Importance of Credit Score

1. Deleting Errors in 48 Hours
This is the absolute fastest way to correct errors on your credit report and raise your credit score. However, it can only be done through a mortgage company or a bank. If you apply for a home loan and find errors on your credit report, request the loan officer to conduct a Rapid Rescore. But don’t mistake it for the credit clinic tactic of multiple dispute letters. The Rapid Rescore strategy requires proper paperwork. You need proof that the item is incorrect. It must come from the creditor directly. For example, 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. This is the same documentation a bank or mortgage company would require for the credit accounts anyways. The difference is, now you can improve your credit score and receive a lower interest rate. The results are not guaranteed and will run you about $ 50 per account.
2. Deleting Negative Credit
This is the infamous area where you’ve heard of all the scams. Credit repair clinics charge “an arm and a leg” and promise a
clean credit report. Sometimes even a new credit profile! People spending hundreds, or even thousands, of dollars for something they can do themselves. Removing errors is simple. Deleting negative credit that is accurate requires advanced methods. But that is not the scope of this report. So I’ll focus on the deleting the negative errors. Credit report errors easily disappear by using a simple dispute letter. If you have the paperwork proving the error as mentioned above in Rapid Rescore, send copies of that along with the dispute letter. This will make the credit bureau’s job easier and you will get faster results. If you don’t have the documentation to prove the error(s), send the dispute letter anyway. According to federal law, the credit bureau have a “reasonable time” to validate your claim. They will contact the creditor for verification of your dispute. Then the account will be reported accurately – or deleted. It has been generally accepted the “reasonable time” to complete this task is 30 days. If you’re not the do-it-yourself kind of person. Or don’t have the time. You could hire someone who is very economical.
3. PiggyBack Someone’s Credit
This is a fast and great little credit score booster. But it requires a very trusting relationship. Simply put, someone else adds you to their credit account. For example, when applying for a credit card, you may have seen the section to add a card holder. If your trusting person adds you, their payment history is now reported on your credit report too. If they have perfect credit, now you have a perfect account.
To make this more effective, use an aged account. Imagine if your trusted person has a 10 year old credit card account with a perfect payment history and a balance of only 50% of the credit limit. Wouldn’t you love to have this on your credit report? The easy part is your trusted person just calls the credit card company and requests a form to add a cardholder. Once completed and activated, their entire account history and future is now firmly planted on your account. Imagine if you secured 3-5 of
these accounts – especially installment accounts. Your credit score could sky-rocket! The challenging part? Finding the trusted person. Since you already have a low credit score and bad credit, how eager will someone be to make you a cardholder? Even your parents don’t want you to damage their credit. But, no one says you need to possess the card! In other words, your trusted person could add you as a card holder and never give you the card or PIN or any information. Since the bills and all account information is still mailed to the trusted person’s address, you won’t know anything about the account. This scenario could land you many trusted persons. And you still benefit with a higher credit score.
4. Playing Round Robin
This strategy is one of the oldest credit building techniques around. It used to be accomplished with secured savings accounts. But now, it’s much easier with secured credit cards. In fact, I’ve used this method myself. Here’s how it works: Take ,000 (or what you can afford) and get a secured credit card. Once received, get a cash advance of 70% of your credit limit. Get a second secured credit card. Once received, get a cash advance of 70% of your credit limit. Get a third secured credit card. Once received, get a cash advance of 70% of your credit limit. Open a new checking account with the final cash advance. Use this account only for making payments on your three new credit cards. If you make your payments on time every month, your credit score will increase because you now have three new perfect payment credit cards. (Initially, your credit score might drop a few points due to the rapid, multiple accounts being opened. However, be patient because within 4 months of no new accounts or any delinquencies of any account, you will see your credit score increase. Mine increased 60 points in 60 days!!)
5. Pay on Time
This one is quite obvious. But after 12.5 years in the mortgage business, I discovered it still needs repeating. Your creditors were gracious enough to loan you money. Now pay your damn bills! If you don’t, your credit score decreases. EVEN IF ONLY 30 DAYS LATE! That’s right folks. For some reason people think, “I’m only a few weeks late. What’s the big deal?” Well, for the loan company,
if you pay late but consistent, they make a lot more money with late fees and more interest (if a simple interest loan). For you, your credit score is damaged. If you think long-term and credit score, I’m certain you would not have a cavalier attitude.
6. Pay Down Debts
This seems like an obvious method, doesn’t it? But it is not as transparent as you might think. Remember, we’re playing with high-level statistics and probabilities which evaluates and
forecasts trends in your behavior. Here’s what you do…Never pay off your revolving debt in it’s entirety! Isn’t that a surprise? Think about it. Your credit score is a reflection of your ability to manage your credit. Paying off your debt is not managing your debt. If you have a zero balance, how can you manage it? You don’t. It no longer exists. And you cannot manage what does not exist, right? Therefore, in terms of credit score, you have demonstrated your ability to swiftly pay off accounts to avoid managing them. Thus, slightly decreasing your credit score. One exception, of course, is if you’re over extended to begin with. Pay off what’s necessary to make your credit profile look great. Then manage the remaining credit.
7. Don’t Close Accounts
Even if you pay off revolving debts, do not close the account. The longer an account is open with no negative reports, the better it reflects in your overall credit score. This is due to the weighted-average in the credit score formula. Many credit experts suggest a balance of 30% of your credit limit. That’s ideal. But you can go as high as 70% and still maintain a healthy
credit score.
8. No New Credit
You must be vigilant in your credit behavior if you want the best credit score. Therefore, do not get any new credit unless it is absolutely necessary. Each time you apply for credit, an inquiry is added to your report. This usually drops your credit scores
lightly. When you have fresh credit, there is no track record
how you will manage (or pay) this account. Therefore, it’s a higher risk which results in a minor drop in your credit score. Remember, your credit score is about risk assessment. Here’s what you do: obtain credit for your housing, transportation, college or continued education and 3-5 credit cards. That’s really
all you need for personal credit. If you want more credit, request a credit limit increase on your current cards rather than
apply for new ones.
9. Maintain A Mix of Credit Types
If you show you can handle different types of credit at the same time, you are rewarded with a great credit score. In other words, get installment loans like vehicle, personal loan or mortgage. Get revolving credit like credit cards: Visa, MasterCard, Sears, Sunoco Gas, and Costco. By mixing it up, you demonstrate you can manage your credit because you will have short term and long term credit with a fixed payment. As well as a “variable” monthly payment on your credit cards. Keep these accounts open with a balance of 70% or less and paid on time and you will witness your credit score climb to great heights.
10. Don’t File Bankruptcy or Foreclosure
Here’s the most obvious advice: Don’t file for bankruptcy or foreclosure. These stay on your credit report for 10 years and always decrease your credit score. The older the bankruptcy or foreclosure account becomes, coupled with re-built credit history, the less of an impact they play on your credit score.
Contrary to popular beliefs, you can legally delete a bankruptcy and foreclosure. It’s not easy. But it’s possible. See the advanced methods for that solution. To quickly rebuild your credit history after a bankruptcy or foreclosure, use the Round Robin strategy above and get secured credit cards. Now you can even get a car loan or mortgage right after bankruptcy.
For more details, please visit our website: http://www.checkmycreditscores.info


