fix credit score online

Jim Baines asked:




OK, so you have a little (or maybe not so little) problem with your credit report. All is not lost, but you will have to dedicate some effort and time to “fix or repair” your credit score. Keep in mind that it took more than 30 days to screw your credit score up, so make sure that you follow the basic guidelines of restoring it.

There’s a lot of jargon and information you need to know before you start your repair project. Repairing your credit score is not brain surgery but you do need to adhere to some basics in order to accomplish your goal of a higher credit score. There’s a lot of misinformation out there about just exactly what a credit score is and how you improve it.

Don’t Get Ripped Off

Another problem with credit repair is there are 100’s if not 1000’s of scoundrels out there that prey on the unsuspecting person with less than stellar credit. They will make unrealistic claims that promise to fix anything for a price. And the worst part is that not only will they take your money, they can actually cause damage to your credit score.

Our less than perfect credit rating system is regulated by the government. Which can be both a good thing and a bad thing. But you should know a few facts and don’t get fooled.

You can also get a FREE credit report from all three major credit bureaus. Don’t pay for something that you can get for FREE. Go o the Federal Trade Commission’s site here to get the full details:
[http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm]

The only catch 22 is that you don’t get a credit score with your credit reports. But if you have been turned down by a creditor (or given what you think is an unfair rate) you can request the information from them and they will provide the score they used to determine your rate.

But it’s still pretty clear on the credit reports what might be having a negative impact on your credit score. So these reports are the first step in working on raising your credit score.

And keep in mind there are no secrets, no special methods, and certainly no one has any better chance than you, the owner of the credit score, to repair or fix your credit score.

What Is A Credit Score?

A credit bureau, or credit repository, is an entity that gathers information about consumers’ credit histories. Your credit history/report includes information regarding the following items:

– Identity information such as your name, address, social security number, spouse and date of birth.

– Payment habits such as how promptly you have made payments to previous creditors.

– Public records such as records of arrests, indictments, convictions, lawsuits, tax liens, marriage, bankruptcies, and court judgments.

– Debts.

– Other relevant credit data Information concerning your current employment such as the position you hold, length, and possibly your income.

– Information about your personal history such as the number of dependents you have, your previous addresses and information about your previous employment.

Credit bureaus sell credit reports to credit grantors, such as banks, finance companies, and retailers. Credit grantors use credit reports to determine whether or not a potential borrower is creditworthy.

There are three major credit bureaus in the United States:

* Equifax: 800-685-1111

* Experian: 888-397-3742

* Trans Union: 800-916-8800

These three bureaus provide nationwide coverage of consumer credit information. The credit bureaus are a for-profit system that generates billions of dollars in revenue each year from selling copies of credit reports to creditors and mailing lists. Trans Union made 1.5 BILLION dollars last year.

It is essential to understand that Credit Bureaus are nothing more than record keepers, and sometimes not very good ones. Consider the fact that these organizations are tracking millions of people with up to 40-50 entries per individual. In all fairness, I can’t even type a letter without making a couple of typos.

So mistakes happen, wrong information gets into the wrong file, and all three credit bureaus don’t talk. They are competitors so they don’t share information and all three can generate a different score. They all loosely base these scores on the FICO method.

FICO scores are based on 22 pieces of data collected by the three major credit bureaus. The lowest possible score is 300, while the highest is 850. None of the credit bureaus will apply these methods exactly the same and also may not have the same data so it’s common to get a different score from each one.

The lending companies (or creditors) will usually use this FICO based score provided to determine the risk of lending money or granting credit. The higher your score, the less risk, so the lower the rate. The difference in credit cost can be dramatic. If you are applying for a $216,00 mortgage and have a score of 630, your rate could be $1568 per month at 7.89%. If your rate was 680, you could get a rate of $1394 at 6.7%. That’s a $2100 per year difference so you can see how 50 points can have a big impact on your credit cost.

