6 Steps To Improve Credit Scores
HOW TO IMPROVE YOUR CREDIT SCORE!
Gone are the days of easy money. Lenders are no longer lending to just anyone who fills out an application and has a pulse. Institutions have crashes and lost millions of dollars from lending to everyone. Today lenders are looking for consumers who have shown discipline and control in their spending habits. They are looking for the great credit scores. Though credit can still be obtained with scores below 700, scores above 700 are the ones who are in control. 700 and above is the target!
For those who are looking to improve your credit up to 80 points within 30-60 days, our VIP Member Clients now have access to a very affordable restoration plan. We have seen negative remarks removed including remarks for short sales, charge-offs, late payments, child support, tax liens, judgments, repossessions, and credit card late (s).
Increasing your score will help you buy the home you want at an affordable interest rate you deserve. Don't be left behind! Now is the time to take action. Just contact us today and we will help you get started.
Listed below are tips for the do it yourself that can greatly reduce the amount of time if followed.
1. Create a plan. Create a budget. It is important to sit down and really find out where you are. Start by listing all of your monthly expenses. Be honest with yourself and write down everything. Once you know how much you owe and are spending each month then you will be able to better decide what needs to be adjusted. After you have a clear picture of what and where your money is being spent compare it to your bring home money. If you are negative look at each item you wrote down and look at where you can cut out or eliminate spending. ( Perhaps not eating out as much, entertainment, etc.)
2. Once you have adjusted or eliminated certain expenses, look at the amount you are paying each month or should be paying each month on credit cards. Call you credit card companies and ask for the Supervisor. Ask the individual to allow you to pay reduced payments explaining to them that you want to continue making payments but for the next 12 months or so you wont be able to pay the regular payment. The idea in improving your credit score is to always make payments on time.
3. Pay down debts as quickly as possible. By reducing what you owe on each line of credit, your score improves. Part of your F.I.C.O. score is calculated by comparing the amount of credit is available to you with the amount you have used. The goal is to pay down each line of credit that you have to no more than 30%. In other words if you have a credit card with a limit of $1,000 then your goal is to pay the balance down to at least $300. If you have multiple cards look at transferring balances if possible to bring amounts down to fit this formula.
4. Don’t apply for any new lines of credit. Applying for new credit even though your score begins to improve, doing so will take your score in the opposite direction. If you can afford something, wait and save until you do have the money to pay cash.
5. Invest in Financial Counseling or in Debt Reduction Programs. There are dozens of good instructional books and audio courses out there. Become smarter about what you are doing.
6. Review your credit report regularly. Look for entries that may be wrong. You can challenge the credit agencies. If they can not confirm the entry is correct within 30 days, they have to remove it.
Here is a link to help you get a copy of your credit report and to view your credit score. It is hard to get where you want to go if you don't know where you are. So start today and get your credit report:
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As you can see, these tips are the basics. We all know them but have failed to apply ourselves. Time and discipline are the only way to effectively repair credit. No matter how much money you spend to have so called credit repair agencies to fix and improve your score quickly it just won’t happen so save your money and pay down debt.
Begin your transition by learning how to improve your credit, and keep it!