Fix Credit History Fast - How to Raise Your Credit With More Than 150 Points
There are many credit secrets and little known loopholes that can help you fix credit history fast.
According to the general myth fixing credit requires time, effort, dedication and financial planning.
The careful application of these factors will undoubtedly raise your score in the long run.
But who wants to wait that long? You want that brand new car NOW, not later.
The housing market has never been more favorable for buyers and you want to take advantage of it NOW.
Contrary to the general myth, you can take action that can cause quick surge in your credit rating over a short period.
All you have to know is how the credit system works and what are the loopholes in it.
1 Credit reports are not mistake free.
You have to keep in mind is that credit reports are not mistake free.
Actually more than 40 % of credit reports contain some sort of inaccurate information.
Order you credit report copy from annualcreditreport.
com.
The Federal Trade Commission has set up this site so that you can get one free credit report from each of the major bureaus (Equifax, TransUnion, Experian).
Don't assume that the three reports are identical.
Since different creditors report to different credit bureaus, there might be substantial differences in the reports.
Now carefully examine the reports and look for errors.
If you do find inaccurate information, file a dispute form immediately.
Even if you don't have the proper documentation, credit bureaus are required by law to conduct an investigation in a timely manner.
Fixing any errors in your report is the easiest way to alter your credit score.
2 The magic word.
There is one magic word in the credit world-"ON TIME".
Payment history is the single most important factor in your three digit credit score.
According to Credit.
com, a single 90-day late payment is as damaging as a bankruptcy filing, a tax lien, a collection or a judgment.
It doesn't matter if you are late paying credit card bills or a mortgage payment.
A single late payment can bring down your credit with almost a hundred points.
Take care of late payments first if you want to boost your credit score fast.
If your late payment was simply a one time incident and you were overall a good customer, call your creditor and ask them politely to remove it from your record.
Deleted late payments will raise your credit drastically.
3 The perfect debt to credit ratio.
The debt to credit ratio is the second most important factor in the credit score formula.
Creditors look at 2 factors-the balance on each of your credit card compared to the limit on the card and the total of all your credit card balances compared to your total credit limits.
The ideal debt credit ratio is around 30%.
If you have high balances on your credit cards, the first thing you want to do is bring the balance back to the recommended 30%.
You can also do balance transfer among cards so that the balance/credit ratio on each individual card remains in the "healthy' zone.
There are many little known credit secrets that will help you fix credit history over a short period of time.
Once you start thinking outside the credit box, your score will start rising.
According to the general myth fixing credit requires time, effort, dedication and financial planning.
The careful application of these factors will undoubtedly raise your score in the long run.
But who wants to wait that long? You want that brand new car NOW, not later.
The housing market has never been more favorable for buyers and you want to take advantage of it NOW.
Contrary to the general myth, you can take action that can cause quick surge in your credit rating over a short period.
All you have to know is how the credit system works and what are the loopholes in it.
1 Credit reports are not mistake free.
You have to keep in mind is that credit reports are not mistake free.
Actually more than 40 % of credit reports contain some sort of inaccurate information.
Order you credit report copy from annualcreditreport.
com.
The Federal Trade Commission has set up this site so that you can get one free credit report from each of the major bureaus (Equifax, TransUnion, Experian).
Don't assume that the three reports are identical.
Since different creditors report to different credit bureaus, there might be substantial differences in the reports.
Now carefully examine the reports and look for errors.
If you do find inaccurate information, file a dispute form immediately.
Even if you don't have the proper documentation, credit bureaus are required by law to conduct an investigation in a timely manner.
Fixing any errors in your report is the easiest way to alter your credit score.
2 The magic word.
There is one magic word in the credit world-"ON TIME".
Payment history is the single most important factor in your three digit credit score.
According to Credit.
com, a single 90-day late payment is as damaging as a bankruptcy filing, a tax lien, a collection or a judgment.
It doesn't matter if you are late paying credit card bills or a mortgage payment.
A single late payment can bring down your credit with almost a hundred points.
Take care of late payments first if you want to boost your credit score fast.
If your late payment was simply a one time incident and you were overall a good customer, call your creditor and ask them politely to remove it from your record.
Deleted late payments will raise your credit drastically.
3 The perfect debt to credit ratio.
The debt to credit ratio is the second most important factor in the credit score formula.
Creditors look at 2 factors-the balance on each of your credit card compared to the limit on the card and the total of all your credit card balances compared to your total credit limits.
The ideal debt credit ratio is around 30%.
If you have high balances on your credit cards, the first thing you want to do is bring the balance back to the recommended 30%.
You can also do balance transfer among cards so that the balance/credit ratio on each individual card remains in the "healthy' zone.
There are many little known credit secrets that will help you fix credit history over a short period of time.
Once you start thinking outside the credit box, your score will start rising.
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