The steps to having a 700 credit score within 30 days
It is well understood that a credit score of 700 is well appreciated by most lenders and is good enough to help you acquire the best interest rate on loans as well as on credit cards. As you know, it would require good credit management for a long time before one can get into this bracket and sustain it but there are some special strategies that one can employ to make his score rise within one month.
Check your credit report here
To begin with, you should get a credit report from the three credit reporting agencies, namely, Experian, Equifax, and TransUnion. Go through all your reports carefully and contest anything false, unverified, or out-of-date and negative. Some of the regular disagreements are misreported payments, accounted charges, collection history not belonging to you, and wrong balances/payments due. This can lead to fast deletion if the credit bureaus fail to uphold the allegations within the 30-day investigation period they are legally bound to.
Pay Down Revolving Balances
The measure of credit utilization is one of the primary determinants of your credit score, particularly concerning the usage of available credit limits in the form of revolving credits such as credit cards. Credit utilization is the second factor and, as a rule of thumb, it is recommended to keep credit utilization below 30%. Estimate the credit utilization rate for cards and reduce the balances on the cards in the next month so that this rate lowers. Going below the 10 percent mark can further enhance your score and is recommended.
Become an Authorized User
You can go to a close family member or acquaintance who has a positive credit history that is quite lengthy and possesses a good credit score and ask him/her to include you as an authorized user to one of the credit card accounts that he/she possesses. Once you have been approved, the credit history for the primary account holder’s credit card will be input into your credit report to help build your score as an authorized user. To achieve the best results, select an account with the basics: open for at least 10 years, zero balance, and a small credit limit.
Limit New Credit Applications
Every time one applies for credit, it takes 30 days to get a new score and thus as one applies for a credit, he or she should avoid applying for any new credit within the 30 days rapid improvement timeframe unless it is very necessary. This means no credit cards, student loans, auto loans, mortgages, or any new form of debt in your report for now.
Reducing Pay-Up Amounts – Collection & Charge-Off
Collection accounts and charged-off accounts are reported on the credit report which makes it difficult to pay off so the next best thing is to pay some amount of the past due balance over the next month. It may also help clear these outstanding bad debts to negotiate to have negative items removed from your credit report. Settlements don’t always demand full payments – such a request should be backed by documentation from the creditor.
By adopting these specific strategies in the ways mentioned above, anyone interested in boosting their credit score to 700+ in the shortest time possible, here 1 month, can equal the task. The question of sustaining new credit heights in the future, therefore, depends on the continuous consistent practice of good credit management practices. It is also preferable to assess your progress halfway through the month and alter strategies or adjust the tactics to achieve the score target by the end of the month, which is 30 days.
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