You must have this common question: How can you update the credit report immediately to fetch better loan terms?” It is natural to think so when you need urgent cash but don’t want to pay more interest. Individuals with poor credit histories struggle the most. Aspects like pending payments, CCJ, missed payments, and defaults affect the likeliness of fetching affordable loan terms. It thus increases the overall costs you must pay on a loan. Countering such situations with a low or inconsistent income is worrisome. So, what can you do to lower the score slightly without losing track of time? Let’s understand that in detail.

How much time does it take to get a revised credit report?

According to Experian, a leading credit agency, “ It may take around 4-6 weeks to get an updated credit report.” Credit agencies rely on lenders, landlords, and other financial entities to obtain information. Thus, it delays the process of getting an updated credit report. However, the new one reveals the recent updates and improvements or slashes in your credit report.

 6 Immediate steps to take to improve credit instantly

Improving your credit score immediately is not possible. Consistent efforts from your side are required to boost and maintain your credit rating. However, a few aspects may catalyse the process of credit improvement. It may not have a significant impact but may reduce your liabilities a bit. Quickly check the tips to boost your credit rating slightly and immediately:

1)     Dispute any discrepancies

It is one of the most important aspects to check when updating your credit score. Analyse all your bills and monthly liabilities you handle. Filter out the paid bills that are still revealed on your credit report. You can legally dispute these by demanding removal from the credit agencies. The agencies provide fresh reports after looking into the matter. They remove the bill if you have paid it in real. This initiative on your part may help you boost your credit a little.

2)     Provide proof of good updates

When you need a loan urgently at lower interest and terms, try this. Check whether your income increased since the last you took out a loan. You can also provide proof of the heavy debt that you recently paid. It could be a hefty credit card bill, pending payday debts, etc.

Such positive changes to your credit report create an impression. It may make the loan provider offer better terms than what you qualify for. It automatically reduces the loan liabilities.  If your recent credit history is good, you may get better rates.

It may even help you get guaranteed loans for a bad credit profile. It is because your improved financial structure reveals affordability for making payments. Thus, a bad credit history may no longer be an obstacle to getting urgent loans.  However, the terms may remain competitive due to the short-term nature of the loan. Ensure regular payments are made to keep costs low and reduce the impact of high costs.

3)     Update electoral roll details

An electoral roll is an important document that reveals your citizenship in the country. Most loan providers or credit card companies check one before providing the loan. It reveals your residential address and how long you have been living in the country. It also reveals your right to vote.

Updating details like- name, contact number, and residential address may help. It helps the loan provider get an authentic idea of your whereabouts. It is more important even than the credit score. Thus, update it if you have not checked it recently. It will also help you get a loan quickly.

4)     Consolidate credit card debts

Identify the aspects that may help you improve your credit score quickly. Consolidating debts is one such way. It helps you merge different loans or credit cards into a single payment. It is the best solution if you want to manage the payments better or boost your credit rating.  Identify the long unpaid credit cards. Check the balance and the balance you must pay after consolidation. You can use the loan calculator to get an idea.

It is beneficial to consolidate credit cards because it is generally the costliest debt one holds. Consolidation reduces the interest and total amount to pay.  Identify the timeline you have on the credit card payments. If you have enough time, then consolidate. It would then be beneficial for you. It helps you break the chain of rolling over the payments to the next month.

5)     Avoid making multiple applications

It is the most important aspect to consider while seeking a loan. You should not engage in hefty credits or multiple loans when you want to improve your credit score quickly. It only proves to be the greatest obstacle there. Instead, you can use a loan calculator or pre-qualify to check the approximate amount you may get. It does not affect your credit score. Accordingly, you can filter out the most affordable loan providers for your needs.

Making multiple applications in a row reveals a borrower’s carelessness. It hurt the credit provider’s mind. Thus, he immediately rejects the application. You must be a little more conscious while applying. Identify whether you meet the terms or afford the basic payments. Don’t apply if you cannot.

If you take such measures while seeking very bad credit loans from a direct lender nearby, you may fetch better terms. It is because getting a loan with a chequered credit history is challenging. However, you can improve the deal by just knowing your affordability and choosing the right provider.

6)     Remove the unused linked accounts

You may not be familiar with this, but it unknowingly affects your credit score. Check whether you have any unused bank accounts. It could be something like joint accounts that you have not used for a long time. If you have not checked them yet, you probably won’t need them shortly. It would be best to close these accounts. This is especially true when you don’t have a transaction history for that account.

The co-owner’s credit score also affects yours. If he has bad credit, then you may, too, have one. Thus, it would be ideal to disassociate from such accounts. You can also discuss it with the person for better clarity.

Bottom line

These are some immediate ways to improve your credit score a little. However, it is impossible to increase your credit score within a week or so. However, a little effort from your side may help. It may especially help you qualify for instant cash loans and meet emergencies. Identify the discrepancies and report them. Similarly, update the personal details and electoral roll to reveal yourself as a reliable borrower.