What is the fastest way to increase credit scores! This is something that a lot of people say to themselves after they get declined for a much needed loan or even insurance coverage. If you are one of these people then read the rest of this article because it will help you understand why your credit score is low and some simple fast ways to increase your credit score!
How To Start Increasing Your Credit Score Quickly
Start out by taking a look at a recent credit report and see why your scores are low. Often times it can be traced to either having too much debt and maxed out accounts, not enough credit history or a bad payment history full of 30,60 or 90 day late payments. There are other reasons but these are the most common.
If You Have too Much Debt
Anytime you have accounts that are over 50% of the account limit, your scores will start to drop, the closer you get to the limit the faster they will drop! To remedy this you have to pay this debt down. So get yourself on a budget and work to chisel away at this debt.
When You Have Not Enough Credit History
No credit will give you either no scores or low scores. Fortunately you can get a reporting credit history in about 30 days. All it takes is for you to get a secured credit card,. These cards are backed up by a cash deposit you make with the lender. If you default on the card the lender keeps your money!
Often times the account will turn into a non secured account within six months and you get your money back. either way they report to the bureaus and will give you a quick boost to your scores when used responsibly!
Quickly Repairing a Bad Credit History
The fastest way to increase your credit score when you have a bad credit history is to do self credit repair. Self credit repair is a process where you dispute negative items on your credit report with the three major reporting bureaus. It is done by sending credit dispute letters to each bureau.
When these letters are received by the bureaus they will have to investigate your claims with the company or lender who is reporting about you negatively. They have 30 days to respond and if they fail to provide proof then the items will be removed from your credit report.
Important Tips For Doing Self Credit Repair
The process of Self Credit Repair is a fairly straight forward and simple process if you have the right plan to follow. However If you go into it unprepared you run the risk of failing or damaging your credit further. To avoid hurting your credit you should get a proven Credit Repair Guide.
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