Susan Mill

Click Here To Know Every Description – http://www.mycreditscorereport.com/

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Finding Right a Mortgage Refinance Lender

You may either decide to go for the loan, but banks demand a large amount or say assurance for the loan, upon that the high rates of interests shatter your aspirations. One of the best options, these days, is to obtain mortgage refinance via internet. Internet has lots lenders providing you an online mortgage plan which makes things easy for you. Online mortgage refinance comes provides all the necessary details which a borrower usually seeks, thus it is indeed a more preferable option to take mortgage refinance than going for a conventional loan from a bank. We have already discussed about the mortgage refinance and its advantages. It is indeed pointless now to talk on the search of efficient, promising and assuring mortgage financers. We need to first of all find the best mortgage refinance companies which can provide best offers on mortgage refinance loans. The most essential factor for beginning is to start with making a list of best mortgage refinance companies.

The borrower can make a list on the basis of following parameters:

The mortgage interest rates that the mortgage refinance companies offerNames of the providers who offer  mortgage refinanceSources or places for finding some of the best mortgage refinance companiesEasiest way these days is to find the mortgage refinance lenders over internet. Just at a click of your mouse can open the entire history of the mortgage refinance companies. Mortgage refinance lenders have made it very simple for the borrowers. Borrowers are just supposed to fill a form; the form does not have too many details to be filled. Also, the borrowers should keep in mind that they are supposed to fill the form for the best deal provided by the mortgage refinance companies. If you are not in a state to pay high credit score then you certainly don’t need to worry because mortgage refinance companies have four offers for a single form filling action and you can also avail the benefit of appearing for bad credit mortgage refinance.

In the world of Mortgage Refinance, borrower is the King!