Basic Repair/Fixing Methods

You often hear that you should dispute (challenge) any and all negative information. But most people don’t know or advisors fail to mention that the creditor and the credit bureau may declare the disputes “frivolous” and not have to respond. So before you go crazy on disputes, keep that in mind. Many of the negative items do have a time limit imposed, depending on the item. Here’s a good set of guidelines on what to challenge:

– Information is not based on you (mistaken identity)

– Information is inaccurate based on what actually occurred.

– Information is outdated – there was an issue but it has been resolved.

– The time limit on the information has occurred.

– The information is totally incorrect with no valid basis

So once you have requested your FREE copies of your credit reports, you need to review them to find any inaccurate or false information. When you find a negative entry that you want to dispute, you need to send a letter of dispute, or file the dispute on line directly from the credit bureau website. Some say the online method is much quicker and since USPS does take days it probably is faster. The credit bureau has up to 30 days to verify the dispute with the filer of the negative information. If you forget to give all the necessary information and they request more information they can get an additional 15 days (total 45).

You can get a sample credit dispute letter here: www.newcleancredit.com/creditdisputeltr.pdf. So it’s important to make sure you provide all required information to shorten the process. Once filed the credit bureau will respond to you with the results.

The good news about our credit reporting system is that time marches on and you can start improving your credit score immediately. Most experts in the financial industry agree that the last 18 months is the most important. Try and negotiate any negative items that are true (bring payments up to date, settle old claims, work out new payment plans, whatever). Most creditors will be more than willing to work with you if you make an honest effort in resolving the negative issue. But make sure the creditor agrees to update your credit record.

You can also make sure any good credit information is listed. If you have credit experience that is favorable, write or contact the creditor and as to have it added to your credit report. Many times good information is never reported. You can also open new credit accounts from creditors and pay them off early (even if you have the money to pay cash) to get addition good credit entries.

Get our Free Repair Your Credit In 30 Days Guide for more details on how to raise your credit score here: www.newcleancredit.com/resources.shtml

Everyone should check his or her credit report each year. It’s now Free and won’t take much time as long as you stay on top of it. You can request one credit bureau at a time every 4 months and have a good idea of what’s been entered in the past 12 months.

New Clean Credit is a website that provides free information on Credit Repair. Along with their Free Repair Your Credit In 30 Days Guide they have a large amount of articles on just about every credit related subject. Increase your credit score today. Click here to learn more: www.newcleancredit.com/

Linda

Thomas Corley asked:




With the current economic downturn, many recently unemployed are struggling to make ends meet. Many of these same individuals were making their debt payments and had good credit scores until they found themselves standing on the unemployment line. Unable to stay current on their mortgage, credit card debt and/or student loans, they are beginning to see their credit scores drop precipitously. At a time when credit is what they need most, they are unable to secure any additional credit. To mitigate this, many are scrambling to modify their debt.

Home Mortgage Loan Modification

The federal Home Affordable Modification Program offers homeowners struggling to meet their monthly mortgage payments an opportunity to reduce that monthly payment. But at what cost? Like many federal government programs, they are not well thought out. A major stumbling block of the Home Mortgage Loan Modification program is that it does not coordinate with the lenders in the way lenders should report the loan modification to the credit bureaus. As it is currently configured, the program allows lenders to report any loan modification as a “partial payment”. Partial payments affect your credit report negatively and could result in a serious hit to your credit score. Borrowers who have entered into a loan modification may find, many months later, that their credit score has dropped 100 points or more. The worst part is that this reporting by lenders will continue until the mortgage is paid off. Until the federal government fixes this overt flaw and introduces much needed changes in how loan modifications are reported, loan modification will continue to be the kiss of death for borrowers credit scores.

