My credit score far from perfect. Are you planning on a major purchase or loan but fear being rejected by creditors? Don’t worry. More than 30 million Americans are in the same boat. According to the general myth, there is one sure way to fix bad credit report-time, financial effort, careful budget planning and discipline. This formula has proven to bring a gradual credit score increase. The paradox here lies in the fact that most of us need that nice house, luxury car, personal or a business loan NOW, not later. Luckily, there are some less known secrets and shortcuts that can help you raise your credit in a shorter period of time.
Here are 3 rules you have to keep in mind if you want a fast credit repair:
1 Where are you? Where do you have to be?
The fist thing you have to figure out is where do you stand on the credit scale and where do you have to be. The Fico score places you somewhere on the credit scale between 300 and 850. This three digit number that the credit bureaus assign to you determines if you will get approved for a loan and if you will have to pay thousand of dollars in high interest. And not only that -the score is increasingly used by employers, landlords, insurers in order to evaluate applicants. Once you know where you stand, you have to figure out where you need to be. Different lenders have different criteria. A 700 score can be enough for one creditor to give you the most favorable loan. Yet it might be insufficient score for another lender. Do you need to raise your score with 10, 20, 50, 100, 200 points? This is vital information if you want to come up with a viable course of action.
2 The newer the debt, the bigger the influence on the credit score.
In general the most recent credit history has the biggest influence on the overall FICO score. The older the negative item, the less impact it has. Credit is time sensitive and you have to keep that in mind when you embark on your credit repair program. Taking care of current late payments or bringing down current credit card balances to a healthy balance/ credit ratio will produce dramatic change in your score.
3 “paid ” vs “deleted” status.
Contrary to what many people think, a paid collection is still considered a negative item on your credit report. In other words, it still impacts your score negatively. “Deleted”collection on the other hand will instantly raise your score with more than 30 points. How do you delete a collection? You simply negotiate with the collection agency and promise to pay the settlement amount ONLY if they delete the item from your record. In a similar fashion, you can send a “goodwill” letter to your creditor explaining the circumstances surrounding your late payment and ask them to remove it from your account. A little diplomacy can really work miracles with your credit score.
These are just some of the things you have to keep in mind if you want to fix bad credit report. There are many other credit secrets that can help you boost your credit in no time. You’ll be surprised to find out how easy credit repair is once you start thinking outside the box.
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