Fastest Way to Increase Credit Score – Three Simple Rules for Fast Credit Repair

Good credit is everyone’s requirement. Life can get pretty hard if you have a low credit score. Your loan and credit card applications can get rejected due to bad credit. Interest on loans and insurance premiums can get costlier for you. You can be denied apartments for rent or encounter other financial problems. So, it is imperative to build credit.

Here are three simple rules for fast credit repair.

1. Becoming an authorized user on another credit card helps repair credit.

The fastest way to increase credit score is to become an authorized user on another person’s credit card. You can choose a trusted friend or family member as the primary account holder. The card in consideration must have excellent payment history. When you become an authorized user on another person’s credit card; its good history begins to reflect on your credit report. It, thus, helps to increase your credit score.

But you need to ensure that the primary card holder maintains the good payment history. Otherwise, it will begin to impact your credit score negatively. To avoid such risks, you can choose a reputed credit repair company for this purpose. Many credit repair near me companies offer credit cards that you can choose and become an authorized user on one. You can even choose multiple cards as per your requirements. If you choose a card issuer that reports to credit bureaus then becoming an authorized user on it can help you immensely.

• Fixing errors on credit reports can help increase your credit score.

It is possible for erroneous or inaccurate information to show up on your credit reports. Such information lowers credit score. But there is way to dispute these errors and get them removed from your credit reports. Doing so will increase your credit score by the next report generation cycle in most cases. But you will see an improvement for sure in the weeks to come.

These errors can be inaccurate information about delayed payments, missed payments, missed child support, or missed interest payments. Outdated information related to foreclosures, tax liens, and loans can also lower your credit score.

You can send the request for deletion to credit bureaus. You will need to follow this plan for all the three bureaus. You may need to supply proof of payments or other details along with the deletion request. It is possible that credit bureaus reject your request due to insufficient proof or other reasons. But if you keep at it and offer them the right paperwork, you are likely to see good results.

• Timely payments impact people’s credit score greatly.

Timely credit card payment is one of the biggest factors that increases or lowers your credit score. If you miss even a single payment, it can significantly lower your credit score. Even delayed payments impact a person’s credit score negatively.

If you use more than one credit card then ensure that you are current on all payments. If you have multiple late payments to take care of then begin with the one that is the biggest amount. But ensure that you at least pay the minimum amount due on all your credit cards. Making some payments is better than not making any at all.

Credit card payments helps the creditors know if you are a good borrower or a not-so-good one. Timely payments indicate that a person is a responsible borrower. It is the biggest factor that the creditors need to know when deciding to lend you money. So, it holds a great significance when it comes to determining credit score.

Along with credit card payments, you can also ensure that your other bills are also paid on time. Timely payments of mobile bills, utility bills, and insurance premiums don’t show up on credit reports. But if any of these accounts are closed due to non-payment of dues then the companies can send the bills to collection agencies. Once a bill reaches a collection agency, the chances of it to show up on your credit reports becomes highly plausible. If such a bill shows up then it is going to reduce your credit score. So, it is important to make timely payments on all bills.

What are the Fastest Ways to Build Credit?

Having a credit card or loan at your disposal makes it possible for you to buy the things you so badly need or desire, and thus make a difference to your living standards. But in order to avail the same, you need to have a positive credit history and good credit score. Here are some tips on how you can build credit scores quickly.

Get the errors on your report corrected

It is human to err and is very much possible for mistakes to crop up on your credit report. Some of these include incorrectly spelled names, a mismatch in social security numbers, payment credits to the wrong account and so on. There could also be payments marked late incorrectly or negative information in your credit history, which is way too old to be included in the report. Irrespective of what the mistake is or who is at fault, it is important that you dispute the errors by availing the free report from major credit card bureaus.

Pay all your bills on time

Nothing works like timely payments in boosting your credit score. Paying later than the due date has a negative impact on your credit history and can appear as a black mark on your credit report for up to seven years. You can choose to schedule bill payments so that you do not miss the deadlines. But in the rare instance that you do, call up the credit card or service provider after arranging for payment and see if they can remove the entry. Many will be willing to do this considering how genuine your case is. But in doing so, remember that the longer it takes for you to pay up, the more your score gets hurt. Paying late by 60 days has a more negative impact than paying late by 30 days.

Consider micropayments

While paying the lumpsum amount at the end of every billing cycle is the norm, you could also consider making smaller, frequent payments throughout the month. This could be as soon you make a purchase or on a routine basis like every week or fortnight. Using micropayments has two advantages. Firstly, it keeps your credit balances low. Secondly, it helps bring down credit utilization, which is basically the percentage of the credit limit that you have used up. Lower credit balances and utilization directly and quickly build credit scores, helping to keep them on the positive end of the spectrum.

