Five Ways to Raise Your Credit Score and Fast

By
Mortgage and Lending with American Pacific Mortgage NMLS1447810/ /1850 /0805

If you want to improve your credit score quickly, the time to start is now. Here are some great strategies you can utilize right away to give your score a quick boost. And in addition I have some great resources that can help you understand the do's and don’ts of credit. Here’s one right here Prime National Credit Repair. They are great at helping people get back on track.

 

Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) on time, and as agreed, shows responsibility and will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick and significant jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card on your monthly statements. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with your mortgage professional first. Canceling those cards may inadvertently undo all of your hard work.

 

 Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you up to 80 points in certain instances

 

Take Some Credit: If you have a credit card account in very good standing, make sure that all three credit bureaus know about it. Just like your credit limits, some creditors don't report your information to all three credit companies - this is why credit scores often vary between bureaus. If this is the case, give them a call to find out why. Correcting this oversight could provide a significant boost to your score. Also, if you're in very good standing, ask your creditor for a lower rate or higher credit limit. This will increase the gap in the debt you owe versus the credit you have available. Sometimes hinting about closing an account can suddenly bring out the generous spirit of certain card issuers. Give it a try. The worst they can say is no.

 

 Protect Your Interests: Your credit score is calculated based solely on the information available to the credit bureaus. If you have a Home Equity Line of Credit (HELOC), make sure it's listed as a mortgage or an installment account on your credit reports and not as a revolving debt. If you had a bankruptcy, be sure that all items associated with the bankruptcy are being reported as included in the bankruptcy with a zero balance. This action could increase your score by 50-100 points. Because simple mistakes like these can wreak havoc on your credit score, it's important to monitor your credit every four to six months.

 

Even the Score: If you find information on your credit report that you believe is inaccurate or incomplete, then you have the right to dispute it free of charge. You can also get a free copy of your credit report here Annual Credit Report once a year.  

For the fastest results, visit the appropriate credit bureau's website and file a dispute online. Here is Trans Union. If supporting documents are necessary, you have to file your dispute by mail.

 

If you would like more information just give me a call @ (818) 263-7467. You can also follow me on Twitter@dpdoeslns

 

 

© 2016 American Pacific Mortgage Corporation (NMLS 1850). All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
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David Parker
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Comments (1)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Hi Dave Parker 

Thanks for a great post on how to improve credit scores - very helpful information!

We wish you great success with your blog posts and networking with other members of Active Rain!

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Jul 17, 2016 12:13 AM

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