Credit Card Debt Settlement

Many recently unemployed are struggling to make their minimum payment on their credit card debt. Unable to even pay the monthly minimums on their credit cards, they are beginning to panic. In an effort to stay financially afloat, they are reaching out to credit card issuers in the hopes of negotiating a reduction in their credit card obligations. Typically this involves securing the services of a credit-counseling agency, who will negotiate a lower rate or lower the amount of debt owed. Participation in a debt-management program may appear on the borrower’s credit report but as long as the credit-counseling agency makes the payments on time, it will not affect the individual’s FICO score, Fair Isaac says.

Federal Student Loan Payment Options

If you fail to make payments on your federal student loan for nine months, the loan will be considered in default and will likely be turned over to a credit collection agency. Federal student loans are a unique animal in that the federal government has the power to garnish your wages in order to satisfy the debt. They can do this without even having to go to court. Federal student loan debt never goes away. It stays with you until it is paid off. Bankruptcy filing will not relieve you from the debt either. It sticks with you for life. There are things you can do, however, to work out a payment plan with the lender. One is Forbearance. Forbearance allows you to postpone payments or pay a lower amount each month. Forbearance is something that must be agreed to by the lender. During forbearance, interest continues to accrue. A second option is Income-Based Repayment plans. These plans allows borrowers to cap their payments based on their ability to pay. Most borrowers who qualify for this program will never have to pay more than 10% of their income.Those who fall below 150% of the poverty level won’t have to make any payments at all. It is a temporary solution, but one that may get you through your period of unemployment. To find out if you qualify you must reach out to your lender. You can learn more about the program Google IBRINFO. The best part about this program is that it does not impair your credit, unless you go into default. So you must comply with the monthly payment terms.

Rachel

Ian Hollander asked:




When most folks start considering fixing their credit
reports, the very first consideration usually is the cost,
and legality of the credit repair process. Cost is an
important variable for an obvious reason, these are
typically people like you and I who have had some form of
financial difficulty in the past ( or even while trying to
fix your credit) and you certainly do not want to compound
the problem by taking on another financial obligation you
cannot afford.

The other consideration should be the legality of the repair
process you are considering. Now, let me first make one
thing very clear. For the most part, by and large, most
mainstream credit repair techniques are totally and
completely legal. There are very specific and definitive
laws which not only give you the right to dispute items on
your financial file that you feel are incorrect, but also
lay out a very consumer friendly ( this is good for us! )
process by which the credit bureaus must follow in
accommodating your challenge. There is no inherent cost for
this, ( other than time and materials ) and can be done by
ANYONE regardless of education, background or means.

So if credit repair can be done legally, and for free, why
is there such controversy about the process and costs
involved?

This is a great question. Unfortunately, what happens is
that once people recognize an opportunity to profiteer from
the pain of others, and can work in some savvy marketing
materials into the mix, you end up with all of these
expensive, exotic credit repair processes that are
confusing, shrouded in questionable ethics and
effectiveness, and at worst, potentially illegal and will
put you in a much hotter kettle of water than a bad fico
score.

Things you need to avoid? File segregation services, new ID
numbers, anything that sounds like murky, muddy advice –
probably is! Anything that promises to fix your credit using
a “computer overnight” is also worth ignoring. Again, as we
have said over and over, if it sounds too good to be true,
it is!

Can you fix your credit using legal, easy, and ethical
means? Absolutely. Can it be done quickly and for a very low
cost. Yes, it most definitely can. You are guaranteed the
right to have an accurate credit report. Congress has
mandated this for all of us. It is the backbone of a fair
and balanced economic system for all Americans. If there are
items on your report that need to be challenged, you can do
this LEGALLY and for FREE!

So if your credit is problematic, no more excuses! You are
standing on the threshold of a new financial future. Take
that next step to make it a good one.

Lillian

Ryan J. Taylor asked:




Credit repair is not just for people who are not credit worthy. Anyone at any credit score can quickly increase their credit rating with just a few easy steps. Those who need to fix bad credit, however, will see the biggest improvement in their score by following these simple steps. As a result, not only will you be able to secure better rates on your loan, but you won’t have to worry about being denied for a rental application, a new job, or your home and auto insurance policy.