Bad credit mortgage refinance supports you to obtain an offer to refinance mortgage even if you have a bad credit score. A borrower can first of all initiate by making a list of the mortgage refinance companies who have some of the very best deals to offer. The companies, which do not satisfy your need, can be certainly eliminated from the list. Now, you can shuffle the list on the basis of the mortgage companies which provides you lower interest rates and flexible loan rate offers. Hence, in this way, your task becomes comparatively easy and less tedious. When it comes to the absorption of the list, the borrower should keep his ideas clear and transparent. If in case you are wishing to avail a handsome amount of mortgage refinance than the mortgage refinance lender will certainly help you, but he will keep the interest rates slightly higher. You can also go for the mortgage refinance which has lowest interest rated but in that case the lender may not be flexible to give you large amount mortgage at a single stroke.

We understand that there often arises a situation when you have to options to avail. First, you have a reputed and established bank offering you a mortgage refinance on slightly higher interest rates. Second, on the other turn of the coin, you have a mortgage refinance company, which you are not so much aware of, offering you a smooth mortgage refinance on the lowest interest rates. What we suggest is, you should probably check the reputation of the mortgage refinance companies likes RefinanceItt.com over the internet and go for it. Because, mortgage refinance companies have one of the best deals to provide.

Many website like home refinance mortgage which provides home owner understanding with different home loan companies. You can find mortgage refinance companies to avail best rates in today’s mortgage market.

Resolve My Credit – Just How To Erase Bad Credit Items On Your Own Credit Report

If you are planning to fix your credit score then you need to adhere to two significant measures. Step one is remove unfavorable directories on your own credit file while the 2nd step is build positive reporting accounts on your report.

tips Erase Bad Credit Items

The Fair Credit Reporting Act is a bit of federal legislation that provides every citizen the right to dispute almost everything they feel is incorrect to their credit file. This law is what entitles you to definitely potentially fix credit information and remove bad credit in your credit report.

being dispute an item on your credit report you need to understand what information is really to their and harming your credit rating. Additionally you need to find out you are able to just register a dispute for items that take a particular credit agencies credit report. Quite simply you can easily only dispute items which are on your Equifax credit file using the Equifax credit bureau.

You can get a copy of your credit history from all 3 significant bureau, free-of-charge annually. To use this see annual credit history and you will request your reports there free-of-charge. When you get your reports you will need to review them in detail and you will probably be astonished at how different each credit report is.

The explanation you’ll have different home elevators every one of your credit file is mainly because not all loan providers or creditors will report to all 3 credit reporting agencies. An instant tip if you dispute a product which is not reported thereon certain bureaus credit file they will blacklist both you and ignore any future dispute attempts on your behalf.

For instance in the event that you dispute a collection product with Transunion but that collection item just isn’t in your Transunion credit report, after that from our understanding Transunion will ignore any conflicts you make someday for item on your own Transunion credit history. You’ll be able to employ a specialist credit repair firm to perform the credit dispute process for you but it is not required.

Once a credit bureau gets your dispute they will investigate them by calling your debt collector or loan provider and asking all of them to confirm the account and the appropriate information. In the event that item isn’t verified after that according to the Fair Credit Reporting Act it should be removed from your credit report.

If you’ve got something that comes right back from a bureau examination and it is confirmed this won’t mean you must simply live with all the bad credit. Indeed numerous debt collectors will settle an account to you plus in exchange for the settlement repayment they’re going to end stating your account information into credit bureaus which method you’re nevertheless in a position to remove bad credit from your own report.

You are likely to experience some difficulty getting the credit reporting agencies to team your dispute valid and investigate it. This regrettably may be the way the credit reporting agencies work which is a direct result revenue motives. The credit reporting agencies are extra cash when they investigate consumer conflicts.

The just reason the credit bureaus do conduct investigations would be to adhere to the Fair credit rating Act, and even that is debatable. The credit agencies being fined repeatedly by the FTC for maybe not complying with this specific law and investigating customer disputes. In the event that you encounter any difficulty we strongly encourage that start thinking about employing a professional as you need not just stay with a bad credit report.

Positive Reporting Accounts

You can develop positive things in your credit report if you are paying your regular debts on time and you may benefit from opening a unique line of credit. An innovative new personal line of credit as a unsecured bank card, or installment loan with accountable usage will allow you to build positive items on your own credit.

To get more about how to fix my credit and exactly how you’ll erase bad credit products on your credit history call 1-800-298-4297 for a totally free credit history summary and evaluation or check us out.

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