writing a goodwill letter requesting the creditor remove the derogatory information will actually pay off for you -- especially if you've otherwise been a good customer.

Now, card companies aren't required to remove accurate negative information. But if you ask, many will do so to keep you happy. It may take a few attempts to get the right person, but it's worth making the effort as removing even a single negative data point from your credit report could make a huge difference in your score.

3. Pay down your debt quickly

Owing a lot of money, relative to the credit available to you, can also reduce your credit score dramatically. If you're eager to improve it, aim to pay off your debt ASAP. If you can take on extra work and make hefty extra payments, you may be able to make a noticeable impact on your credit utilization ratio and increase your credit score.

By exploring any or all of these three simple steps, you can hopefully make improvements to your credit score soon so it can start opening doors for you.