May 25, 2024

Credit rating is the numerical values ​​created as a result of the examinations made on the payments made to the banks. In applications made to banks for credit card and loan withdrawal purposes, whether the credit score of the person is high and the credit to the black list are taken into account. In other words, the credit rating is basically a reference used by banks for transactions to be made through banks.

Banks think that people with high credit ratings have more potential to make payments. People with a low credit score are less likely to make stable payments than banks. That’s why getting your credit score up fast is so important. Many banks reject loan applications, mostly from people with low credit scores. In order to prevent this situation, methods of increasing your credit rating should be evaluated before applying for a loan to the bank. You can also get consultancy service from our financial experts to increase your credit rating quickly.

How to Increase Credit Score Quickly?

Among the lending criteria of banks, the importance of credit rating is extremely high. Generally, banks perceive customers with high credit scores as reliable. People who want to get loans through banks for various reasons work to increase their credit rating quickly. This can ensure that loan applications result in a positive result.

There are several steps that need to be taken in order to increase the credit rating quickly. Regular bill payments and keeping only the accounts used are among the factors that increase the credit rating. Apart from that, those with payment difficulties can structure their payments according to their budgets and consolidate their debts under a single loan.

You can also get a credit card, albeit with a low limit, to improve your credit rating. Apart from this, in order to increase the credit rating, it is necessary to pay on time and to work actively with the banks. By taking into account such factors, you can increase your credit score in a short time. The factors that play a role in the evaluation of the credit rating can be listed as follows:

  • New credit uses
  • Credit card use
  • Current account status
  • Credit limit total
  • The person’s debt amount
  • Number of products with credit
  • Limit usage level
  • Types of credit used
  • Stability in paying off credit card debts

By taking into account such factors, you can increase your credit score in a short time.

In How Many Months Does Your Credit Rating Increase?

How long the credit rating will increase varies depending on the applications made in this regard and the current credit rating. In general, you can greatly improve your credit score within a few months by taking advantage of rapid credit rating methods.

However, if your credit score is very low, this process may take a little longer. The frequency of updating the credit rating is usually once a month. Because banks send the credit information of their customers to the credit registration centers on a monthly basis and the credit score is calculated automatically every month.

Does the Money in the Account Affect the Credit Rating?

When evaluating loan applications, banks examine indicators that indicate the financial status of applicants, such as credit rating, income level and title deed. Credit score, on the other hand, is of extra importance as it gives information about the payment history of people compared to other financial criteria. For this reason, methods of increasing your credit rating quickly are frequently sought by people who apply for loans to banks. At the same time, at this point, it is wondered whether the money in the account affects the credit rating.

The amount of money in a person’s bank account is generally considered among the factors affecting the credit rating. Other factors affecting the credit score are basically credit usage habits, new credit usage, personal credit card usage, credit card payments and current debt situation.

What Methods Can I Increase Credit Rating With?

There are many different ways to improve your credit score. In particular, you can follow these steps for rapid credit improvement methods:

  • The first of the methods of increasing the credit rating is to pay the debts to the banks on time. By making loan payments on time, you can increase your credit score quickly.
  • At this point, it is very important to pay attention to the frequency of loan withdrawal. Taking a loan too often will not increase your credit rating and may even cause it to drop.
  • In addition to credit card debts, payments such as electricity bills and water bills must be made regularly. Not appearing to be indebted for any bill payment is welcomed by banks.
  • Active use of current accounts is also among the factors that increase the credit rating. For this reason, you can ensure regular money inflows and outflows by actively using your current accounts.
  • Making a loan application to two banks at the same time will negatively affect your credit rating. For this reason, credit applications should not be made to two different banks in the near future.
  • Using a credit card, even with a low limit, positively affects the evaluation process of the credit score. Not using any banking product means that a credit score cannot be created.
  • Taking a short-term loan and paying it on time will increase your credit score in a short time. It is better not to keep credit card limits too high. Having a high credit card limit has no effect on your credit score. Low limit credit cards are easier to pay off debt.

In addition to all these, it is advantageous to have a certain amount of money in your account before applying for a loan to banks. With these methods, you can increase your credit score quickly.

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