Raising Credit Scores – 3 Reasons Why You Can’t Raise Your Credit Score
Posted in Finance on 07/18/2010 02:40 pm by
Irena Bocheva asked:
Raising credit scores is not that hard once you start thinking outside the box. Contrary to the popular beliefs, improving your FICO doesn’t require careful budget planning, financial discipline and patience. The recipe for a fast credit repair requires only one major ingredient-credit knowledge. The more you know about the credit system and the various loopholes in it, the better your chances to raise credit score fast.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 No knowledge equals failure.
Can you win a game if you don’t know the rules? You can beat collection agencies and credit bureaus at their own game IF you know how the system works. Do you know that paying off your debt din full can actually hurt your credit report and lower your score? Do you know that you can sue creditors, collection agencies and credit bureaus under different provision of FCRA ( Fair Credit Reporting Act)and FDCPA (Fair Debt Collection Practices Act)? Do you know how to request validation of debt for every negative item on your report? How to dispute negative items on multiple levels-credit bureaus, collection agencies, original creditors? How to use the Rapid Rescore Strategy and remove mistakes from your report within 48 hours? How to bring down your balance/ limit ratio to the healthy 30 % without having to pay off your balance? The more you know about the shortcuts and the loopholes in the system, the better your chances to raise credit score fast.
2 No action equals failure.
Different negative items fall off from your report after a different period of time. For example-chapter 7 bankruptcy after 10 years, chapter 13 bankruptcy after 7, collections and late payments after 7 years, credit inquiries after 2 and so on. A lot of people simply wait till the punishment period is over. However, if you need an immediate credit score increase, you need to take action NOW. Start disputing, negotiating, requesting debt verification etc and positive results will follow shortly.
3 No perseverance equals failure.
Another thing you should keep in mind is that the path to better credit is not always smooth. Sometimes credit bureaus will find your disputes “frivolous” and will keep the negative item on your record. Collection agents will be unwilling to compromise and will ask for a higher settlement amount. Be prepared to face different setbacks and don’t get discouraged. In the end perseverance pays off.
Raising credit scores requires knowledge about the credit system and the shortcuts in it. Little known credit tricks and secrets can help you boost your credit in no time. Once you start thinking outside the box, you’ll be surprised to find how easy credit repair actually is.
Jeremy
Raising credit scores is not that hard once you start thinking outside the box. Contrary to the popular beliefs, improving your FICO doesn’t require careful budget planning, financial discipline and patience. The recipe for a fast credit repair requires only one major ingredient-credit knowledge. The more you know about the credit system and the various loopholes in it, the better your chances to raise credit score fast.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 No knowledge equals failure.
Can you win a game if you don’t know the rules? You can beat collection agencies and credit bureaus at their own game IF you know how the system works. Do you know that paying off your debt din full can actually hurt your credit report and lower your score? Do you know that you can sue creditors, collection agencies and credit bureaus under different provision of FCRA ( Fair Credit Reporting Act)and FDCPA (Fair Debt Collection Practices Act)? Do you know how to request validation of debt for every negative item on your report? How to dispute negative items on multiple levels-credit bureaus, collection agencies, original creditors? How to use the Rapid Rescore Strategy and remove mistakes from your report within 48 hours? How to bring down your balance/ limit ratio to the healthy 30 % without having to pay off your balance? The more you know about the shortcuts and the loopholes in the system, the better your chances to raise credit score fast.
2 No action equals failure.
Different negative items fall off from your report after a different period of time. For example-chapter 7 bankruptcy after 10 years, chapter 13 bankruptcy after 7, collections and late payments after 7 years, credit inquiries after 2 and so on. A lot of people simply wait till the punishment period is over. However, if you need an immediate credit score increase, you need to take action NOW. Start disputing, negotiating, requesting debt verification etc and positive results will follow shortly.
3 No perseverance equals failure.
Another thing you should keep in mind is that the path to better credit is not always smooth. Sometimes credit bureaus will find your disputes “frivolous” and will keep the negative item on your record. Collection agents will be unwilling to compromise and will ask for a higher settlement amount. Be prepared to face different setbacks and don’t get discouraged. In the end perseverance pays off.
Raising credit scores requires knowledge about the credit system and the shortcuts in it. Little known credit tricks and secrets can help you boost your credit in no time. Once you start thinking outside the box, you’ll be surprised to find how easy credit repair actually is.
Jeremy