Raise your credit limit

Another way to lower credit utilization is by working the reverse – keep your spending the same, but increase your overall limit so that the percentage comes down. This is possible when you have a higher allowed spending limit on your credit card. However, when applying for the same, ensure that a hard inquiry that affects your score is not undertaken. You can always check for these details with your card issuer.

Get added as an authorized user

Yet another means to build credit quickly is by getting added as an authorized user to a family member or friend’s card or tradeline. This helps you build a longer and more credible credit history, given the person who is adding you has a higher credit limit and a history of responsible usage and timely payments. The person can do so without event disclosing the card details or letting you use the card. The method greatly helps people with little credit experience or short history.

Consider buying tradelines

You aren’t alone if you cannot find a family member or friend who has a good credit history. There are thousands of others who suffer from the same crisis, and thankfully, there are tradeline sales companies to the rescue. Such companies sell other peoples’ tradelines for a fee, typically for a short duration of time. They act as middlemen in finding you the best tradelines that meet your goals and help improve your scores. Something worth considering here is that this process involves the exchange of private and confidential data like IDs and social security numbers, often with complete strangers. Hence, it is important that you choose a tradelines sales company that is legal and legitimate in order to prevent misuse of sensitive information and to ensure that you don’t lose money in a bid to build credit scores quickly.

Credit Tradelines

There are several ways to boost, repair or simply improve the overall quality of your credit score. More traditional means include taking out small personal loans and paying them back over time. Also, you can take out a secured credit card and slowly repair your credit if you have a lower credit score.

However, the issue with these is that if you have a damaged or low credit score, it can be difficult to obtain a credit card or installment loan. An effective way to boost your credit score and make obtaining a loan easier is utilizing a credit tradeline.

A credit tradeline allows you to become an authorized user on a line of credit, giving you the ability to reap the benefits of that line of credit. With that comes a variety of options and we’ll go into greater detail on how a tradeline works.

How it Works

As stated, using a tradeline will allow you to become an authorized user on an established line of credit. What that means for you is when that credit card reports to the credit bureaus, your name will be associated with that line of credit and the full history of the tradeline will show on your report.

However, when you are an authorized user for the purpose of improving your credit, you do not have access to that line of credit, you do not have the ability to alter any information and you will not see whose line of credit it is. You simply reap the benefits of a well-established, healthy line of credit.

Age of Credit

When searching for the right tradeline, you will notice there are lines of credit that have been around for a year, all the way up to several decades. The age of the line of credit will dictate the premium you pay for that tradeline, as well as how it will boost your credit score.

An aged line of credit will benefit your score by adding payment and age history, and will show lenders you can maintain debt and use it in a responsible manner.

Size of Credit

The other part of the credit tradeline to consider is the size of the credit limit. If you go for a tradeline with a higher line of credit and small balance, your credit utilization can be lowered greatly. Same can be said for a smaller line of credit, it simply depends on your current credit situation.

For example, if you have $10,000 worth of credit and you are using $9,000 of it, you have a 90% utilization rate. However, if you add a credit line with a line of credit of $20,000 and zero balance, you are now reporting $30,000 worth of credit, utilizing $9,000 worth, thus lowering your percentage to 30%.

With these three details, you’ll be able to find the right tradeline for you. Keep in mind, the more established a line of credit, combined with a higher limit, the greater premium you’ll pay. By paying that higher premium you’ll likely see a spike to your credit score.

How Can Tradelines Boost Your Credit Score?

Tradelines refer to credit accounts mentioned on credit reports. One example of a tradeline is your credit card; others are your bank loans such as for houses, vehicles, and others. If your credit score is low or you don’t have enough credit due to your age, you can utilize tradelines to boost the figures. One way to do so is to work with the best tradeline companies in your area.

Credit Score – the Highs and the Lows

To calculate a person’s credit score, several factors are taken into account by authorized agencies. These can be your payment history, debt, new credit, types of tradelines, length of credit history, etc. Essentially, through your credit score, creditors are assessing the risk of lending you the money.

Many times your credit score can be low even if your payment history is perfect. It can happen if you have opened new tradelines close to the timeline of applying for a loan. If you have recently started working, the length of your credit history will be short and it can affect your credit score. Whatever may be the reason for having a low credit score, you can boost it with tradelines.

Boosting Credit Score with Tradelines

In order for tradelines to improve your credit score, the account will need to be ideal for the purpose. For instance, if you are using a credit card as the tradeline to boost your credit score then the person owning it would need to have the perfect credit history related to that account.

