6 Quick Ways To Improve Your Credit Score By 50 Points In One Day!
Posted in Finance on 06/18/2010 09:26 am by
Kimberly Patrick asked:
1. Try to Get Positive Accounts Reported: You know that the credit bureaus typically don’t share information, but it can be frustrating if one of your good, paid-on-time accounts doesn’t show up on all of your credit reports. What’s worse is when a credit account isn’t reported at all. Some creditors simply don’t bother to use credit bureau services, and others deliberately hide the histories of their best customers for fear that their competitors will swoop in.Although you can’t force a creditor to report an account to a bureau or report more frequently, you can always ask. Sometimes it’s all but impossible to get your on-time payments recorded. Most landlords, utility companies, and phone companies will only report you to the credit bureaus if you screw up. (So be sure you don’t screw up.)
2. Check with your bank and see if they give you bill pay service. If so then start using it. Set up all your credit accounts so that all payments are made on time. You can usually set it to make the minimum monthly payment, or any other amount you want…the main thing is that you will know that your payment will be made on time.
3. Obtain a copy of your current credit report. Almost all states let you do this for free. This way, you will be able to see which of your accounts are actually listed on your credit report. You can get your credit report for free through several different websites online at least once per year.
4. Check for errors – go through and double check all of your information so that you can be absolutely certain that there are no errors on your credit report. Errors can be quite devastating to your credit score.
5. If you do happen to find an error or two on your credit report, it should be resolved as soon as you possibly can. You can go about fixing the errors by contacting your lender to find out if they have the information correct. Then, you will be able to find contact information through your free credit report website so that you can get the errors deleted from your credit report.
6. Check your credit limits. Are you over extended? If your current balance is more than 50% of your available credit limits in use, then your score is being effected by your balances. A quick way to increase your credit score is to bring down your debt ratio. I had a client that surprised me by calling her credit card company and requesting a credit line increase. Her original credit line was $7500 with $4500 in use, which was a ratio of 60%. They increased her line to $11,000 which brought her ratio down to 40% of her available credit in use. The next month her credit score rose 50 points!!!
Remember that credit is a privilege, not a right. You should always do your best to take care of the credit that you are given and you will be sure to build a good credit report.
Kristin
1. Try to Get Positive Accounts Reported: You know that the credit bureaus typically don’t share information, but it can be frustrating if one of your good, paid-on-time accounts doesn’t show up on all of your credit reports. What’s worse is when a credit account isn’t reported at all. Some creditors simply don’t bother to use credit bureau services, and others deliberately hide the histories of their best customers for fear that their competitors will swoop in.Although you can’t force a creditor to report an account to a bureau or report more frequently, you can always ask. Sometimes it’s all but impossible to get your on-time payments recorded. Most landlords, utility companies, and phone companies will only report you to the credit bureaus if you screw up. (So be sure you don’t screw up.)
2. Check with your bank and see if they give you bill pay service. If so then start using it. Set up all your credit accounts so that all payments are made on time. You can usually set it to make the minimum monthly payment, or any other amount you want…the main thing is that you will know that your payment will be made on time.
3. Obtain a copy of your current credit report. Almost all states let you do this for free. This way, you will be able to see which of your accounts are actually listed on your credit report. You can get your credit report for free through several different websites online at least once per year.
4. Check for errors – go through and double check all of your information so that you can be absolutely certain that there are no errors on your credit report. Errors can be quite devastating to your credit score.
5. If you do happen to find an error or two on your credit report, it should be resolved as soon as you possibly can. You can go about fixing the errors by contacting your lender to find out if they have the information correct. Then, you will be able to find contact information through your free credit report website so that you can get the errors deleted from your credit report.
6. Check your credit limits. Are you over extended? If your current balance is more than 50% of your available credit limits in use, then your score is being effected by your balances. A quick way to increase your credit score is to bring down your debt ratio. I had a client that surprised me by calling her credit card company and requesting a credit line increase. Her original credit line was $7500 with $4500 in use, which was a ratio of 60%. They increased her line to $11,000 which brought her ratio down to 40% of her available credit in use. The next month her credit score rose 50 points!!!
Remember that credit is a privilege, not a right. You should always do your best to take care of the credit that you are given and you will be sure to build a good credit report.
Kristin