Whether you had a string of trouble that damaged your credit, or you just want to polish your credit report before you submit your mortgage application, these steps will help you boost your rating and make your more attractive to creditors and lenders.

1. Pay Your Bill: Obviously, your credit score is a direct reflection of how good you are at paying your bills on time, but it is important to stress exactly how vital this is to having a good credit score. If you have been routinely late in the past, change this behavior now so you can get on good graces with your creditor. Once you’ve established that you have turned a corner, they may be willing to remove the late payment incidents from your credit report, which would instantly increase your score.

2. Use Your Credit Cards: Contrary to popular belief that you should close your credit card accounts as a credit repair strategy, this will actually hurt you for two reasons. Once, your credit score looks at how much available credit you have been extended, and two, lenders want to see a long credit history. By closing your accounts you effectively eliminate both of those cases. Instead, use your credit cards liberally and pay them off in full each month. By doing this you maintain an active credit file that shows you are capable of managing debt, which lenders like to see.

3. Increase Available Credit: Your credit score looks at your available credit to debt ratio. In other words, the more credit you have but have not used, the better. Paying off your debts is an obvious way to do this, but you can also ask your credit card companies to raise your spending limit. A quick phone call can instantly improve your rating, as long as you don’t abuse that limit increase.

4. Pay More than the Minimum: By increasing your payments on your outstanding debt you effectively manage to tackle a number of credit repair strategies. For one, you improve your available credit to debt ratio. You also establish yourself as someone who is a responsible consumer and capable of managing money and debt effectively. All good things in the eyes of a lender.

5. Review Your Credit Report: There is a one in four chance that there are errors on your credit report, and these errors could be unfairly hurting your credit score. You should review your credit report every four months and immediately contact the reporting agency to notify them of any errors. By law they have 30 days to investigate and respond to anything you bring to their attention.

These five things will get you started with your credit repair process, but there are many more quick fixes that can instantly increase your credit score. Take the time to clean up your rating before applying for a loan or asking for credit, and lenders will be begging to do business with you.

Lucille

Irena Bocheva asked:




More than 35 million Americans are asking themselves the same question. Your FICO mirrors your ability to manage finances successfully. It determines whether you’ll get approved for a loan and whether you’ll have to pay thousands of dollars on high interest rates. However, the importance of your FICO goes beyond shopping. Employers, insurers and landlords are also pulling your credit report in order to evaluate applicants. The growing significance of your credit score makes having a good credit a simple necessity.

Here are 3 simple rules that will help you understand how fast credit repair works.

1 You can’t win a game if you don’t know the rules.

Most credit repair services charge exorbitant fees for things you can do yourself IF you had the slightest knowledge about the inner workings of the credit system and the various loopholes in it. Do you know your rights under FCRA (the Fair Credit Reporting Act) and FDCPA( Fair Debt Collection Practices Act)? Do you know that you can dispute any erroneous, incomplete, incorrect, questionable, unverifiable item on your report? And not only that-you can dispute the same item with different credit bureaus, collection agencies and creditors. Do you know that all types of credit agencies are required by law to provide you with proof of claims(debt validation) if you ask them to do so? Do you know that 2 factors in your credit score formula constitute more than 70 % of your final FICO score? The more you know about how the system works, the better your chances to raise credit fast.

2 No immediate action – no victory.

Negative items stay on your report for a certain period of time. For example, a chapter 7 bankruptcy stays for 10 years. A chapter 13 bankruptcy – 7 years. Legal judgments stay for 7 years or for the duration of the statue (whichever is longer). Other types of negative info (collection, late payments, past due payment) stay for 7 years. Credit inquiries usually disappear from your report after 2 years. A lot of people simply wait patiently until these items fall off from their record. However, if you are looking for a fast credit repair or if you want to apply for a mortgage or auto loan soon, you have to take action NOW. Order a copy of your credit report, analyze it, dispute various items, negotiate with collection agencies, request proof of debt, do a balance transfer on your cards, piggyback someone else’s credit etc. In a nutshell-use all possible strategies and take immediate action.

