Categories for Raise Credit Score

Credit Repair: How to Raise a Bad Credit Score

February 21, 2011 6:00 am Published by

Credit Repair: How to Raise a Bad Credit Score

We all need to know how to raise a bad credit score. Unless your credit score is at a perfect 850, then there is some room for improvement. Most people do not understand that are many ways to be proactive and raise their credit scores. It’s not about just sitting back and hoping for the best. You can do more than just not messing up; you can actually follow these tips to raise your credit score.

Firstly, you need to be aware of your rights and what exactly your credit report states. There normally are several bogus items on any given credit report that can be dealt with simply. Request a free yearly copy from the three major credit bureaus. You are entitled to one copy every year from each of them. They are Equifax, Experian and TransUnion. If you make a request to each one, alternating between them every 4 months, then you will always have a fresh report to monitor your progress in raising your bad credit score.

The most effective way to raise a bad credit score is to get rid of the negative items on your credit report. You are entitled to dispute any and every negative item on your report. Even if you know the item to be based on fact, it is still your legal right to dispute it.

Once you have disputed a given item, the agency must either verify that item with a reasonable time or remove it from the report. That time period is usually between 30 and 45 days from the date of dispute submittal. The credit bureau must contact the creditor that placed the negative item and get it verified by them. If someone is lazy, doesn’t find the time, makes clerical errors or otherwise messes up, you are entitled to request that the item be stricken.

This legal technique is the most powerful method to raise a bad credit score. Statistics show that 40% of the items disputed do not get verified and are therefore able to be stricken. This is exactly what credit repair agencies and attorneys charge thousands of dollars to do for you. Remember to choose the busiest business times of the year to file your disputes. You want for them to not get verified! Always send in your dispute forms via certified mail and request receipts. Keep meticulous records and you are on your way to raising your bad credit score already!

Now, you need to start making sure that you make every payment that you are responsible for on time and every time. Late payments and missed payments are the single largest contributors to the development of bad credit scores.

Keep your credit cards at roughly 30% of their maximum limit and pay them off in full every month. The second most important variable in the credit score algorithm is the amount of gap between your maximum credit card limits and the amount that is actually being utilized. If you charge them up and then just pay the interest charges, it looks bad.

You have just learned some simple, yet very powerful techniques concerning how to raise a bad credit score! Now, you just need to be patient, diligent and responsible from here on out and you will begin to see those negative items dropping off and your bad credit score beginning to rise.

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For more information on how to raise your credit score visit AAACreditGuide.com, the credit repair authority site. You can also check out our list of trusted credit repair companies for full reviews and recommendations of the best credit repair companies online.

Article from articlesbase.com

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What are some easy ways to improve my credit score?

February 20, 2011 6:00 pm Published by

What are some easy ways to improve my credit score?

A high credit rating makes it easier to obtain a mortgage, credit cards and auto loans, plus better interest rates, which will save you money in the long run. Here’s what you can do to increase your credit score:

1) Correct credit report errors
You’re allowed one free credit report each year. If you haven’t done it yet, request yours online at AnnualCreditReport.com. Check it carefully for any mistakes, such as past-due or unknown accounts.

2) Pay attention to credit card limits
Avoid charging any one credit card up to (or close to) its limit, even if you pay the balance each month. It’s smarter to spread charges on a few cards. Why? Credit agencies look at all your unused credit from all cards, plus that of individual cards, when calculating your score. That’s why getting close to the limit on one card can ding your score despite having plenty of available credit elsewhere.

3) Don’t cancel credit cards
You earn points for accounts with longer histories, so avoid closing and opening new accounts often. Even if you’re eager to close an account you worked hard to pay off, resist the urge. It’s better for your credit score to keep it open and either never use it or use it only occasionally, depending on fees and terms.

 

Other Articles:

What are some easy ways to improve my credit score?
What will happen if I don’t pay my credit card bills?
Stuck in a house you can’t afford or can’t sell for more than you owe on it?
Credit score may take a hit when credit cards are canceled
Tips For Raising Your Credit Score For Newbies

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Q&A: Does paying off past due accounts raise credit score?

February 17, 2011 6:00 pm Published by

Question by judy in disguise *with glasses*: Does paying off past due accounts raise credit score?
I have a couple accounts that were pst due… my credit score is horrible… not even 500. I went from 680 all the way down due to the economy and job loss. Now I am getting everything back together and plan on completly paying off the only one that is “negative” on my credit report (freecreditreport.com) very soon, within the next 5 days. How long does that take to reflect on my credit score? Will it raise it any?

