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Raise Credit Score by 100 Points

May 13, 2009 10:29 pm Published by

Raise Credit Score by 100 Points

As consumers continue to extend themselves by using more and more credit, their ability to repay their debts and loans is becoming harder and harder. As a result, the median credit score is taking a plunge and lenders are faced with turning away more business. Those who are seeking to get approved for a loan are left facing the facts of their repayment history and money management skills.

Before applying for the loan you need, there are a few steps every consumer should take before allowing lenders to take a look at your financial resume. The first thing you want to do is order a copy of your free annual credit report to review it for errors. Studies show that 75% of credit reports contain erroneous information, and 1 in 4 actually impact consumers in a negative way. You deserve fair representation, and the credit bureaus are required by the Fair Credit Act to review and respond to any disputes on your credit report within 30 days.

Once you have accessed your free annual credit report, it is time to work on your raise credit score strategy. This is a two part process: dispute credit report errors and find inefficiencies in your credit behavior. Here’s what to do with your report:
1. Take out a pen and a highlighter
2. Circle any errors that are on your report including and make a notation as to why the item is incorrect: accounts that you have open but are marked closed, late payments that didn’t occur, the wrong Social Security number.
3. Now take a look at your credit report and highlight any “problem areas” that are legitimate claims and may be hurting your credit score.

Now that you know why your credit score is what it is, it’s time to take actionable raise credit score steps that will have the greatest impact in the shortest amount of time. Start with taking a look at your available credit to debt ratio and make sure it is below 30%. This is the fastest way to make an improvement in your credit rating, and can be done just by picking up the phone and requesting a credit limit increase (of course there are some tricks on how to make that happen every time). Continue to find other credit behavior issues that you can change to immediately increase your credit score.

From there you want to start the dispute process. Since this can take up to 30 days, you want to get started on this early. If you need to raise your credit score quickly, your best bet is to pick 2 or 3 items that are hurting your reputation as a borrower the most. This will get the reporting agency to work fast for you. Plus, if you submit everything at once, the reporting agency is less likely to take you seriously.

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Find out how your credit score compares to the national and get your quick credit fix. Download your credit score and reports for free at http://www.thecreditfix.info



5 Easy Tricks That Will Help Fix Credit

May 13, 2009 8:42 am Published by

5 Easy Tricks That Will Help Fix Credit

Let’s debunk the myth about bad credit.A lot of people think that fixing your credit score is a question of time, changing lifestyle, sticking to a tight budget and eventually paying off your debt in full. This formula works in most of the cases. But in reality there are far easier and faster ways to raise credit score. Simple credit tricks can help fix credit and boost credit score with more than a hundred points within a few months.
A smart approach to fixing credit includes:
1 Paying off late payments first. Nothing affects your credit more adversely than past due and late payments. That’s why they should be your priority when trying to fix credit.
2 Managing your level of debt and transferring balance when necessary. Let’s say you have two credit cards with 2,000 $ limit each. The balance on one of your cards is 0 $ and the other one is 1200 $. Such balance will work against your credit score. Ideally credit balance should be kept below 30% of your credit limit. In this case this is less that 600 $ on each card. What you should do is transfer 600 $ to the card with 0 balance, so this way both cards have balances that fall below the dangerous zone.
3 Do not close old credit cards. The length of credit history is important when credit bureaus determine your credit score. Closing old cards that you are no longer using could result in “erasing” a part of your credit history. Less credit history means less credibility according to credit report bureaus.
4 Paying off collections in full may not help your credit score. It is a paradox, but it can actually lower your credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as “paid collection”. In order to clear the collections altogether from your record, you have to call the collection agency prior to making payments and explain that you will pay off your debt only if they withdraw the collection from the credit bureau reports
5 Take a good look at your credit report. If there are any errors or inaccurate information, dispute them immediately
These are just a few credit tips that can help fix credit and raise score fast. Of course there are many other tricks and well kept credit secrets that can produce amazing results in no time

ClICK HERE TO LEARN ABOUT LITTLE KNOWN CREDIT REPAIR SECRETS

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How To Raise Credit Scores Using Rapid Rescore

May 10, 2009 9:52 pm Published by

How To Raise Credit Scores Using Rapid Rescore

Raise credit scores 50 points in 5 days! Sounds great right? Maybe…


A mortgage company or bank can offer a service called ‘rapid rescore’ to get something corrected off your credit report. Here is a brief walk through of this method to raise credit scores. The rapid rescore strategy requires proper paperwork. The proof must come from the creditor directly.


Some examples of corrections are:


a letter stating the account is not your account

a letter stating the account was paid satisfactorily

a release of lien

a satisfaction of judgment

a bankruptcy discharge

a letter for deletion of collection account or any relevant evidence

a letter correcting (and raising) available credit balance

a letter changing the status of an account from ‘delinquent’ to ‘current’

a letter to update high credit limit


Checklist


1. The creditor’s letter must be signed and on their stationary.

2. It must include the creditor’s contact name, phone number, your name and address, and a full or partial account number that matches the credit bureau entry number.

3. The letter must state what action the lender is doing to correct in the credit file — like change the status of an account from ‘delinquent’ to ‘current.’

4. Next the lender forwards the letter to the credit bureau, does a telephone verification and a new credit report is issued with an updated credit score.


