05 Dec 2022

What Is the Fastest Way to Build Credit?

Phone Bill Build Your Credit

Potential borrowers and homeowners researching the processes behind loan and mortgage applications may want to learn more about the fastest ways to build credit. Having good credit is a great way to ensure an individual’s loan application has the best chances for approval. 

When home loan lenders recieve an application for a loan, they will perform checks into the applicants credit and financial history to determine approval status and their overall risk factor as a borrower. Having a poor credit score can unfortunately impact an applicants potential for loan approval, as well as their borrowing power. 

Fastest Ways to Build Credit

When a potential loan applicant is beginning the process of building credit, they may become overwhelmed with the various methods available. Below we have outlined some of the fasted ways to build credit, however, it is important to remember that building credit scores and financial histories can be a lengthy process. 

  • Verify that credit history does not include contestable, disputable, or unfair listings
  • Clear bad credit history
  • Ensure credit card balances remain low
  • Pay all bills in full and on time every month
  • Decrease high credit card limits
  • Pay off existing debt, including high credit card balances

What Causes Bad Credit?

Understanding the various element that can cause bad credit is essential to successfully improving bad credit scores and maintaining good credit history.

  • Existing debt
  • Defaulting on existing loans
  • Filing for bankruptcy
  • Identity theft
  • Missing credit and loan repayments
  • Repeatedly paying bills late
  • High credit card limits and balances
  • Credit and loan applications
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