Every one of us is in the need to increase our credit score. Because by based on the credit score either you may get an approval for the loan or denial for the loan. So how to increase your credit score? Let’s find out in just few minutes. In fact I had this same question until I found out some 7 tricky ways to improve my situation. When I have started to apply these steps soon my 3 digit number is raised to my dream figures.
How to increase your credit score: 7 Tricky ways
Ask your creditor to increase your credit limit for improving credit score. You will lose a certain balance. But it will give you a little raise to your credit score.
Ever never attempt to apply for multiple accounts in relatively short span of time. The reason is credit bureaus in the country will send out necessary alert information to all creditors about your activity.
Place a request to your creditor to help you by re-aging your credit account. Let them know that you are in the process of improving credit score. This is one of the methods through which your respective creditor will agree to clear your delayed previous payment history. In addition to that this method has high chances to reclassify your credit account and keep them up to date. Remember, this process is not as easy as you think. As per FFIEC you should be a qualified person for re-aging and should clearly demonstrate your ability and willingness to repay the debt. Also your credit account should be more than 9 months old and you should have made at least 3 consecutive monthly payments with this account.
Upon your request after reviewing the credit report lender suggest which items needs to be fixed or repaid. You should pay for those suggested negative items. Don’t forget to collect the proof from your creditor. Now submit the proof to the respective lender. They will pass it to the third party vendor who is the one who are going to pass your report finally onto the credit bureau.
At this stage credit bureau will perform the credit score updation which will reflect your new improved credit scores. This kind of rapid re-score strategy is very helpful when you attempt to get a new home. You can get this service from the third party vendor who are in agreement with the credit bureau to not to provide these services to the general public. As per the contract only mortgage brokers can utilize this service offer.
Request the credit bureau for the inclusion of any account along with the payment. Make sure that account is not reflecting anywhere existing credit report so that you can fix credit score without any hassle.
When your earnings are high enough, you could have opened multiple credit accounts and closed some of them due to some unavoidable situations. I have seen so many people having the habit of closing their credit accounts without clearing their past credit. If you do so, this will get reflected in your current credit score and credit limit. So if you are really having the quest of how to improve your credit score “Firstly, shut all the accounts which are not used frequently but make sure you are clearing all the debts associated with the shutting credit account”. It is one of the important steps that any one need to take to fix credit score.
Never miss out your monthly payments. Whatever may be your situation and how busy you are if you miss even electricity bill, remember it will result in the bad credit. So manage your payments wisely and fix credit score.
Hope now you are educated enough on your quest of “How to increase your credit score”. Don’t just read and forget. Apply all these in action so that improving credit score will not be a dream anymore.