Don’t fall for ads from companies promising to quickly fix or repair your credit. The process of repairing your credit and boosting your credit score will take months, sometimes years, and there are absolutely no shortcuts or quick fixes. The following are a few strategies that will help boost your credit score over a three-to-12-month period, depending on how badly your credit score has been impacted:        

1.  Pay all of your bills, especially your credit cards, car loan, student loans and monthly mortgage payments, on time.
Each time one of your creditors or lenders reports a late payment to the credit bureaus, your credit score takes a negative hit which won’t begin to rebound until you’ve demonstrated a track record of three, six or 12 months of consistent on-time payments. Even one late payment can cause your credit score to drop considerably. In terms of protecting your credit score, make sure you pay at least the minimum amount due on each of your credit cards, for example.         

2.  Don’t apply for multiple credit cards or other types of loans within a short time period.
Having multiple inquiries appear on your credit reports, regardless of whether your application(s) are approved or denied, will have a negative impact on your credit score. If, however, you’re applying for a mortgage or car loan, within a 30- to 45-day period (depending on the credit bureau), you can have an unlimited number of inquiries for either a car loan or a mortgage, and have it count as just one inquiry as far as the impact on your credit score is concerned. This allows you to shop around for the best financing deals.          

3.  On each of your credit cards, keep your outstanding balance less than 35 percent of your overall credit line.
For example, if your credit limit is $1,000 on a credit card, keep your month-to-month balance under $350. If you’re utilizing more than 35 percent of your available credit on any given credit card (or on multiple cards), your credit score will be negatively impacted. Thus, while you might save money by consolidating several high interest credit card balances to a single, lower interest credit card, this could cause a dip in your credit score.