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Best answer:

Answer by Life Is Better After Retirement
Judy,
The damage was done when the accounts went to collections. You will not see a change after paying, You may be able to negotiate an pay and delete. You will have to be able to pay at once in full. Get them to put in writing that they will delete.
They in no way have to do this but some will.
Never give a collector your bank info no matter what they say, they can wait 3-4 days for a MONEY ORDER in the mail.
Get it in writing

Good luck!.

Know better? Leave your own answer in the comments!



Credit Repair Agencies – Ways to Find The most beneficial Credit Repair Services To Enhance Your Credit

February 16, 2011 8:31 pm Published by

From basic observation, you’ll find two types of people who opt to avail of the services of credit repair organizations. Those that want to enhance their credit score but usually do not have the inclination or time to handle the matter on their very own, or people who have attempted to repair their credit history themselves and have given up because of utter frustration.

Whatever your individual scenario may be, you’ll want to make certain that you are committing to a legitimate and trustworthy credit repair organization. How can you uncover the perfect credit repair service that would help you enhance your credit reputation?

Try to determine the type of assistance that you need. If you already have a copy of your consolidated credit report, identify the erroneous negative information you plan to dispute. Make a list of credit repair organizations you are considering to hire and find out the extent of their experience concerning cases similar to what you have.

Access the websites of your local consumer protection agency, your state Attorney General, and the Better Business Bureau, to find out if complaints have been filed against your prospective credit repair organizations. Do your best to get direct feedbacks from previous customers of these organizations.

You may also request details about these credit repair organizations from the organizations themselves. As soon as you’ve got narrowed down your candidates, you could opt to talk about your credit circumstance with these candidates and find out their recommendations regarding your credit predicament. Remember that the law prohibits any credit repair organization from charging any fees till an agreed upon service has been completed. They are also prohibited from performing any service for you personally till you’ve signed a contract with them as well as the legislated three-day waiting period has elapsed. The three-day waiting period was instituted as an additional protection for customers. You could opt to cancel your contract with the credit repair organization inside this time frame without having paying any penalties.

Make certain that your contract clearly specifies the terms of payment, the particulars of the service the organization would render for you, the expected time frame for completing the service, and any guarantees the corporation has supplied to you. Having clear expectations would allow you to seek out the best credit repair organization for your scenario.

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Bad Credit Information – Why Your Credit Score Is a Useful Asset Given that The Global Recession

February 16, 2011 8:18 pm Published by

For most business ventures, good or modest alike, having access to loans is an indispensable lifeline. This has become much more essential given that the global recession of 2008. Lenders have raised their criteria for potential borrowers. Businesspeople and ordinary consumers alike have been affected by this trend. Whether you’ll need an infusion of capital for your business enterprise, or you only have to have a vehicle loan, you realize that your credit score has grow to be the fulcrum for lenders’ decisions on whether to approve or deny your loan application. Aside from this, lenders also base their decisions on which rate of interest bracket to assign you on the level of your credit scores.

Your credit score is actually a three-digit number ranging from 300 to 850 that’s utilized as a measure of one’s credit worthiness, that is, the likelihood that you would pay back what you are planning to borrow. It takes into account components which include your payment history, your rate of credit utilization, the length of your credit history, your possession of varied types of credit, and how normally you authorize inquiries into your credit record. All of these information are derived from reports issued by your creditors and bill collectors towards the 3 important consumer reporting agencies: Equifax, Experian, and TransUnion.

Each and every negative borrower behavior that shows up on your credit report gets translated as point deductions to your credit score. Understanding how much your credit score impacts your economic well being, you need to be vigilant in protecting this beneficial asset from factors that may impact it negatively.

Be determined in demonstrating consistent responsible borrower behavior. That means you have to be mindful of making timely bill payments and of showing restraint in your expenditures. If you are always using up your entire credit limit, this gives the impression that you cannot control your spending and is reported as a negative behavior on your credit report.

You must also be watchful for possible errors in your credit reports. Make it a point to review your credit reports annually. Inaccuracies are not as uncommon as you may think. Be on your guard against possible identity theft. If ever you discover inaccurate negative items in your credit report, take immediate action by writing a dispute letter to the credit bureau that issued the report.

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