A credit score greater than 740 is like having money in your hand. 140 extra points on your credit score could save you $240 a month on a 30-year fixed-rate $250,000 mortgage. A good credit score takes time to build, but you can quickly increase your credit score by doing these 2 things.
You can get a free credit report from each of the three agencies that track consumer credit at Annual Credit Report. Review the reports carefully, look for errors.
Twenty percent of credit reports contain errors, as estimated by the Policy & Economic Research Council. These errors can cost you points off of your credit score. Fix any mistakes you find by reporting problems to each of the credit bureaus and the lender.
Call your credit card provider to ask for an increase in your credit line, but don’t use that extra credit, since how much of your available credit you use is a key factor in determining your score.
The more unused credit you have, the better it is. Ideally, you should use less than 10% of the credit that is available to you.
If you are unable to get an increase in your credit line, another way to reduce the percentage of your credit line you are using on your credit cards is with an auto title loan. Swap your credit card for the available credit that is sitting in your driveway, the equity in your car. Car title loans are an easy way to get cash and there is no credit check required. Title loan lenders also do not report to credit agencies, which frees up the available credit on your credit cards, improving your credit score. Get started with the short, simple form on the right.