Are there any good tricks to raise my scores quickly?
There is almost always a way to get a quick and significant pop out of your credit scores. Everyone’s situation is different, but here are a few general credit repair tips that will get your scores moving the right way, and quickly.
Lower Revolving Balances
Pay down your revolving balances and watch your scores take off. A recent change to the FICO scoring model shifted a significant amount of weight to the relationship between your revolving balances and their limits. We are not talking about a mere 15 or 20 points here. If you have a credit card that is 80 percent utilized and you reduce the balance so that you are utilizing less than 20 percent of it’s capacity your scores could pop up by 100 points. Wow. Do not get blindsided by a high balance.
Open New Accounts
Another awesome way to get your scores up fast is with new credit cards. This relates to another recent FICO change that puts nearly double the emphasis on accounts that are opened after a period of bad credit. So, if you have had some credit trouble, and your finances are now stable, you have an amazing credit repair opportunity to boost your scores. Secured credit cards are our credit repair weapon of choice. They are cheap and you will not get denied. If you are in our program we will recommend our favorite.
Authorized User Accounts
If you have a relative or friend with great credit who has a credit card with plenty of history and a low balance, ask them if they would add you to the account as an authorized user. It is as easy as a phone call. They do not even have to give you a card, and there is no downside risk to them at all. Once the authorized user account appears on your credit report you will inherit the FICO score benefit as if it was your account. Credit magic.
It is also worth mentioning that mortgage originators have access to a system that allows them to adjust your credit score if you have proper documentation. This is called Rapid Rescore and is ideal for credit card balance reductions. If you pay down your balances as part of your credit repair effort, get letters from the creditors to evidence your new balances and give the letters to your mortgage originator for a Rapid Rescore. Once underway it takes about four days to complete.
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If you are not already a member of our credit repair service, get started today! We will review your credit report and identify every single opportunity, little and big, that can get your scores moving in the right direction.