3 Tips To Raise Your Credit Score Quickly
Nowadays, virtually no prospective creditor will grant your request for credit without looking at your all-important credit score
. Well, you cannot really blame them as credits and loans require that a certain degree of risk be assumed by the creditors and lenders, of which the credit report is an important tool to analyze said risk.
On your part, the best thing you can do is to boost your credit score as positively and as quickly as possible. The following ways are just some of the methods to do so.
Delete Errors within 48 Hours
You can actually increase your credit score and, hence, secure more favorable loan terms when you request for a Rapid Rescore from your loan officer. You will, of course, need documentary proof of your request for updating of your credit score, which will cost you around $50 although it must be emphasized that results are not at all guaranteed.
Needless to say, your request for Rapid Rescore is based on negative inaccuracies found in your credit report. Any and all accurate information stays on your credit report, be it of the positive or the negative kind.
Delete Negative Credit
Don't fall for credit repair clinics that promise to clean your credit report, maybe even generate a new one for you. Actually, you can do the cleaning of inaccurate information from your credit report.
Just gather the documents used for your Rapid Rescore, attach copies of them to a dispute letter addressed to the credit reporting agencies of Experian, Equifax and TransUnion and wait for the results. Your dispute letter should clearly state your full name and address, the items you want to dispute and your explanations for them, and a request for correction/deletion of the items.
Ride on Someone Else's Credit
This is probably the fastest credit booster although it does require a great deal of trust between two persons. Let's say you are applying for a credit card, which you have had difficulty in securing from the banks because of your poor credit score. Well, you find a person with good credit rating who willingly gives consent to add you as a supplementary cardholder on their credit card.
As a result, the favorable credit history of that person will also be reflected on your credit report and voila! You have a better credit rating.
Of course, the process works both ways as your bad spending habits will also reflect on the other person. Thus, you had better prepare your persuasive skills in order to get the nod of approval you have been waiting for.
Be a Good Debtor
This last one is very obvious and yet still bears repeating for many people with bad credit. You will secure a favorable credit rating if and when you pay your creditors, your bills and your amortizations on time. Or better yet, even before the deadline set.
An exception will be in never completely paying off your revolving debts. After all, your credit report is a reflection of your ability to manage your debt and you cannot manage what is non-existent.
Indeed, it is possible to boost your credit score quickly. You just need to know the basics of the factors that affect it like bankruptcy, foreclosure, closing of old accounts, and mix of credit types and credit inquiries and you are good to go.
by: Mike Singh
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