Fast Credit Repair – It Can Be Done
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If your current FICO score is hovering somewhere below 600, and credit is difficult to obtain, don’t despair.
You won’t elevate your credit score overnight, but fast credit repair is possible if you make the commitment to follow these tips.
The median credit score in the U.S. is around 723. If yours is at or below about 620, you will probably have trouble getting credit at all and if you do, you will be paying the highest interest rate.
Just raising your credit score by 20-40 points can make a significant difference and this can be achieved merely by paying all your bills when they are due. A person with a FICO of 700, who pays all bills on time for just one month, can expect his new FICO score to be around 720.
Tips To Fast Credit Repair
Start by making a commitment to improve your credit score a little at a time, but steadily. You can do this by:
Improving your payment history
• Never pay your bills late. Late payments drive your FICO score down
• If you anticipate having a short-term problem paying on time, contact your creditors immediately to work out a plan to keep late reports off your credit report
• If you now have past-due bills, bring them current and keep them current
• Consult a professional, legitimate credit counselor if you have a serious situation such as a job loss, divorce or catastrophic medical expense. Avoid scam artists.
Keep your debt as low as you can
• Keep all credit card balances as low as you can. Those high debt-to-credit-limit ratios will lower your FICO score
• Pay off your debts. Don’t just transfer them from one account to another. Having less open accounts with the same total balance will lower your score if you are up to credit limits
• Don’t close out unused accounts. Keep them active but at zero balance if you can
Use Smarts in Managing New Credit
• When shopping for the best loan terms, make sure inquiries fall closely together in a short period. Credit reporting software won’t penalize your score for that. This is known as an app-o-rama
• If you have had past credit problems, open a few new accounts and pay them on time. Never charge up to your maximum credit limit
• Have mixed types of credit e.g. credit cards, revolving credit, loans with fixed rates. These can lower your FICO score compared to accounts of the same type
Keep in mind that it may take six months to a year before you see a sizable change. Keep at the program and be happy with small improvements in increments.
Looking For Something Faster?
If you’re score is the result of charge-offs, late payments, judgments, or even a bankruptcy, you might look into Lexington Law.
Since I started with them earlier this year my experian credit score has gone up nearly 60+ points in just a few months.
Lexington Law isn’t the cheapest option to repair your credit, but so far for me, it is working
Check it out HERE.
