7 ways you can boost your credit the fastest way
#1 – Rapid re-score
Consult your loan officer or lender first. He/she will let you know what is hurting your credit report. Pay off some of the debts down if you can so you can bring your debt ratios down. Your goal should be under 25% of utilization on each single credit card. Once you have done this, tell your lender or loan officer to do a rapid re-score for you. Your improved scores will show within 4-5 days. This is the best strategy if you’re looking into buying your new house, a new car, or re-financing your home. With rapid re-score, you will qualify for a much better interest rate and will save thousands of dollars throughout the life of the loan. Questions? Call Credit2fix.com
#2 – Pay down your credit card balances
Rule of the thumb is that no matter what.. your remaining balance of each credit card must be less than 25 to 30%. So, let’s say you have a credit card with a limit of $5000.00. Your goal is to charge that card no more than $1,500.00. Better if less than $1,250.00. This includes even the store cards like walmart or jcpenney. Questions? Call us.
#3 – Transfer your car loan to someone else..a family member
Once you transfer your car loan to somebody else, your debt ratio will be reduced immediately and the credit score will go up. Especially if you’re looking into buying a house or refinancing it. Give us a call and we can help you with that too.
#4 – Increase your credit limits on all credit cards you have.
Simply call your credit card company individually and request for the limit increase. They will ask the reason and you can give any. If you need any suggestions on what to answer on this question, just give us a call and we will be happy to assist. Once the limits are increased, make sure NOT to charge more. Remember, you need to be at 30% or less at all times. NO EXCEPTIONS and NEVER.
#5 – Get a co-signer for loans or credit cards
A co-signer with a good credit history can get you on board for a loan or credit card if you’re able to get by yourself.
#6 – Get a secured credit card
If you’re facing difficulty getting credit cards, try getting a secured credit card. They will ask you to deposit up-front some money and issue you a credit card for the amount you deposited with them. If you want to increase the limit, simply deposit more money with them. This is the quickest strategy to re-establish your credit as these cards also report to credit reporting agencies. Remember, although this is going to be a secured credit card and you have already paid for all the amount for the limit, YOU STILL CAN NOT CHARGE MORE THAN 30%. Give us a call and we can suggest you the best credit cards who offer secured cards.
#7 – Consolidate all your credit cards and loans through Home Equity line of Credit–HELOC
If you have a house and some equity in it, get the line of credit though your house and pay off all your credit cards and other loans. We’re sure you know already that credit cards charge hefty amount towards interest charges and late fees. This is one of the best tools where you can ease your life and pay for every single loan with just 1 payment to your HELOC account.