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.
- 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 Outdated information related to foreclosures, tax liens, and loans can also lower your credit score.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.
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