6 Easy Steps to Improve Credit Score Fast
Pull your credit report
Use AnnualCreditReport.com to pull your credit reports from the three major U.S. credit bureaus (Experian, Equifax, and TransUnion) for free, every twelve months. Then thoroughly review each one page by page, particularly the “adverse accounts” section that details late payments and other slip-ups.
Assess where you stand
The better your credit history, the higher your score—and the better your opportunities for a home loan. The Federal Housing Administration or FHA, requires a minimum credit score of 580 to permit you to purchase a home with a 3.5% down payment. Other major lenders often require at least 620 to qualify for a home loan. You're not there yet? Don’t panic, there are ways to raise your score.
Dispute errors on your credit report
If you spot mistakes in your report, start by sending a dispute letter to the credit bureau that reported it, providing as much documentation as possible, per FTC guidelines. You’ll also need to contact the organization that provided the bad intel, such as a bank or medical provider, and ask it to update the info with the bureau.
Erase one-time mistakes
Call the company that registered the late payment and ask that it be removed from your record. This won't always work, but for accidents and small errors, it’s an easy way to improve your credit score.
Increase your limits
If you can't simply pay off your debts right now, you can still achieve a similar result by doing this. Ask your credit card companies to increase your credit limit instead. This improves your debt-to-credit ratio, which compares how much you owe to how much you can borrow. Although you owe the same amount, you’re using a much smaller percentage of your available credit, which reflects favorably on your borrowing practices...and your credit score.
Pay on time
You have the power to improve your credit score all on your own just by doing this. Commit to always paying your bills on time; consider signing up for automatic payments so it’s guaranteed to get done.
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Erik Braceland 619-947-3560
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Braceland Homes, Inc.
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