The credit repair process takes time, it doesn’t just happen overnight. But what do you do if you need to fix your credit as soon as possible?
Hiring a credit repair expert is a great first step toward improving your credit scores.
Here are 4 more things you can do to quickly raise your credit scores.
1. Pay down your credit cards.
Your debt to credit limit ratio, also known as the utilization rate, accounts for 30% of your credit score. Carrying too much debt on your credit cards may lower your credit scores and slow down your attempt to quickly boost your credit scores. Increase your credit scores by paying your credit card balances down to 20% of the credit limits or less and you will be sure to see your credit scores rise.
2. Increase your credit limits.
If paying off your credit card debt is not an option due to limited resources, use a different strategy to lower your utilization rate. Request that your creditors increase your credit limits on your credit cards. Instead of paying the balance down, your available credit will increase thereby lowering your credit utilization rates and increasing your credit scores.For example, Mara owes $3,000 on a card with a $9,000 limit.
Note: If you have a bad credit history, you may have to wait until your credit repair company can help you to increase your scores enough before you qualify for a credit limit increase.
3. Use old accounts.
15% of your credit score is calculated from the average length of Active credit on your account. If you have old inactive credit cards, be sure to use them so that the credit card companies don’t close them for inactivity. Just be sure to pay off the cards at the end of the month to avoid interest fees and charges.
4. Limit inquiries.
Every time you apply for credit, a credit inquiry reports on your credit report as a history of your request. Creditors need to have a permissible purpose in order to access your credit report, and a credit report “inquiry” provides a record of such access. Unfortunately, companies often check credit reports at will and violate the law by reporting numerous inquiries without any permissible purpose. What does this mean to you? Too many inquiries will lower your credit scores and hurt your chances of obtaining credit at the best possible interest rates. Review the inquiries on your credit reports and make sure that every inquiry reporting on your credit file is legitimate. If you see an inquiry that you don’t recognize, contact the credit bureaus as well as the creditor to have them remove the unauthorized record.
Credit repair takes time, but never forget you have the power to quickly boost your credit scores by following these few steps. If your credit reports need significant work, consider hiring a credit repair company to help you improve your credit as fast as possible.
But no matter whether you decide to proceed on your own or with the help of a credit repair service like CreditFirm.net, take some time to improve your credit score today and change your life for the better.