Question of the Week
Each week we select a personal finance question that's top of mind for consumers.

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Is there a quick way to rebuild my credit?
Rebuilding your credit can take time, but there are ways to speed up the process.
First, check your credit report for errors that might be dragging down your score. Perhaps an account is included in error or needs to be updated.
Next, pay your bills on time each month. Missing a payment or paying late can bring down your score for up to seven years. If you’ve already missed a payment, pay it right away and ask your creditor to remove the missed payment in its report to the credit bureaus.
Watch your utilization as well. Look out for a high balance on your credit cards that’s eating up more than 30% of your total credit limit. Paying down that balance until it’s below the 30% threshold can improve your score.
Another way to rebuild credit is to call your credit card issuer and ask for your credit limit to be raised. A higher credit limit can also result in a lower credit utilization rate.
You could also ask a family member to become an authorized user on their credit card with a high credit limit. Or consider using a secured card, where you put down a deposit up front. These last two options are best for people who don’t currently have many accounts in their credit report, perhaps because they’re just starting out.
While rebuilding credit doesn’t happen overnight, taking these steps can help improve your score over the coming months and years.