A healthy credit score is the only way a person can be assured that they will get the best interest rate on a car loan, home loan and even a credit card.
The loan is no longer accepted by lenders. Those who do not have a healthy credit score are missing out on using the opportunities to buy the things they want or need.
A poor credit score can cost a person thousands of dollars per year due to paying higher interest rates. If a person wants to know how to repair credit, the following methods are proven to work.
But first I want to inform you that if you want to check the BIN code of your credit card, then you can check it with the BIN code checker.
The Top 7 Guaranteed Way To Improve Your Credit Score Fast Are:
1. Hire a credit specialist to repair your credit score.
Credit experts can improve your score by correcting incorrect reporting or by removing negative information in your credit report.
2. Always pay your minimum payment on time.
If you cannot pay your minimum payment then call the customer service department for the lender or creditor and arrange the payment. At least pay them something instead of nothing. Make arrangements to return the left amount.
If you are under a payment arrangement, by law a lender creditor or collection agency cannot mark your credit. Most people usually make arrangements to pay if their credit is damaged. An easy way is not to let it lead you to that point. Payment history covers 35% of your entire credit score!
3. Keep your revolving credit card balance under 30% of your limit
This is a simple one. Do not use longer than 30% of your obtainable credit. If you have a $ 10,000 credit card, consider it like a $ 3,000 credit card. If you are using more than 30% of each card pays more than the minimum payment to get it.
Ideally, you want to be at 10% or less but not zero. You want to show your creditors what you are using and not misusing your credit lines. Consumers who do not use more than 30% of their credit limit for a few months are considered low risk and have a very high credit score. Credit usage includes 30% of your entire credit score!
4. Pay off your mortgage before other loans
Mortgage payments are weighted separately from other payments by the bureau. Make sure you pay at least the minimum on time or call to make arrangements if you are going low or back.
If you keep them in the loop then they will work with you. And as long as you have an arrangement they cannot mark your credit. The most critical thing you can do is just ignore it.
5. Dispute all collection agency notice
In future, dispute all notices from any collection agencies regardless of whether a loan is valid or not. There are some rules and laws that these agencies have to follow.
If you read the first notice you received from a collection agency, it would say “You have 30 days to dispute the validity of this loan”. Send a letter with a copy of the collection information within your 30-day dispute period.
It should also be stated that you are “requesting conflict and requesting all collection efforts via telephone. All communications about this loan must be in writing”. Quaid they can still contact you once over the phone to tell you about their intentions.
However, the best part about doing all this is that not only will you have to deal with annoying collection agency phone calls, but once a debt dispute arises they cannot legally mark your credit!
If a collection agency still tries to collect by telephone, record the date, time, the person you spoke with and if possible, the message. The collection agency will be in violation of the FDCPA and you may be entitled to fines and damages.
6. Installment of the instalment system
Arrange for an instalment for any future tax debt. We have a smart way of dealing with past tax lions, call us for more information on that. The state and federal government do not play when dealing with tax debt.
When you or your employer signs your social security, and date of birth, and paperwork that you have signed on employment, it is difficult to dispute the validity. Do not let it develop into a judgment or lien, create a payment plan that is suitable for both parties.
Again by law, they cannot mark your credit as long as you are under the system of payment. Set that arrangement when you get a lien or judgment on your credit report.
7) Do not apply for new credit
Here is a very simple tip. Do not apply for credit until you know that you will be approved. Especially if you have recently been turned down. Ask the lender what their eligibility for approval is before applying. Mortgage lenders have very clear qualifications for approval.
For example, the FHA will require you to have a median score of at least 620, a 4-month reserve mortgage payment liquid, and they require that you have no judgment, lie, or account in the collection. This is very clear cut, right? If you have good credit, many auto lenders will approve you with less debt.
If you do not meet the qualification or do not have the consent of the cosigner, do not apply for a credit line. In the end, it is not worth checking on your credit report unless you are going to get a credit line.