Quick I need a better score....what to do in a pinch

I've been working with credit reports for over 15 years now.  There are some basic steps you can take to improve your credit quickly.  Sometimes it's simple, but often in can seem mysterious and sometimes down right depressing.

Here are a few quick tips to get those scores soaring...

If you need 20 to 30 points in a hurry...

#1  Paydown your revolving lines below 25% or 50% of the available balances on each of your cards.  Make sure ask the customer service department of these companies for a letter signed by someone in accounting that will reflect your new balance.  This is important if you want your lender to ask for a Rapid Rescore.

#2  Carefully examine the deregatory credit and public records on your report.  Often the report is not updated by collection companies or the government.  You maybe able to get those items totally removed if you have documentation showing the payoffs.  Do not think that by sending a letter to the credit repository's (Experian, Trans Union or Equifax) that they'll get off any faster.  For speed and a quick change in credit you need statements or receipts showing the inaccuracy of the depository.

#3  Make sure that pass addresses and employment show accurately on the report.  Often the report can be affected by too many residential addresses or employers.  I've done work for military employee's and they often have multiple addresses, and sometimes it helps improve the score by requesting they be changed or by proving that you only lived in one residence.  DON'T LIE, but make sure that information is accurate or complete.

#4  This one works occasionaly but not all the time.  Go to https://www.optoutprescreen.com/?rf=t, and read about how credit companies will often prescreen you for credit cards and other credit granting institutions.  Like a do not call list, this service has been set up by the depositories to allow you to opt out of having your credit pulled.  I highly advise that you do so, not only does it stop unwanted credit offers, but it also can improve your credit scores some of the time. (I've seen scores go up about 70% of the time with this system...not much, but atleast 10 points when they do.)

DO NOT....

#1 Payoff any open charge offs, collections or judgements.  If the lender wants them paid off, then waite until after the credit is pulled by your lender and bank they maybe using for the underwriting decision.

#2 Do not close any revolving lines of credit.  Go ahead and cut the cards in half, but PLEASE DO NOT CLOSE A line of credit if it's been open for more then a year or two.

#3  Do not apply for credit for any reason during the period of time your attempting to boost your score.

#4  Do not pay allot of money for credit repair.  (Call me if you need any advice, or someone you know in the mortgage business that your trust)

FOR MORTGAGE PROFESSIONALS......If you have a client who's fico's are in the mid 600's, and you can't tell why, because they may have a number of revolving accounts under 50% balances.  Make sure you check out any equity lines.  HELOC's may be maxed out, and if so this is looked at as revolving credit.  I had a realtor once who's personal scores wouldn't go over 680 because she had 1 of these first lien EQUITY LINES.  I suggested we refinance the equity line, and her score shot up over 740 in less then a month.

Anyone who has questions on how to bump your score 20-30 points in a short period of time can call me.

Karl Christen  801-224-1031 ext 207..... 

ADDITION.......check out this link if you want more information on how to create or re-establish credit....http://activerain.com/blogsview/27919/No-score-or-I