Having poor credit can have a dramatic impact on your life. Applying for credit, finding an apartment rental, or interviewing for a new job can all be influenced by your credit score. Most people go through financial difficulties at some point in their lives, and it can be a tough road to recovery with your credit score.

The good news is that it’s easier than you may think to improve your credit score. Lenders will make their decisions about extending credit to you based on your score, so it should be a priority to get it in good standing.

Applying and being approved for new credit when you have a low score can be challenging. You may not have many options when you need money until your score has been improved. By following some of these tips, you can boost your credit score quickly and easily.

Pay Down Your Debt

 One of the easiest ways to improve your credit score is to make a plan to pay down your debt. Making minimum payments on your debts will not only keep you in debt longer, but reduce your debt to income ratio as well. This is one of the essential factors that go into calculating your ultimate credit score. Work with your lenders to make payment arrangements that allow you to pay down what you owe as quickly as possible and watch your score start to improve.

Resolve Report Errors

If you are working towards improving your credit score, it’s essential to understand the whole picture. Your first move should be to request a full credit report to see what it contains. It’s not uncommon for there to be old entries or incorrect lines in your report that could negatively affect your score. If you find an error on your credit report, contact the lender to work out the issue and have the listing removed from your record as soon as possible.

Increase Your Credit Limits

Your debt-to-income ratio is one of the determining factors that lenders consider before extending you any credit. Your ratio is calculated by dividing your income by your debt payments monthly. If your ratio is too high, you may not qualify for any new credit. If you want to increase the likelihood that you will be approved for credit, you can try increasing your credit limits that will ultimately bring down your ratio.

Short-Term Loans

Short-term loans like payday or title loans are a helpful tool when you need to boost your credit score. These types of micro-loans are often more accessible for those with poor credit to get approved. Easy payments in the short term can result in a line of good standing appearing on your credit report and boosting your score.

Authorized Tradelines

If you are struggling with your credit rating, you may want to look into a temporary tradeline to boost your score. Authorized tradelines can be used to improve your rating. When you use a tradeline, you become a listed authorized user on a line of credit that is in good standing. While you don’t have access to funds in this tradeline, you will be able to take advantage of the account’s good standing to bring up your credit score.

Living with poor credit can be challenging and frustrating. Follow these tips to help you boost your credit score and allow you to follow your dreams.