Raising your FICO score quickly can be a very important if you are looking to get credit cards, home, auto, or other loans at the best rates. However, if your credit rating isn't what you want it to be currently, then it's important to think ahead and understand how your credit rating is determined.
Nobody knows exactly how the formula for determining credit worthiness is put together but there are several major components that will allow you to maximize your credit rating.
Here are 5 tips for raising your FICO score quickly:
1) Pay down credit card balances right away. The single easiest technique to raising your FICO score quickly is to pay your revolving credit accounts down to a maximum of 30% of the credit available is being used. (IE. If you have a $10,000 account, be sure it doesn't have a balance above $3,000)
2) Pay off any smaller account balances. By paying off smaller credit card balances or other loans that are open but could be easily paid in full you will show your ability to pay for a loan from beginning to end. This will boost your rating immediately and help you get the loans you are applying to receive.
3) Remove negative or inaccurate marks on your credit report. Be sure to get a copy of your credit accounts, and review all of the payment history that is being reported on your various loans and lines of credit. Reports have stated that more than 85% of all people have inaccuracies on their credit report, and removing these negative marks is one of the top keys to raising your FICO score quickly and permanently.
4) Work with a credit specialist who has access to special tools. There are software tools that can simulate a hypothetical changes to your credit report, and these are used by professionals who specialize in credit repairs, loans, etc. With these programs you can estimate what paying off certain accounts, removing negative marks, or simply closing certain accounts will do toward raising your FICO score quickly.
5) Find a reputable 'Credit Rating Enhancement' company and use their services. There is no better way to raising your FICO score quickly than to work with someone who is an expert in the field. There are costs associated with such programs, but the money saved in interest rates, fees, and financial options nearly always outweighs the fees. Many times jumps of 100 points or more can be achieved in a very short period in time, so the results can be dramatic.
Working with professionals is usually the best option to raising your FICO score quickly, especially if you are interested in maximizing the advantages of having a high credit rating. Also, understanding these basic tips will put you in a position to ask the proper questions and determine your best course of action for your situation. As always, education is the key, and will make all the difference on how successful you are at raising your credit score quickly and getting the loans and interest rates that you want.
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