Ryan J. Taylor asked:
Credit repair concerns seem to come just as it may seem too late. But even if you have already been denied for a loan or believe you have plenty of room for improvements, it is not too late. There are many strategies you can do right now, without the help of a credit counselor, to get the loan you need.
But fast credit repair has just as much to do with your current situation as it does to the specific method to raise your score. For example, if you currently have fairly good credit but have a few late payments, your strategy is going to be much different than someone with a bankruptcies and a series of failing to repay their loans.
There is, however, one thing that just about anyone can do to instantly increase their score. This is a very easy process that does not require a lot of time or even any clue what your current credit score is.
Imagine that if with one quick phone call you could immediately increase your credit rating? What would that do for your current situation?
One of many tricks to accomplish this lies with adjusting the amount of debt you currently have. This doesn’t necessarily mean paying off your balances. This has to do with the fact that a big part of your credit score has to do with the ratio between the amount of debt you currently have and the limit on your credit cards.
For example, if you have a credit card with a $5,000 spending limit and you currently have a $2,500 balance, you have a 50% debt ratio.
Lenders like to see this number closer to 35%, and the way to do this is to get more credit. Simply call your credit card companies, tell them you received an offer in the mail to transfer your balance to their competitor and they’ll give you a bigger spending limit. Tell them that you thought you would give them the courtesy of seeing if they could match the spending limit increase before making the switch.
Your business is incredibly important to them, especially if you are a spender and now you are asking about how you can spend more money. So chances are they will be willing to accommodate you in order to keep you as a customer.
As a result of your new spending limit, your have effectively reduced your debt ratio, which happens to be one of the biggest parts of your credit score.
Dustin
Credit repair concerns seem to come just as it may seem too late. But even if you have already been denied for a loan or believe you have plenty of room for improvements, it is not too late. There are many strategies you can do right now, without the help of a credit counselor, to get the loan you need.
But fast credit repair has just as much to do with your current situation as it does to the specific method to raise your score. For example, if you currently have fairly good credit but have a few late payments, your strategy is going to be much different than someone with a bankruptcies and a series of failing to repay their loans.
There is, however, one thing that just about anyone can do to instantly increase their score. This is a very easy process that does not require a lot of time or even any clue what your current credit score is.
Imagine that if with one quick phone call you could immediately increase your credit rating? What would that do for your current situation?
One of many tricks to accomplish this lies with adjusting the amount of debt you currently have. This doesn’t necessarily mean paying off your balances. This has to do with the fact that a big part of your credit score has to do with the ratio between the amount of debt you currently have and the limit on your credit cards.
For example, if you have a credit card with a $5,000 spending limit and you currently have a $2,500 balance, you have a 50% debt ratio.
Lenders like to see this number closer to 35%, and the way to do this is to get more credit. Simply call your credit card companies, tell them you received an offer in the mail to transfer your balance to their competitor and they’ll give you a bigger spending limit. Tell them that you thought you would give them the courtesy of seeing if they could match the spending limit increase before making the switch.
Your business is incredibly important to them, especially if you are a spender and now you are asking about how you can spend more money. So chances are they will be willing to accommodate you in order to keep you as a customer.
As a result of your new spending limit, your have effectively reduced your debt ratio, which happens to be one of the biggest parts of your credit score.
Dustin
