Ways to Quickly Increase Your Credit Score Canadian real estate investorsÂ & know the value of having beacon score ofÂ more than 750. A higher credit score can be achieved by using the followingÂ steps.
An excellent credit score can mean qualifying for lower interest rates andÂ better mortgage terms. A bad one can mean you don’t qualify for any kind ofÂ financing at all and dealing with loan sharks.
When you need to borrow money -Â to invest in Canadian real estate, get aÂ line of credit, or get a decent job or a variety of other reasons — and youÂ don’t have a good credit score, it’s impossible to improve your score rightÂ away.
That’s why the time to start repairing and improving your credit score isÂ now, not when you really need it.
Here’s how to increase your credit score with these top ten simple stepsÂ within one or two months – all without spending a dime.
Following are the 10Â Simple Ways to Quickly Increase Your Credit Score:
1. Check out your credit reports
Credit bureaus, like TransUnion and Equifax, are required to give you a freeÂ copy of your report once a year. All you have to do is ask them in writing,Â providing proper identifications are given.Â Generally speaking the entries on the different reports will be the same, butÂ not always; for a variety of reasons credit reports are rarely identical.
2. Start disputing errors and derogatory marks
You can contact or write letters to credit bureaus if you wish to disputeÂ errors in your credit report.Â Start with derogatory marks like collection accounts and judgments. It’s notÂ uncommon to have at least one collection account appear on your report.Â You can also dispute errors through each credit bureau. Keep in mind someÂ disputes will take longer than others. But that’s ok – once you initiate aÂ dispute, you’re done. The credit bureaus are required to investigate theÂ dispute and report the resolution. Take your time and be patient to removeÂ derogatory marks because they also weigh heavily on your overall score.
When a credit card company fails to enter a payment on a timely basis, yourÂ bank may report that a late payment was in fact paid on time.Â You can dispute late payments, whether made in current or closed accounts,Â the same way you dispute derogatory marks. Your payment history isÂ another factor that weighs heavily on your credit score, so work hard toÂ clean up such errors.
4. Remove accurate information from your credit bureau
So far we’ve discussed trying to remove inaccurate information only. YouÂ can, if you choose, also dispute information that is accurate, yetÂ incriminating.
For example, say an account went to collection, you never paid it, and theÂ collection agency gave up. All that remains is the entry on your credit report.Â You can still choose to dispute the entry. Many people do, and sometimesÂ those entries will get removed.
When you enter a dispute the credit bureau asks the creditor to verify theÂ information. Many, like collection agencies, will not. They’ll simply ignore theÂ request, and the agency is required to remove the entry from your creditÂ report.Â If the creditor doesn’t respond, the entry will get removed.
Should you take this approach? That’s up to you.
Maybe you tried and failed to remove a negative comment, or a lateÂ payment, or an account that was marked “paid as agreed” (which mightÂ mean the creditor agreed to let you pay less than you owed). Should youÂ give up?
Creditors can tell credit bureaus to remove entries from your credit report atÂ any time.Â You can call a credit card company to explain a late payment, and if youÂ have been a customer for years, they may remove the late payment entry.Â They may also agree to waive any annual fees in the future.Â When all else fails, call and ask nicely. You’ll be surprised by how often aÂ polite request for help pays off.
6. Increase your credit limits
Another factor that weighs heavily on your credit score is credit cardÂ utilization. Your ratio of available credit to credit used makes a bigÂ difference. Generally speaking carrying a balance of more than 50 percent ofÂ your available credit will negatively impact your score; maxing out yourÂ cards will definitely hurt your score.
One way to improve your ratio is to pay down your balances, but anotherÂ way is to increase your credit limit. If you owe $2,500 on a card with aÂ $5,000 limit and you get the limit increased to $7,500, your ratio instantlyÂ improves.
How do you get your increase your limit? If you have a decent paymentÂ history most credit card companies will be more than happy to increase yourÂ limit – after all, they want you to carry a high balance. That’s how they makeÂ money.
Another way to increase your credit card utilization ratio is to get a newÂ card. As long as you don’t carry a balance on that card, your available creditÂ immediately increases by that card’s limit.
Try to get a card that doesn’t charge an annual fee. Your best bet is throughÂ a bank where you already have an account. Granted cards with no annualÂ fee tend to charge higher interest rates, but if you never carry a balance theÂ interest rate is irrelevant.
But be smart about it; the goal isn’t to get access to more cash, the goal isÂ to improve your credit score. If you think you’ll be tempted to run up aÂ balance on a new card, don’t get it.
You need a higher credit score because you want to borrow money; if youÂ had the money to pay out your balances, you might not need to borrow.Â Still, decreasing your percentage of available credit used can make a quickÂ and significant impact on your credit score. So go on a bare-bones budget toÂ free up cash to pay down your balance. Or sell something.
Not only will your credit score increase over time, you won’t pay as muchÂ interest, which, if you think about it, is just giving the credit card companiesÂ money that would otherwise remain in your own pocket.
9. Get supplementary card from a friend or spouse
Say your spouse has a credit card with little or no balance and a greatÂ payment history; if he or she agrees to add you as an authorized user onÂ that account, from a credit score point of view you automatically benefitÂ from her card’s available credit as well as her payment history.
Keep in mind if he or she makes a late payment, that entry will appear onÂ your credit report too.Â So choose your credit card friends wisely.
10. Hang on to your “old” credit cards
Your age of credit history has a moderate but meaningful impact on yourÂ score. Say you’ve had a certain credit card for 10 years; closing that accountÂ will decrease your overall average credit history and can negatively impactÂ your score, especially in the short term.
If you’re hoping to increase your credit score but you also need to get rid ofÂ a credit card account, get rid of your “newest” card.
11. Always Pay all your bills in time
Even one late payment can hurt your score. Do everything you can, fromÂ now on, to always pay your bills on time. And if one month you aren’t ableÂ to pay everything on time, be smart about which bills you pay late. YourÂ bank or credit card provider will definitely report a late payment to the creditÂ bureaus.
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