Credit score is a number that financial institutions like banks, credit unions, and other lenders use to check your repayment capability. A lot depends on your credit score, especially when you’re applying for a loan. If your credit score is low, you might miss out on good interest rates or the chances of getting a loan itself. Improving your credit score is not as difficult as it seems. Here are five simple ways to rebuild your credit fast:

• Be punctual and smart while paying credit card bills
  One of the easiest ways to rebuild your credit fast is to pay all your bills on time, as credit repayment history forms a significant chunk of your credit report. It is also an excellent strategy to pay your bills twice a month instead of in one go. If you max out your credit card and pay the bill on time, it will still show a 100 percent usage of the balance amount. On the contrary, if you pay twice a month, you are breaking your payments into small quantities, lowering your overall credit card balances.
• Add yourself as an authorized user to another card
  If you want to rebuild your credit score fast, another great option is to ask any of your friends or family to add you as an authorized user to their credit card. The card owner does not have to give you the card or even tell you their credit card number. Just ensure that the person is trustworthy and financially responsible, as their credit report (credit utilization ratio, payment history, and credit card balances) will become your own. Also, not every card company reports authorized users.
• Try to get a higher credit limit
  If you’re unable to make two or three payments per month, try asking your credit card company to give you a higher credit limit instead. It has a similar effect on lowering your overall credit balance and credit utilization ratio. This strategy is one of the best ways to rebuild your credit fast. That being said, resist the urge to use the increased credit limit, as it could lower your score.
• Open a new credit account
  Opening a new credit account adds to the amount of credit you have. So, if you keep your spending habits the same, you will be using less from the balance. However, opening a new credit account is not advised if you already have too many, as it can be a red flag and cause your credit score to dip.
• Check for any errors in the credit report
  An often underrated way to rebuild your credit fast is to check for any errors or miscalculations in your credit report that are provided to you once every year for free. Check whether the report lists old information or shows a payment as missing or late even though you were on time. You can dispute these errors, which can raise your overall score.