6 Tips On How To Raise Credit Score Fast
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Many consumers fail to realize what causes a change to happen on their credit report. This is paramount to having good credit. Your credit score will determine what type of borrower you are. It also indicates whether or not you should qualify for a loan, obtain mortgage or get hired on a job.

It is then important to know the changes that can affect your credit score. The FICO scoring system is used by the major credit reporting agencies in calculating credit scores. There are two main consequences which may occur due to the changes on your credit report namely upward or positive, and downward or negative changes. A positive change will occur when payments are made timely and when the account is in good standing.

Accounts are paid on time when they payment is made within 30 days or not later than the past due date. Creditors report delinquencies on 30-day increments. Negative changes occur when an account is determined as a negative status. That means the account has been delinquent for a period of 30 days or more. In this case, an individual fails to make payments on outstanding account balance. But the moment payment is made; the credit report will start changing in a positive direction.

Now that you know the different changes that can potentially affect your credit score, you now need to know the things you can do in order to raise your credit scores.

• Make payments on debts or loans before that are past due. This will show lenders that you can pay your debt on time. Creditors will only be sending negative reporting to the major credit reporting agencies when an account is past due.

• It is not good to pay off all your debts. You should not necessarily pay off all your debts as doing so won’t build credit. Building credit involves displaying to creditors that you can maintain good standing. But you should not have too many open loan lines as this will show creditors that you have too many loans and that would be a great risk for them to take a chance on. Also, having too many open loan lines will reduce your FICO scores.

• Raise or increase your credit limit. You can ask your creditor to increase your credit limit for the purpose of raising your scores, instead of borrowing more money.

• Remove derogatory errors. To learn if information on a credit report is true and accurate, you should request for a free credit report from the major credit reporting bureaus namely Experian, TransUnion and Equifax. Everyone is entitled to get a free credit report each year. If you found errors on your credit report, make sure to have it disputed right away.

• Call creditors and inform them to report positive activities done on credit report.

• Pay your debts down. The less is owed on a debt, the higher your FICO score will be.

By following these tips to improve and raise your credit score, you can be determined as good credit and getting a loan or mortgage and applying for a job can be a breeze.


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