Easy Ways To Raise Your Credit Quickly

Credit isn't something you learn much about in school. Which leaves many people in a guessing game of credit scores.

After repairing my own credit significantly I decided to write a article with some tips and information to help you raise your score and keep it up.

First step is to sign up with the credit bureaus if you don't already have a account. Having a account helps significantly because you can view any accounts reflected on your score and get the information of the debtor if you owe money to pay it or make arrangements.

Here are the links for the credit bureaus.

For some reason Equifax won't allow their site to be embed into a article or webpage however you can access it via google by searching Equifax or typing in equifax.com

Next obtain your free yearly credit report. Its important that you save this report to refer too later. Save it as a pdf file or print it out and keep it in a safe place. https://www.annualcreditreport.com/

You can also call 1-877-322-8228 and they will mail you your reports!

Now that you have you credit report's in front of you . Look for any open accounts or collection's.

Is everything reflected correct ?

If not , don't panic. Instead note what creditor it is listed with rather its Experian, Equifax, Transunion or all three. Then log into your accounts and find the dispute center. For experian you can simply type their web address in as www.experian.com/dispute and be in the dispute center. Follow each bureaus process for disputing information. The same method can be used for transunion and equifax. Every bureau has a different investigation and waiting time.

If you are disputing a paid account try to have any receipt numbers or confirmations to include with your dispute. If you are disputing a account that is not yours, you have no knowledge of or belongs to a ex spouse or other person you may need to call the bureau and dispute via phone and mail instead of online.

Experian Boost.

Experian Boost is a instant boost in credit . It count's your utility payments to your credit history which helps your overall credit number. In order to do this you must log into your experian account and connect the bank that you use to pay your regular bills. I only recommend doing this if you have a bill like electricity that you pay regularly and on time every time. This can boost your credit anywhere from 8 points to a upwards of 20 plus points depending on what they count toward the boost and how many on time payments you have made.

Credit Cards

Now typically credit cards are something that unless you have a extremely high level of responsibility its best to stay away from. High interest rates and hidden fees can quickly put even more well off individuals into the red.

So how can credit cards help your credit ?

Go to a credit card company like first premier , sky cc, or credit one . These are not traditional credit cards. These credit cards are pre-paid by you . Typically anywhere from $200-$600.00 . Your "down- payment/ deposit" on these becomes your credit line. Now don't get excited your not going to use all that credit so I recommend getting one with the lowest deposit available to you.

Now once you receive your card you want to activate it then call the company and ask what day they report your balance to the credit bureaus. 3 days before that day charge $20 to your card. Only $20. This works great if you have subscription services such as netflix or pandora. You can set up your subscriptions to bill this card then wait for your balance to be reported. Once it's past the day of being reported pay it off immediately. Doing this every month and in 8 months you can go from a 560 credit score to a 622.

Paying Off Debt

Paying off debt is never fun, but it sure feels good! It also helps your score go up!

There are some important things to remember when you are paying off a debt. First always ask for a receipt or some sort of proof that its been paid off with the debtor for your own records. I always request a letter stating the balance has been paid in full. Your second question to them should be when and how long does it typically take them to report to the credit bureaus that your balance has been paid. If after 2 months a old debt that has been paid is still on your credit you can dispute it as paid with the credit bureaus and they should remove the account promptly.

Now what if you've paid off your debts but your score hasn't moved much or any.

There's a couple things that could cause this

1.) the paid debt hasn't been removed / reported as paid by the debt collection agency or company.

2.) You're a authorized user on other accounts with a balance. If you're a authorized user on your dad's credit card and it has a balance that counts against your credit as well even if it isn't showing up on your credit report. These typically happen with spouses and family members that have accounts with balances and you are not the main account holder.

3.) You co-signed for someone and they defaulted and you haven't been notified of a balance owed. If you have ever cosigned for someone and they didn't pay their bill your credit might be taking the hit before you even know about owing the balance. Always be diligent and monitor anything and anyone you cosign on and with.

Accounts that are helpful set up when rebuilding

When your rebuilding your credit you need to have multiple things going on at once to raise it and do so quickly. These will also help you if you find yourself in a good amount of debt.

https://www.openskycc.com/ Open sky is one of those nifty prepaid cards that help you build your credit and offer their own set of tools to help you do so.

Discover Card * If you qualify

Self Lender https://learn.self.inc Self Lender is a self loan credit service. It helps you build your credit and obtain a small loan from yourself with time and patience.

How it works

Build credit while saving money, starting at $25 a month. Your money is secured and protected in a bank account.1 Apply for a loan that is held by our bank partners. You can then choose a repayment plan that fits your budget. Pay off the loan in 12-24 months. Your payments are reported to all three credit bureaus. Each payment builds credit history and adds to your savings. Your paid off loan unlocks and you get the money back, minus interest and fees. Get money back at the end after building credit history.

Inquiries

Are you aware of inquiries and how they work?

In general, credit inquiries have a small impact on your FICO Scores. For most people, one additional credit inquiry will take less than five points off their FICO Scores. ... Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Hard inquiries stay on your report for two years, but only impact your credit score for the first year (or 12 months).

Inquiries can come from store cards , credit card applications and applying to own or rent a home or apartment.

Overall taking all this into consideration and placing it into action you can raise your score and help get yourself a score you need or are happy with.

Keep in mind as your score increases you are going to start getting ALOT of pre screen pre approved offers in the mail for loans and credit cards. Resist them and do not engage. These offers will not help your score and could potentially damage it.

You can opt out of these offers for 5 years at www.optoutprescreen.com

One last way to up your score significantly is to use your prepaid cards to pay 1 or 2 regularly paid bills such as your electricity or internet the days before your balance is reported to credit bureaus then use the cash or debit card you would of used to pay the bills and pay off the credit card balance immediately after the balances have been reported.

I recommend anyone using this option be careful in doing so and ensure that you are setting aside the exact amounts of money you need to pay off the credit cards almost immediately.

This method is risky because many people get overly confident and say to themselves oh my bills are paid I have extra cash I can pay the credit card off with my next check . Don't fall into the routine or trap and if you feel as though you might, its best not to use this method at all.

Student Loan Debt

Student Loan Debt is tricky. Luckily many places don't consider this debt however some do and let's face it who wants any debt on their record.

If your student loans are due and you can't pay them apply for deferment . If they are in default use the 4-D plan Deny , Dispute, Delete and Deal . Contact your loan issuer for more details. However many programs are offering more and more options to forgive or delete your student loans.

When You Receive A New Debt

If you receive a new debt you have 30 days to appeal or deny . This must be done in writing directly to the company who sent you the debt and the debt amount. If you are called with a new debt or debt you need to ask them for a validation of debt.

Debt Has a Statue of Limitations

In most states, the statute of limitations period on debts is between three and 10 years; in some states, the period is longer, according to the U.S. Federal Trade Commission (FTC). Debts that have lingered longer than the statutes allow are often referred to as “time-barred debts.” A collection agency can not collect money on a time barred debt and it can't be reflected on your credit report. Some states the statue of limitations is 7 years instead of 3 or 10 . Every state is different so I recommend looking into your states laws and limits on debts and debt collection laws.

Hopefully this helps you rebuild your credit and obtain whatever it is you are dreaming of rather that's buying a new car a new house or just being debt free with a high score.

As Always thank you for reading and sharing is always welcome!