Give Your Credit Score a Boost in Five Minutes
Category:Credit RepairHow would you like to raise your credit score up to sixty-five points in the time it take to prepare your morning coffee? Having a better credit score can mean many 1000’s of dollars in interest fees that can stay in your pocket. This can be done with all three credit reporting agencies. Sounds good doesn’t it? Read on…
Why is credit so important? Check out this
The quickest way to raise your credit is to become an authorized user on someone else’s account (piggy-backing). Of course you want that relative to have good credit. You should not ask to have a card on their account your own use, but just being an authorized user will boost your score.
You need a few revolving accounts. Credit cards are “open ended” accounts and are revolving. The CRA’s love these types of accounts. If you don’t have a credit card account or can’t qualify for one, you can get a secured account. Check with your bank and set up a secured credit card account. You will probably get a better deal with them.
The Discover it® Secured credit card is only $200 to secure, $0 annual fee, you get 2% percent cash back on purchases and Discover matches your cash back total for your first year. There, of course, will be a low $200 credit limit, but you can start using it just like a regular credit card. So just charge some purchases (things you would already be buying anyway) and make your payments. When you close that account later, to get better card accounts, you get your $200 back of course. Apply now.
The next card is good for people who are trying to get a home mortgage. This is the Open Sky secured credit card with no annual fee. There is only a $200 upfront security fee. What’s interesting is that the Open Sky company does not pull your credit reports so you don’t get a hard inquiry on your reports. I think that if you have a job, you’re in. There is no cash back or perks with this card, but you will be 99.9% approved. Apply now.
Other companies like Capital One, Merrick Bank, USAA, First-Progress, Primor and Wells Fargo have secured revolving accounts that you can open very quickly. Open the account, fund it with an amount stated and make a few purchases at the grocery store or gas station. NOTE: If you have already been turned down several times for credit lately, skip this step.
The third card is one that I don’t necessarily recommend, but I would only get it if you cannot get any of the others listed above. This is the Credit One Platinum card. This card is not secured so you don’t put a security fee up front. There is, however, an annual fee that they charge you up front and that could be anywhere from $35 up to $95. Then every year after that is $99. The card limit can be $200 or $300 and the interest is pricey. Remember, you don’t want this card unless you just cannot get one of the other two. Apply here.
Check your reports for any collection accounts. Dispute those accounts and they may come off. If they are medical accounts you can just dispute them and your score will almost immediately increase. Some of your collection accounts that have low balances can be paid off. You’ll want to arrange for the collector to delete the entry on your reports; MAKE SURE you get this in writing.
If you have credit cards you’ll want to pay them down some as soon as possible. 
You’ll want your balances to to be 30% or less of your credit limits. You don’t want to pay down the balances to zero. This could take a while, but it is quite important for your credit standing. Also, keep older accounts for this shows length of credit history.
If you have a lot of credit inquiries you’ll want get those off. Its pretty easy to get them off if they have been on your reports for two years or more. You can also call those companies and ask them to remove the inquiries.
Good luck and If you need help, we’re here for you.
Smiles, Joan
