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By Tim H Lambert
If you’re planning to buy a house or even a car, you’re credit score is a big essential factor. The interest rates that will be offered to you will depend on your three digit number. Lending companies based their offers on your score, the higher the more you save on interest payments. For example, a FICO score of 700 has 0.33% less interest compared to a score of 650. If your mortgage is set at $150,000 for a 30 year period, you can save up to $10,000. Hence, your three digit number can cost or save you thousands of dollars.
In order to get a good credit score, you have to stay by the rules of paying your bills on time, keeping your balances low and preventing from opening too many accounts. The disadvantage is that it takes time to build a good credit history and get a good credit score. What if you are only three points away from saving yourself from thousands of dollars of interest payments? Thus, what you need is a speedy increase in your FICO score. You can achieve that by trying some of the suggestions below.
The first thing to do is to get a copy of your credit report and check it for accuracy. There may be some old debts in it that are still shown and counted for negative ratings. There can also be late payments that are actually paid in time or debts that are shown in outstanding even if they’re not. It can also be debts that appeared in your account but not yours. Even though little, checking for errors may increase your points. This can help you get to the next tier if you’re just a few points away.
If you still need more points, what you can do next is to pay off your balances and keep them low. This may not be a long term solution but it can increase your score especially if you pay in a short period of time. After this, you have to pay your bills on time to create an impression that you are a good customer. In addition, never close an account with unpaid debts. You will appear to be on the limit of maxing out.
Another good thing to do is to spread your balances on your card accounts. It looks better if you have many cards with low balances than a single card with a high balance and the rest with zero balances. In this way, your card won’t seem to be on the limit of being maxed out. However, it is always best to pay your balances if you have the means to do so. Check for the dates when your creditors send reports to your credit agencies to ensure that you pay your bills on time.
You can also try to get help from a lender who is a customer of a rapid rescoring service. In a rapid rescoring service, you will get an increase in your score after only a few days of checking your accounts. This is advisable to those applying for a loan with a credit score close to the next higher tier. Rapid rescoring is not suitable for those with late payments and accounts in collections.
These are some of the options you can try to speed up your credit score increase. Thus, you are not powerless when it comes to matters involving your credit score.
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Source:
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