Tradelines can increase credit score as the good credit from the account will reflect in your history. It will happen if you are declared as an authorized user to a credit card with a low balance, high limit, and no problems with its payment history. The good history of the tradeline then can reflect in your credit history as well and boost your score.

It is a perfectly legal way to boost your credit score. It is akin to a person adding the name of their children or spouse to their credit cards in order to give them a boost in terms of their credit score. Here, instead of using a family member’s or relative’s tradeline, you will purchase it via a credit repair company.

The nitty-gritty

You can purchase one or multiple tradelines as per your unique requirement. Before you buy tradelines, you can inquire about the credit limit available for that account. You should also check the duration of the credit history for the tradeline you wish to purchase. Some tradelines will be perfect for those just entering the workplace and starting to build their own credit history. Others might be ideal to rectify a problematic score.

To make the tradelines work for you, it is crucial that you deal with only authentic credit repair companies. The best tradeline companies will always maintain a proper website with correct details about their products. So, do your due research before purchasing tradelines from any company out there.

To find the best tradeline company in your area, conduct an online search for a list of names. Check the websites of a few companies on your search list.

Check if the details about their products are listed on the website for the benefit of their prospective clients. It is an important factor as you wouldn’t want to have any surprises along the way in terms of what is promised to you in a tradeline for what you have paid and what you receive in reality. It is best to choose a tradeline company that lists their offerings and relevant details for the same clearly on their website.Also, see if their office address and other contact details are present on their website or not. It is best to stay away from tradeline companies that do not display information about their business on their websites. You can also check the authenticity of a company by calling them directly and assess the kind of support they provide you. If they are courteous and responsive to your queries then it is always a good sign. If you find them suitable in other above-mentioned aspects as well then you might have found a good tradeline company for your needs.

Six Proven Methods to Increase Your Credit Score

To build a robust credit score, you need to implement good strategies in terms of your accounts, spending habits, and payments.

If your credit score is low, it can be difficult for you to get loans. Many employees do not even hire new people without getting a full report of their credit history. If it is less-than-ideal, it can become problematic for those looking for jobs. So, it is important to have a plan in place to boost your credit score and keep it at an optimal level.

Consider these six methods to increase your credit score.

Timely Payments

To boost your credit score, you need to be current with your loan payments. Timely payments account for a big chunk of your credit score. Often, credit bureaus accord it the most significance when determining your credit score. So, ensure that you do not miss your credit card and other loan installment payments.

Timely payment on your loans can be one of the quickest ways to increase credit score.

Tradeline Purchases

The quickest way to increase credit score is to purchase a tradeline or two from authentic credit repair companies.

Tradelines are accounts that show up on your credit reports. If you become an authorized user on a credit card with good payment history and balance then its history will also reflect on your credit reports. So, you will also begin to reap the benefits of the good credit history of your new tradeline.

Many people aim to become authorized users on a family member’s credit card provided the account is solid in terms of its credit history. But the problem with such arrangements is that if that person defaults on a payment or accrues bad credit on the account, it will reflect on your score as well. But if you purchase tradelines from genuine Miami credit repair companies then you can ensure that you won’t have to face such risks.

Low Credit Card Balances

It is important to maintain good balances on credit cards to have a good credit history. Such a habit will establish you as a responsible borrower. It is best to pay the credit card bills in full rather than continue to incur interest on the remaining amount after you pay the minimum amount due on your bills.

The lower your debt on the credit card, the better it is for your credit score. It is fine to not pay the full amount due on the bill every now and then. During emergencies, you might even need to skip on it. But ensure that it doesn’t become a regular thing. If you continue to keep low balances on your credit cards, in time your credit score will improve and will continue to increase with every billing cycle.

Active Accounts

Often, people tend to close their accounts after years of use if they don’t need it anymore. But if you have an account with a good credit history, closing it would mean losing out on a good chunk of robust numbers on your credit score.

Close your accounts that accrue a fee after some time once you have other accounts active. But if you can afford to keep even secured accounts active and open for a long time, it can go a long way to boost your credit score. It is best to not close your free accounts at all if you have been using them for a long time or if they have a good credit history.

Multiple Accounts

To increase your credit score, it is important to not rely on one account only. It is best to maintain a mix of different accounts in order to build a solid credit history.

Making timely payments on more than one account is better to establish your credibility as a borrower than just one.

New Account Openings with Intervals

Yes, multiple accounts can help to increase your credit score. But opening them all within a short span of time can hurt your case.

The reason for it is that every new type of credit inquiry diminishes your credit score. So, it is best to spread out applying for different types of loans by six months at least.