7 Ways To Raise Your Credit Fast In 7 Months
Here are some of the fastest ways to increase your credit score, see below:
1. Request Your Credit Report
First thing, go to AnnualCreditReport.com and request a credit report from each of the three big nationwide credit reporting companies:
By law, you’re entitled to one free report every 12 months. When you request it, be ready to print it or save it to your computer.
Once you have the report, examine everything. In particular, look for any accounts that show late payments or unpaid bills.
If that information is inaccurate, the report should tell you where to send a dispute.
2. Clean Up Your Credit Report
Keeping a clean credit report isn’t only important for your credit score. It can also affect your job prospects. Some employers pull credit reports before making hiring decisions.
It is important to clean up your credit report. To be clear, cleaning up your credit report means removing Derogatory Marks from your credit report.
~ Credit Counseling: The quickest way to clean up your credit report of negative items is to hire a credit counseling company. It is best to work with a credit repair company that offers a monthly credit repair plan.
Remember that credit repair takes months to see results, so there is no point in paying a full fee upfront.
CreditPro Studio offers monthly credit repair plans to help clients budget as their credit is being repaired.
~ Credit Repair Kit: Another way to clean your credit report, is to repair your own credit by writing letters called Dispute Letters, these are specialized letters usually written with legal terminology recognizable by Credit Bureaus.
CreditPro Studio offers Credit Repair Kits for download in our store filled with paid and free resources.
3. Build Credit, Add Credit Lines
Building your credit score with new credit lines that are in very good standing is the next step after cleaning your credit report.
~ Short Term (Build Credit In Weeks): The fastest way to build your credit, after you have cleaned your credit report is to become an Authorized User on someone else’s credit card account.
You can request a family member, or friend with excellent credit, or you can purchase a credit-builder program from a company that provides Authorized User Tradelines.
~ Long Term (Build Credit In Months): Credit lines should be added to your credit report as a revolving credit (secured credit card), you simply add money to the unsecured credit card every month and after several months you can graduate to attaining an unsecured line of credit.
Another way of building credit is with installment credit (rental credit), this involves paying your rent on time and having those rental payments be reported onto your credit report.
The combination of a secured credit card and rental payment reporting program will raise your credit scores and qualify you in months for traditional lending such as, unsecured lines of credit and installment loans.
4. Avoid New Credit Applications
As long as you’re in credit repair mode, avoid making any new applications for credit.
When do apply for new credit, the lender will often perform a “hard inquiry,” which is a review of your credit that shows up on your credit report and impacts your credit score.
How many credit accounts you recently opened and the number of hard inquiries you incurred both reflect your level of risk as a borrower, so they make up 10% of your credit score.
Opening many accounts over a relatively short period can be a red flag to lenders that a borrower is in dire financial straits, so it can further decrease your score.
In contrast, having few or no recently opened accounts indicates financial stability, which can boost your credit score.
5. Leave Accounts Open
It’s rare that closing a credit card will improve your credit score. At the very least, before you close an account, ensure that it won’t negatively affect your credit.
You might be tempted to close credit card accounts that have become delinquent (past due), but the outstanding amount due will still up on your credit report until you pay it off. It’s preferable to leave the account open and pay it down every on time each month.
Even if your card has a zero balance, closing it can still hurt your credit score because credit history length makes up 15% of your credit score.
Credit history length factors in the age of your oldest account and most recent account as well as the average age of all accounts. In general, the longer you keep accounts open, the more your credit score will increase.
6. Get Professional Help
If you are overwhelmed by your credit situation or monthly expenses, you live paycheck to paycheck, or are confronting bankruptcy, consumer credit counseling agencies are available to assist you. Of course, the key is to find a reputable one.
Certified credit counselors can repair your credit report and raise credit scores such as CreditPro Studio, that specializes in removing derogatory information from credit reports including bankruptcy.
Or, locate a credit counselor using the search feature of the U.S. Trustee Program offered through the U.S. Department of Justice.
You can always simply refer to your credit card billing statement for a phone number to call if you’re experiencing trouble making your payments, the key here is communication to attain payment arrangements.
7. Be Patient and Persistent
Patience isn’t a factor that’s used to calculate your credit score, but it’s something you need to have while you’re repairing your credit.
Your credit wasn’t damaged overnight, so don’t expect it to improve in that amount of time, you must be patient to see results.
You can improve your credit on your own which can take 2 years or more depending on skill, or you can hire a professional that will provide results up to 10 months, depending on the company hired.
Moreover, it is important to continue monitoring your credit, keeping your spending in check, and paying your debts on time each month, and over time you will see a boost in your credit score.
Mortgage Brokers & Realtors
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