In the world of credit reports and credit scores, only about 1% of the total American population enjoys a perfect credit rating of 850 in FICO scale.
Because of this rarity, you would think that these people have a golden secret that kept them in the VIP section of many creditors' office.
It would seem that they know something that more than 30 million Americans don't know when it comes to managing debts and keeping their financial woes to the minimum if non-existent at all.
The truth is that there is no secret at all.
You already know what to do at any given time.
The only problem is you don't apply this knowledge to your own advantage to improve your credit score.
Credit experts reveal that people with the highest credit score have common factors uniting them in this exclusive club.
For one, they have between 4 and 6 credit cards, which means they have a high debt-to-available credit ratio.
This also means that these people are able to manage their credit card payments and pay on time.
High credit score people also have some accounts as old as 10 to 30 years old which of course have also been maintained positively.
They also have no record of late payments or derogatory records such as collections or bankruptcies for the last 7 years.
And their credit levels are less than 30% of their credit limit.
These people also have only about 1 to 3 credit inquiries within a 6-month period.
Having said this, you could conclude that it would be quite impossible to improve your credit score in 24 hours, not to say in 12 months.
Some credit repair companies promise to help you this but the unfortunate truth is, most of these claims are simply deceptive.
You can actually get your credit score recalculated and get better score through companies that offer rapid credit rescoring services.
However, this will only work if you have errors or unreported paid off balances in your credit report.
This is not a DIY project as this is only open to brokers and mortgage lenders.
You have to ask you them to process it for you.
They usually charge about $25 to $50 but this is quite worth the money since a higher credit score will usually mean a reduction in your monthly payments.
While this seems to be a rapid fix, doing this some six months before you need to apply for a loan will yield better results.
You can initiate the rapid scoring process by first getting your free credit reports from any of the existing credit bureaus.
This will give you a head start as you can begin to look for errors and outdated information in your credit report.
You will also do good to start paying your debts on time even before you think of apply for a new loan.
Remember that rapid scoring will only help improve your credit score if there is a mistake in your report and your creditor agrees to delete that mistake.
You will also need to present positive evidence to support your disputes.
Because of this rarity, you would think that these people have a golden secret that kept them in the VIP section of many creditors' office.
It would seem that they know something that more than 30 million Americans don't know when it comes to managing debts and keeping their financial woes to the minimum if non-existent at all.
The truth is that there is no secret at all.
You already know what to do at any given time.
The only problem is you don't apply this knowledge to your own advantage to improve your credit score.
Credit experts reveal that people with the highest credit score have common factors uniting them in this exclusive club.
For one, they have between 4 and 6 credit cards, which means they have a high debt-to-available credit ratio.
This also means that these people are able to manage their credit card payments and pay on time.
High credit score people also have some accounts as old as 10 to 30 years old which of course have also been maintained positively.
They also have no record of late payments or derogatory records such as collections or bankruptcies for the last 7 years.
And their credit levels are less than 30% of their credit limit.
These people also have only about 1 to 3 credit inquiries within a 6-month period.
Having said this, you could conclude that it would be quite impossible to improve your credit score in 24 hours, not to say in 12 months.
Some credit repair companies promise to help you this but the unfortunate truth is, most of these claims are simply deceptive.
You can actually get your credit score recalculated and get better score through companies that offer rapid credit rescoring services.
However, this will only work if you have errors or unreported paid off balances in your credit report.
This is not a DIY project as this is only open to brokers and mortgage lenders.
You have to ask you them to process it for you.
They usually charge about $25 to $50 but this is quite worth the money since a higher credit score will usually mean a reduction in your monthly payments.
While this seems to be a rapid fix, doing this some six months before you need to apply for a loan will yield better results.
You can initiate the rapid scoring process by first getting your free credit reports from any of the existing credit bureaus.
This will give you a head start as you can begin to look for errors and outdated information in your credit report.
You will also do good to start paying your debts on time even before you think of apply for a new loan.
Remember that rapid scoring will only help improve your credit score if there is a mistake in your report and your creditor agrees to delete that mistake.
You will also need to present positive evidence to support your disputes.
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