Most people with credit card are not very quick in stating their credit score. In fact, a survey conducted by the National Foundation for Credit Counseling reveals that people are actually more embarrassed and are not very open to share their credit scores than their weight! Apparently, raising credit score is not a very easy task. In fact, most people would rely on fast credit repair in order to correct any mistakes or remove bad debt and eventually build and raise credit scores. And just like losing weight, raising credit scores also need time and effort. No crash diet! So, what are the most effective ways to raise credit scores? Let's check out below and learn more about it.
1. Negotiate and Offer Payment Plan Options
Firstly, do not be intimidated. Creditors may have a hold on you because of your debt, but that doesn't mean that you don't have any power to negotiate. With this, be upfront with the creditor and offer a payment plan and ask them to erase the debt or remove it altogether. If the creditors have consented to your proposal then make sure to put such agreement in writing in order to bind the parties. Negotiating and offering payment plan options is actually one of the most effective was for fast credit repair, so make this as your number one step.
2. Always Check Your Limits
Credit card providers always look to the client's credit record in raising credit score, so always make sure that your expenses don't exceed your limits. Always check with the card issuer about your bumped-up credit limit and request that you should be informed regularly. Also, if you are always informed of your credit limit, then there is lesser probability of not paying the bills on time. Remember that payment of bills on time will make a good record for your credit assessment. And the same will then allow the probability of card issuers to raise credit scores.
3. Under-Use Your Cards
Having a credit card doesn't mean that you have to pay all your bills and expenses using the card. Again, do not make the plastic pay for each and every single purchase. Ideally, you have to utilize only 30% of your credit and this works pretty well for the credit holder in two ways. First, using the credit card wisely will relieve you of the burden of paying a colossal amount of bills. Secondly, you will have the credit card issuer think that you are a responsible credit card holder. Needless to say, all these will lead to no other result than the increase of your credit score. Pretty easy, right?
Again, the ideal credit utilization ratio is only 30% and even less. In all these, what is essential is for each and every card holder to be a responsible user. Raising credit card score is not a problem if you instill discipline and control in using your credit card for your purchases.
Most people with credit card are not very quick in stating their credit score. In fact, a survey conducted by the National Foundation for Credit Counseling reveals that…
Jan 26, 2017