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By Tim H Lambert
You are currently applying for a home or car loan and it turn out that you have a bad credit? You have few weeks left to fix and repair your credit score. What will you do to increase your credit score from bad to good and even excellent credit quickly? Fortunately, there are quick ways to improve credit score. It can take months, weeks, days, and even overnight.
To start things up, you should consider a game plan to follow. Start by getting a copy of your credit scores from Equifax, Experian, and TransUnion. These are the three credit bureaus. Your score in each bureau may vary even if you have the same credit report. Get also a copy of your credit report from every bureau with a confirmation number. You will need it for follow up reason. You can the report via phone or the Internet. Doing it online is the ideal way. For example, you are applying in a home loan. Know your middle score and work to improve it. If you are applying for a car loan, it is necessary that you know which credit bureau the car dealer use. On the other hand, if your higher score belongs to this bureau, choose a car dealer that accept loan from that bureau.
If you are a credit card holder, you must pay it down or any other revolving accounts. You should prioritize paying down credit cards because the three credit bureaus weigh downs credit card debts heavily. Make it a habit that every individual card as well as total revolving line is below 25%. Try to forget paying down your high interest rate cards first especially if your aim is to increase the score. You should work on lowering those balances down over higher interest rates in order to obtain the most improvement in your credit score.
Never use your entire credit line each month, even if you have paid the balances in full. They usually get the average of your available credit in your billing cycle that is typically less than 30 days. For example, your limit is $5000 and you charge $5000, your credit balance will show $2500 even paying it off every month, (a 50% usage limit), and that will make your score fall.
It is necessary that your credit report properly report your credit limits for your cards, for if it do not report correctly, you may have to dispute it. You can contact your credit card issuer if your report do not updates the limits and ask them to bring up to date the list. Disputing the limits is also good with the credit bureaus.
Never make use of credit card issuers who do not report credit limit of it. This is a typical problem with secured credit cards. For example, American Express cards and Capital One do not report credit limits to its holder. Why you should choose credit card issuers that report your limit? Your credit score might suffer if you do not know your limit. In this case, the credit bureaus will utilize your highest balance as a substitute for your credit limit, and that will make you maxed out even if you are not really.
Paying down credit balances is one of the quick ways to improve credit score. Having a high credit balances can hurt the credit score because it is heavily weightin your credit score. Therefore, work on getting those balances down.
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