Easy Ways To Help Fix Credit Scores Instantly

Fix Credit Score

Fix Credit Score

How to fix credit score is now a national crisis. For the past few years, scores of consumers in every income category have been affected by the downturn in the economy. The flood of unwanted mail and assortment phone calls would make you experience as if you are drowning in a sea of financial debt. However, take it easy; educate yourself on the various strategies to use in fixing your credit score.

Having a habit of making payments to your creditors on time will definitely help you fix credit score quickly. Payments made regularly and on time as per the contract will help you in balancing all your former financial shortfalls by 30-35% and this will magically fix your credit score. It will also establish you as time bound payment maker, making it possible to win the faith of your creditor. At any given period, financial institutions will be ready to grant you loans with a nice APR.

Delaying in making payments will not only affect your credit score rating but also compel your creditor to refer your case to a debt collection agency. This referral to the third party is definitely a negative sign to your credit capacity and will force your creditors to deny you any further financial assistance. You will face big challenges when you try to fix credit score after that. Therefore always keep in mind this issue, if overlooked it may put your credibility at stake.

Bankruptcy is Not The Best Way to Fix Credit Scores

Most people think bankruptcy is an easy way to escape from making payments to the creditors and thereby be able to fix credit score easily. However, this is not the true; they actually do not know the consequences. Bankruptcy may lead you to blacklist which means denial of credit for long period. Furthermore, you cannot repair your credit score because bankruptcy means you do not have anything to repay your debts with.

You may definitely escape the payments; however, you will lose the chance to get credits in future. Therefore, avoid going bankrupt as this is not a way of fixing credit score, instead you will likely be dragged in the court of justice. Once you have received your credit score reports, it is very important to make sure the listed information is accurate. Look for any errors, particularly with your credit card accounts as they give more weight in calculating the score. You need to dispute any inaccuracies with the credit bureau that generated the report.

You might have heard about the tips telling you to remove the negative items on your credit report. What about the positive ones? You should make sure all your “good credit” is being reported to credit bureaus. Since your creditor may not report to all bureaus, missing accounts with a great payment history may not reflect on one of them.

When it comes on how to fix credit score, this is significant because when your credit score is computed missing accounts may cause the score to be lower. These are just a few steps that if you put into consideration will help boost your credit score instantly.

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9 thoughts on “Easy Ways To Help Fix Credit Scores Instantly

  1. Dewi Raimundo

    Good info…the problem is that FICO score is used by mortgage lenders,
    Equifax,Experian,Transunion scores are used by other credit lenders, and
    Auto Industry Option credit scores uses it own “sometimes” to approve you
    for auto loans…you need to know all of them to get a good interest rate.

    Reply
  2. scoremore1

    @svca12218 Auto lenders have their own FICO score card which weights past
    car loans differently than a mortgage score card. 99% of lenders use FICO
    scores though.

    Reply
  3. scoremore1

    @hifhif123 I am not familiar with procedures in the UK. I have recently
    retained an expert to teach me and get me up to speed.

    Reply
  4. John S.

    @hifhif123 Experian has it’s own scoring system. FICO is a proprietary
    algorithm developed by Fair Issac in the 70’s for department stores. FICO
    has years and years of data, is usually more trusted among creditors as
    having the most accurate models. That being said, like weather models, FICO
    models can be applied to any set of data. It is the user/creditor decision
    what model they would like to use to predict the chances of default by the
    consumer. Most creditors prefer FICO models for scoring.

    Reply
  5. waiting4guffman

    Your ultimate credit score is ZERO. I agree with Dave Ramsey: “A FICO score
    is an ‘I love debt’ score”. Stop aiming for high credit scores, people. You
    are just trying to borrow money, so later, you can borrow money, so, after
    that, you can borrow more money….Is this healthy for your financial
    bottom line? I’m worth half a million, and have never made over 75K in my
    life. Drive that “beater with a heater” & rent if you must, so later, you
    can move up by USING CASH.

    Reply

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