How Can I Raise My Credit Score in 30 Days?
How can I raise my credit score in 30 days is question thats often asked. Your credit score matters alot. Lenders use your score to determine your credit limits, mortgage rates, car loan rates, whether to approve your apartment or credit card application, – and recently it’s been used to determine whether or not to hire people for certain job postions..
Given the impact of your credit scores and the urgency of your life situation (that perfect house isn’t going to be on the market forever), there is could be a big incentive to raise credit score fast.
Here is how to raise your credit score in 30 days:
Pay down revolving balances to less than 20%
As we learned in our blog post what is a good credit score, your aggregate debt and the total amounts owed on all credit cards and all installment accounts make up approximately 30% of your credit score. The most common revolving balances are amounts owed on your credit cards, and there is a big difference between the revolving balances of someone with a 780 credit score and a 680 credit score.
A person with a 680 credit score may have revolving balances of 35%-50% of their credit card limits.
A person with a 780 credit score has revolving balances of 10%-20% of their credit card limits.
Don’t worry about paying your installment accounts. They have a lower impact on your credit scores. Instead, the main difference between two people with a 680 and 780 credit score is the percentage of revolving balances. Pay your revolving balances off if possible. At the very least, aim to pay those balances down to less than 20%. This should raise your credit score in 30 days or less. Actually it will improve it as sooon as your new lower balance shows on your creedit report
Get added as an authorized user
Being added to someone else’s credit card account will help those who have short credit history, no credit history or limited credit history. It can also help others who need to qualify for by higher limits ( after they have the limits on their credit files its easier to get high limits). Building credit is usually a drawn out process with few shortcuts, but becoming an authorized user on someone else’s credit card account is the best shortcut and a common strategy for improving credit scores fast.
If the primary card user has a history of years of on-time payments and low credit card utilization (10% or below like our accounts), that will jump-start the credit of any authorized user. As an authorized user, you’re wont be legally obligated to pay the debts that might accumulate on the credit card account. That responsibility is the primary account holders.
Remove any recent late payments
A single late payment can drop your credit score by 50 to 100 points. That’s alot!
If you had a 690 credit score, a 30 day late payment could drop your score by 50 to 100 points (and 75 to 120 points if you have a 90 day late payment).
If you had a 780 credit score, a 30 day late payment can drop you score by 90 to 110 points (and 110 to 140 points if you have a 90 day late payment).
The main difference between a person with a 780 score and a 680 score is that the person with the 780 score has no late payments, while the person with the 680 crdit scores may have had one 30 day late payment within the last year, or a 90 day late payment 2 years ago or so.
Removing late payments will take alot persistence. There are a many ways to request a removal. The most common and effective way is to call the original creditor and ask them for a goodwill adjustment since you’vemade your other payments on time.. If they refuse, you should try to negotiate the removal of the late payment by agreeing to immediately sign up for automatic payments. For other late payments, you could file a dispute against the late payment for inaccuracy of amount owed, date listed, etc.. or you could have us do the work for you.
Remove collection accounts
People who have a 780 credit score do not have any collections or other major derogatory items on their credit reports. If you do have a collection account/s reporting on your credit reports, your goal should be to get the collection or collections deleted as soon as possible.
Do NOT just pay a collection. Paying a collection doesn’t help raise your credit score! Instead, try to negotiate a “pay for delete” (always in writing) with the collection agency. Only when you have a written agreement to delete should you pay a collection account then afterwards work on getting the collection account deleted.
Increase your credit limits
Do this by calling your credit card companies and requesting they increase your credit limits. Ask if they can raise your credit limit with only a soft credit pull, since any hard inquiry will appear under the “New Inquiries” category of your credit reports. If you are able to negotiate an increase of your credit limit with a hard inquiry or soft inquiry you will instantly decrease your revolving credit debt to limit balance ratio.
By having low balances and a good payment history, your chances of successfully increasing your credit limits will dramatically increase.
Charge small amounts on inactive credit cards
It’s very easy to neglect older credit cards when you have a primary credit card that you use every regularly. If your credit card/s havsn’t had activity in the last 6 months, make sure you charge a small amount on your credit card/s. Creditors want to see that you are using the credit that’s available to you (and that you are paying the balances off responsibly). Charging a small amount keeps the account active and also by paying off the balance you have a different mix of credit in use, which makes up approximately 10% of your FICO score.
Take the long view
The length of your credit history is very important. You should Keep your old accounts open, even if you don’t currently use them often, unless of course there’s an annual fee or another good reason to close the account. ALso avoid opening lots of new cards in quick succession.
The length of your credit history is also important. Keep your old accounts open, even if you don’t use them often, unless there’s an annual fee or another good reason to close the account. Avoid opening lots of new cards.
Get New Credit
No credit equals bad credit. You need credit accounts to be reporting to your credit report in order to improve your credit score. You must have at least 1 open revolving account, even if you have no negative accounts. In addition, this revolving credit account must have been used in the last 6 months.
How Can I Raise My Credit Score in 30 Days? There are a couple of ways to get credit to improve your credit score in 30 days. One way is opening a secured credit card, with a preference being given to a card that reports as an unsecured card with your credit limit to all 3 bureaus.
The best way is to add yourself to a seasoned trade line. Someone with good credit history can add you as a co-signer, where you are equally responsible for all debt. Or, they can add you as an authorized user, where you are not responsible for any of the debt – and Mortgage FICO 5 will still count the credit history as yours. You no longer have to ask the question; How Can I Raise My Credit Score in 30 Days?
If you need to improve your credit score in 30 days, you will benefit by enlisting the help of a credit repair company like IZM Credit Services. To learn more about our credit repair programs, please contact us.
No matter what your situation, IZM Credit Services has a solution for you. We have many credit repair programs that are available which can help you overcome your credit situation and get you back on the road to financial success. Credit repair is not a one method fits all model and we fit your needs to the right program.
We have fixed price programs that raise your credit score and get you back on track in as little as 14days, debt resolution solutions and programs geared toward people who have had recent short sales or foreclosures and many others. We offer credit repair & credit enhancement.
Help is just a free phone call away. CALL NOW (702)758-3799 or you can fill out an appointment request. Contact Us to schedule your free consultation today!
Article: How Can I Raise My Credit Score in 30 Days?
How Can I Raise My Credit Score in 30 Days? By Rich Smith