The rapid rescore system works best if you are trying to raise credit scores fast to move up from one credit rating to another. Some mortgage companies offer a ‘what if’ scenario for rapid rescoring. Simply put, the account that is to be updated is entered into the ‘what if’ scenario and the program calculates a new credit score.


For example, your mortgage lender runs your credit report and your scores are 660, 680, and 710. Using a rapid rescore program, the results tell you what you can you do to increase your score 10 to 50 points. The system may recommend that you pay off some credit cards, pay off a collection, or other options. The main idea is to get you to the next level so the bank can offer better rates and options for your loan. This tool provides an educated guess on how to raise credit scores so it is not a guarantee of how the rescore will ultimately impact the credit score.


Your lender may simply evaluate how the proposed correction would impact the major score factors that are listed on your credit report. If that correction affects a major score factor, then its likely it would increase your credit score and worth pursuing.


Rapid rescore is not cheap. Typically it costs a lender to to run it against each credit bureau. The lender may choose to eat the cost or they may charge it back to the borrower. It is expensive but in most cases it works well for people looking to raise credit scores fast so they can pay 5% down payment instead of 10%, or avoid a high interest rate, or eliminate PMI or other costs related to mortgages.

Fast Credit Repair

Kathleen Rieger is a Certified Identity Theft Risk Management Specialist.
Drop by

http://www.extreme-debt-makeover.com/kentucky-credit-repair.html for a Free
copy of her online Credit Rejuvenation course and to book yourself a
consultation where she helps you to get to the closing table — fast.

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How to repair your credit report in 45 days

May 6, 2009 5:55 am Published by

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Tired of being turned down for the things you really need? Spending time and money renting a home you’ll never own because your credit is too poor to buy? Let Credit Boost Direct help TODAY! Whether you need credit repair after bankruptcy, bad credit report repair, or someone to fix your bad credit, Credit Boost Direct can help! We offer credit report repair services, and we’ll actually REBUILD your credit! That’s right! Unlike other credit repair companies, we don’t just repair credit and then stop there. Sure, with the other companies, your bad credit will be fixed, but you may still be unable to get credit because now you have NO positive credit history at all! Let me say that again. Even if you find someone else to help you with credit restoration, you may STILL not be able to get the loan, house, or car you need because you now have NO credit. In some cases, that can be as much of a problem as having BAD credit. Most people don’t think of that when they hire a credit repair company, and the company certainly isn’t going to tell them. Credit Boost Direct makes sure that not only is your bad credit repaired, but, by the time the program is finished, you will actually have POSITIVE CREDIT! Dont just take my word for it! We have a FREE Credit Secrets Guide that will teach you how you can: Receive Unlimited Credit Disputes; Receive Unlimited Unsecured Loans; Receive an Unsecured Line of Credit Pay your Everyday Bills and BUILD Credit; Receive an Unsecured Loan in 3 …
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You Can Learn How to Fix Credit Scores and Develop A Program to Get Your Credit Back on Track

May 1, 2009 9:40 pm Published by

You Can Learn How to Fix Credit Scores and Develop A Program to Get Your Credit Back on Track

If you have a low credit score or are having trouble getting financing, you need to step back and explore how to fix credit and credit scores. Fortunately, it is possible to learn how to fix credit scores and improve your chances of getting credit. Unfortunately, all the information in the world on how to fix credit won’t do you much good unless you make up your mind that you are going to change your spending habits. Once you have made up your mind the key is to actually put the plan in action.

Never the less, it is worthwhile to learn how to fix credit and the best advice on how to fix credit is to pay your bills on time. You should also work to keep only low balances on your cards, and resist the temptation to borrow more money than you actually need, particularly when it comes to revolving credit. Assuming you are looking for help on how to fix credit because you are already in a little bit of trouble, then there are some quick steps you can take to make an immediate improvement.

The first step in how to fix credit is to find out exactly what your situation is. You can do this by obtaining copies of your credit reports. Once you see exactly where you stand you can develop a plan on how to fix your credit scores. Your goal is to reduce your credit to 30% or less of your available credit. Reviewing your credit reports will also help you determine if there are errors that you can quickly repair. Getting any inaccurate information cleaned up is the best first action you should take. While it may not be easy, it will give you a chance to give your credit rating a quick bump right away.

The first advice on how to fix credit is to get your balances paid down. Not only will this help to improve your score, it will make it a little easier to make your payments. Credit scores are calculated using a number of factors such as how your total credit profile looks in terms of the amount of debt you have compared with the amount of credit you ave available. Paying down your cards will definitely help you in this regard.

One key trap that many people fall in to is deciding to repair their credit and then closing the account. Your credit rating is determined based on how much you owe, of course, but this is not the only measure. Factors such as your credit history over time are also important. You want to be sure to keep at least a couple of your older accounts open.

There is a great deal of information available discussing how to repair credit. The fundamentals are your best bet and that means paying down balances and making sure that all your bills get paid on time. Gimmicks and tricks are just not worth it. You also don’t need to engage a company that will require a fee be paid. You can do this on your own. Just make up your mind, be disciplined, and in now time at all you’ll have great credit again.

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How To fix Credit With No Credit Repair Companies-Free Do It Yourself Credit Repair report – Improve Credit Score.





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