Do you want to get a fast boost to your credit score? It is possible to gain 200 points and even more, if you act. It is not easy but all endeavors to push for a higher score are worth it since it can help in reducing or avoiding high interest rates and open up better options for lending. Here are the tips you can follow to get an instant boost to your credit score by at least 200 points in a month.
1. Check Your Credit Reports from Equifax, Experian, & TransUnion
Before getting started take a look at your credit reports from each of the three major credit reporting agencies, including Experian, Equifax, and Transunion. Look for any incidents of identity theft or fake accounts that are dragging down your scores and come forward to report any of the three credit bureaus for any inaccuracies. The FCRA enables you to request the removal of information that is reviewed by credit reporting agencies as inaccurate. Most of the time, mistakes that a team committers lower their score, can be cleared easily and very effectively to help the team gain a lot of points in a short time.
2. Pay Down Revolving Balances
Credit utilization is another factor that can be manipulated quickly to help get a higher credit score. This metric expresses the average of the credit card balances compared to the average of the credit card credit limits. According to economists, it should not be more than 30% and lower figures are considered healthier for one's credit score. Go through all the credit card statements and reduce the amounts owed on them, especially on the cards that have large balances out of the overall limit they offer. Distribute expenses to cards to take every card below thirty percent.
3. Pay Off an Account
Also, partial repayment of one credit account should be considered if it is possible or not. This can also decrease your overall utilization and prove to the creditors that you are capable of handling accounts responsibly. However, a longer credit history is always beneficial, so do not close old accounts.
4. Dispute Late Payments
If your score dropped because of a recent payment made and labeled as ‘late’ by one of your creditors, call the creditor and reason with him, especially if you have proof that it was not late. Creditors may also be willing to delete the payments that they made later hence translating to better ratings. This is especially useful for occasional spikes that occurred over two or even three years ago.
5. Contest Tax Liens
If you find your credit report contains tax liens or any public records, then it is advisable to dispute these with the particular institutions. If you have settled the overdue taxes and you want the lien to be removed from the report, call your state taxation office. If need be, do not give up and confront the officials up to the highest level until they address your concerns.
6. Goodwill letters to creditors
The goodwill letters to creditors are requests which act as an appeal to creditors to extend their goodwill to the debtor.
If you made payments on a credit account and are now up to date on your payments for 6-12 months, by phone politely demand from a creditor to send a goodwill adjustment letter to credit bureaus. This only requests (but does not insist) that negative marks be cleared off as a result of the subject’s good behavior. That is particularly the case for late fees which negatively impact your score but can be waived by writing a goodwill letter.
As a method of achieving set goals, it is recommended that one follows these steps to the letter:
In addition to the above; as part of the commitment, agree to maintain all the accounts up to date in the future. Avoid failing to make future payments or allowing balances to rise. Still, go on checking your reports and scores through reliable free service. Hence, the scores are more dynamic as opposed to being awarded once and for all. However, with proper efforts, it should be able to at least gain 200 points in a month.
It is advisable to maintain focus and continue practicing until one gets the required score. The benefits of improving on the credit worth are substantial and it is not difficult to gain a higher credit score in a month.
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