Here are ways that you can quickly increase your credit scores.
Ask for higher credit limits. When your credit limit goes up and your balance stays the same, it instantly lowers your overall credit utilization, which can improve your credit. If your income has gone up or you've added more years of positive credit experience, you have a decent shot at getting a higher limit.
Become an authorized user. If a relative or friend has a credit card account with a high credit limit and a good history of on-time payments, ask to be added as an authorized user. Doing so adds their account credentials to your credit reports, so its credit limit can help your utilization. You also benefit from their positive payment history. The account holder doesn’t have to let you use the card or even give you the account number for your credit to improve.
Make sure the account reports to all three major credit bureaus (Equifax, Experian, and TransUnion) to get the best effect; most credit cards do.
Get credit for rent and utility payments. Rent reporting services can add your on-time rent payments to your credit reports. Rent payments are not considered by every scoring model for instance Vantage Scores include them, but FICO 8 does not. Even so, if a would-be creditor looks at your reports, rent records will be there, and a long record of consistent payments can only help.
Experian Boost also can help, but in a more limited way. You link bank accounts to the free Boost service, which then scans for payments to streaming services and phone and utility bills. You choose which payments you want added to your Experian credit report. If a creditor pulls your FICO 8 using Experian data, you get the benefit of that additional payment history.
The Self Visa Credit Card is designed to help you build credit without a standard credit application process. Instead of having to get approved based on your credit score, you prove your creditworthiness by opening a Credit Builder Account with Self. This account, which reports to all three major credit bureaus, helps you build your credit while saving money for as little as $25 a month.
Click on the link to began with Experian Boost or Self Visa Credit Card
Repairing your credit is an active process. Here are some ways to monitor your credit to ensure your scores are moving in the right direction.
1. Check your credit reports on a regular basis to track your progress
No matter where you turn for your credit check-in — your bank, a credit monitoring app, or one of the major consumer credit bureaus, it’s important to keep an eye on your credit. If you find any mistakes or inaccuracies, you need to file a dispute. If your dispute is approved by the credit bureaus, you may see the error corrected as soon as within 30 days, which can help raise your credit scores.
2. Sign up for credit monitoring
Whether you are tracking your credit using a credit monitoring site or you have enlisted the assistance and expertise of a credit specialist, keeping a close eye on your credit is essential. Signing up for credit monitoring can help alert you to important changes in your credit, so that you can check for suspicious activity. Fraudulent activity can weigh down what could be an otherwise good credit score, so it’s important to dispute any details you identify as inaccurate. If the credit bureau rules in your favor, the fraudulent activity will be removed from your credit report, which can help raise your credit scores.
Click here for a list of suggested credit monitoring services.
The Hennigan Realty Group blogs are a collective of information, experience, and expertise of the Hennigan Realty team. We have kept the information shared within the blogs general to provide foundational information that each person can build from. We are aware that everyone's real estate experience is unique and there is not a one-size fits all when it comes to buying or selling property. If you would like to gather more in-depth and specific requirements for your wants and needs, reach out to us directly.