Improving Your Credit Score

Improving Your Credit Score Fast

We have tools available that may be able to help you attempt to improve your credit score in an expedited fashion.  These tools are very powerful and could help you get approved for a mortgage when you otherwise might not have been approved.  Some examples of the answers we can get by using these tools include:

• I need to increase my client’s credit score to the following number (ex. 640).  What steps or combination of steps can I take to accomplish this goal?
• My borrower has $2,000 to use towards improving their credit scores.  What is the biggest ‘bang for their buck’ to help improve their score?
• A “what-if” simulator allows us to find out the impact on your credit scores if you dispute an item and have the proper documentation to submit to prove your case.
• A quick score option that allows us to take your dispute documentation and submit it to the creditors and get a result in as little as 5-7 days.

Follow These Tips to Help Your Credit Score Over Time

• Apply for and open new credit accounts only as needed. Don’t open accounts for the purpose of providing a better credit picture – it probably won’t raise your FICO score and, in some instances, may even lower your score.
• If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your FICO score should increase. Older credit problems count for less, so poor credit performance won’t haunt you forever.
• If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor. This will not improve your FICO score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO score.
• Keep balances low on credit cards and other “revolving credit”. High outstanding credit card debt can negatively impact your FICO score.  Staying under 60% of the available balance is helpful.
• Pay off debt rather than move it around from one credit card to another. The most effective way to increase your FICO score in this area is by paying down your total revolving (credit card) debt.
• People with no credit cards, for example, tend to be higher risk than people who have managed credit cards responsibly.
• Do your rate shopping for a loan within a focused period of time. FICO scores distinguish between a search for a mortgage or auto loan, where it is customary to shop for the best rate, and a search for many new credit cards.
• Don’t close unused credit cards as a short-term strategy to raise your FICO score. This approach could backfire and actually lower your FICO score.
• If you have been using credit for only a short time, don’t open a lot of new accounts too quickly, as rapid account build-up can look risky to a lender.