How to Raise your credit score fast!
by Lisa Phillips
by Lisa Phillips
Sometimes you just do not have a lot of time to improve credit scores. You may be in the market for
a mortgage, personal, business or auto loan. You may even be job searching or simply seeking
auto or home insurance. All of these situations could involve a decision maker viewing your credit
scores to make a decision to approve or deny.
a mortgage, personal, business or auto loan. You may even be job searching or simply seeking
auto or home insurance. All of these situations could involve a decision maker viewing your credit
scores to make a decision to approve or deny.
1. Decrease your credit card balance on the small accounts
Pay down your credit card and decrease your balance to thirty percent (30%) or less than your
available credit limit. Your credit score will increase immediately. If you do not have the money to
decrease the balance on the larger accounts, go for the smaller accounts. It doesn’t matter
whether the credit balance is $200 or $2000. Your credit scores will increase immediately by
paying down your credit card balances within 30% or less of your available credit limit.
Pay down your credit card and decrease your balance to thirty percent (30%) or less than your
available credit limit. Your credit score will increase immediately. If you do not have the money to
decrease the balance on the larger accounts, go for the smaller accounts. It doesn’t matter
whether the credit balance is $200 or $2000. Your credit scores will increase immediately by
paying down your credit card balances within 30% or less of your available credit limit.
Consumers may not realize credit scores are in a
constant state of flux. A change may occur to your
credit score every time a creditor reports information.
Compound that by the number of creditors reporting
to the credit bureaus at any given time and your credit
score could change on a daily basis.
The constant change in credit scores may work to
your advantage and help you raise your credit score
fast if you can get positive information reporting
and/or negative information deleted. Try the following
tips to raise your credit scores quickly.
constant state of flux. A change may occur to your
credit score every time a creditor reports information.
Compound that by the number of creditors reporting
to the credit bureaus at any given time and your credit
score could change on a daily basis.
The constant change in credit scores may work to
your advantage and help you raise your credit score
fast if you can get positive information reporting
and/or negative information deleted. Try the following
tips to raise your credit scores quickly.
2. Authorized User Credit
Authorized user credit can be an instant way to boost your credit scores. The three major credit
bureaus, Experian, Equifax and Transunion, utilize a credit scoring model known as FICO (Fair
Isaac Corporation). An established account holder, with positive credit information, will likely have
good FICO scores. With authorized user credit, the credit card company will report to your credit
files as well as the account holder. There are risks in becoming an authorized user on someone
else's credit card accounts. If the account holder becomes delinquent this will also reflect on your
credit files, even though you are not financially responsible for paying any delinquency as an
authorized user. Read more about Authorized User Credit
3. Request a deletion for settled negative debts
If you pay a collection or settle a debt make sure you obtain a deletion and not a “paid collection”
entry. This also applies to paying a debt directly to the creditor. Paid collection entries do not raise
your score. Once you get a collection entry on your report that is put into the negative category on
your credit report. A paid collection remains under the negative category on your credit report. You
will not see an increase in your credit scores with paid collections. Request a pay for deletion. A
pay for deletion is a request made by you to the creditor or collection agency to pay a debt in full or
an agreed upon percentage in exchange for a deletion of the account or trade-line. Never let a
creditor tell you they cannot change or delete something they put on your credit report as there are
no laws or rules that dictate anything must stay on your credit report for the full 7 or 10 reporting
years. Remember to get everything in writing. See Deletions
4. Rapid Re-Score your Credit Files
Rapid Re-Scoring can correct negative, outdated and inaccurate information in your credit report in
as little as 72 hours! If you are in the market for a mortgage loan, refinance or home equity line of
credit, your lender or mortgage broker can have your credit files rapid re-scored.
It is a service offered by a lender or mortgage broker in which your credit scores can be re-
analyzed and quickly corrected for the purposes of obtaining a residential or commercial real estate
loan. There is a small fee for the service. Typically the fee is charged for each item that is
corrected. The service is only offered by through a lender or mortgage broker. Consumers are not
eligible to pay for the service on their own. Rapid Re-score accelerates the dispute process,
corrects negative information and increases your credit score immediately.
Learn more about Rapid Rescoring.
5. Look for errors on your credit reports
The credit bureaus receive tons of information daily and mistakes are bound to be made.
Disputing inaccurate items can raise your credit score if those items are deleted or corrected.
It is very common for credit reports to contain errors, inaccurate, and obsolete information.
Never assume this type of information somehow drops-off at the 7 year mark. Sometimes you have
to dispute this information in order to get it deleted. Other types of information that should be
deleted or corrected are:
Get your Credit Report, Credit Score & FICO Score and review for errors.
Authorized user credit can be an instant way to boost your credit scores. The three major credit
bureaus, Experian, Equifax and Transunion, utilize a credit scoring model known as FICO (Fair
Isaac Corporation). An established account holder, with positive credit information, will likely have
good FICO scores. With authorized user credit, the credit card company will report to your credit
files as well as the account holder. There are risks in becoming an authorized user on someone
else's credit card accounts. If the account holder becomes delinquent this will also reflect on your
credit files, even though you are not financially responsible for paying any delinquency as an
authorized user. Read more about Authorized User Credit
3. Request a deletion for settled negative debts
If you pay a collection or settle a debt make sure you obtain a deletion and not a “paid collection”
entry. This also applies to paying a debt directly to the creditor. Paid collection entries do not raise
your score. Once you get a collection entry on your report that is put into the negative category on
your credit report. A paid collection remains under the negative category on your credit report. You
will not see an increase in your credit scores with paid collections. Request a pay for deletion. A
pay for deletion is a request made by you to the creditor or collection agency to pay a debt in full or
an agreed upon percentage in exchange for a deletion of the account or trade-line. Never let a
creditor tell you they cannot change or delete something they put on your credit report as there are
no laws or rules that dictate anything must stay on your credit report for the full 7 or 10 reporting
years. Remember to get everything in writing. See Deletions
4. Rapid Re-Score your Credit Files
Rapid Re-Scoring can correct negative, outdated and inaccurate information in your credit report in
as little as 72 hours! If you are in the market for a mortgage loan, refinance or home equity line of
credit, your lender or mortgage broker can have your credit files rapid re-scored.
It is a service offered by a lender or mortgage broker in which your credit scores can be re-
analyzed and quickly corrected for the purposes of obtaining a residential or commercial real estate
loan. There is a small fee for the service. Typically the fee is charged for each item that is
corrected. The service is only offered by through a lender or mortgage broker. Consumers are not
eligible to pay for the service on their own. Rapid Re-score accelerates the dispute process,
corrects negative information and increases your credit score immediately.
Learn more about Rapid Rescoring.
5. Look for errors on your credit reports
The credit bureaus receive tons of information daily and mistakes are bound to be made.
Disputing inaccurate items can raise your credit score if those items are deleted or corrected.
It is very common for credit reports to contain errors, inaccurate, and obsolete information.
Never assume this type of information somehow drops-off at the 7 year mark. Sometimes you have
to dispute this information in order to get it deleted. Other types of information that should be
deleted or corrected are:
- Accounts that are listed as unpaid hat should have been included in bankruptcy
- Negative accounts that do not belong to you
- Negative accounts that should have been deleted once the 7 year mark has been reached.
- Accounts showing paid late that you really paid on time.
Get your Credit Report, Credit Score & FICO Score and review for errors.
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