3 Perseverance is vital for success.

The path to a better credit is not necessarily smooth. Credit bureaus might dismiss some of your disputes as “frivolous”. Collection agencies will probably be able to validate most of your debt. You won’t easily find friends/relatives that will let you piggyback their credit. Setbacks are a normal part of the process. Summon your energy and keep trying.

How to raise your credit score fast. The answer is simple. All you need is knowledge about the inner workings of the system and the various loopholes in it. Once you start thinking outside the box, you’ll be surprised to find how easy credit repair actually is.

Rick

Hyder Khan asked:




If you’re being turned down for credit left and right by every mortgage broker, credit card company, and landlord, or you’re not even able to refinance your own house, that is an indication that you have some negative items on your credit report that are scaring away lenders. You have two choices: You can either walk away and decide to wait out the next seven years until those negative items drop off your credit report, or you can take control over the situation and learn how to delete negative items from your credit report.

You may have seen those advertisements where those law firms or credit counseling companies promise to fix your credit, raise your FICO score, and get you a fresh start. How do you delete negative items from your credit report? The answer is based on a law passed by Congress in the latter half of the twentieth century known as the Fair Credit Reporting Act. This law was passed to protect consumer’s rights to access their credit report and play an active role in ensuring that it does not contain any inaccuracies or misrepresentations of your true credit profile.

If you have derogatory information contained in any of the credit reports issued by the “big three” credit bureau, you simply need to write a letter to each respective creditor disputing the accuracy of that particular entry in your credit report. By law, then the bureau must contact the creditor to verify that specific item that is in dispute. And here is where the law works in your favor: If the bureau is unable to verify the accuracy of the information within 30 days, they are required to delete that item from your credit report altogether!

Here is an example of how you would do this: Let’s say that you were late for your mortgage payment in May of last year, you simply write a letter to the credit bureau that is reporting that late payment, detailing that entry, and including your name, address, and social security number, in which you state that in accordance with the Fair Credit Reporting Act, you are disputing such and such entry as you believe it may be inaccurate. And in this letter, you must state that, in accordance with the Act, if the agency does not verify this information within 30 days, then they are required to delete the information from your credit report.

Now what if the bureau is able to contact the creditor and verify the information within the 30-day timeframe? Well, then the information stays on your credit report. What if the creditor is a little slow but gets back to the bureau within 45 days? Then yes, even though the bureau deleted the item after 30 days, the information can be added back in the subsequent month. But through patience and persistence, if you follow this method, you will eventually be able to improve your credit score. There is no 100% guarantee, however, which is why shouldn’t pay anyone to fix your credit for you, unless they offer a money back-guarantee if your credit score doesn’t improve within a specific period of time.

A couple of bits of advice: Write one separate letter to each bureau for each disputed item. For example, if you have five derogatory items on your report, that were reported to all three bureaus, then you should write fifteen letters. This way you can track the progress of each dispute, plus it guarantees that the credit agency will pay individual attention to each one. Give them more paperwork to process and they will be that much more backlogged to meet their thirty-day deadline.

And one final bit of advice: The Fair Credit Reporting Act also allows the bureaus to disregard your dispute if it s frivolous in nature. In other words, if you do something to cause them to suspect that you are just filing disputes that you know are more than likely to be accurate, just for the sake of flooding them with requests, then they can disregard your inquiry and not take it seriously. Therefore, be careful not to do things like repeatedly dispute the same item over and over again if it keeps on getting verified. The law was passed to protect the legitimate needs of consumers against credit fraud or data entry errors.

Christian

Irena Bocheva asked:




Maybe you’ve been recently turned down for a mortgage or auto loan. Or maybe you were approved, but don’t want to pay thousands of dollars on high interest. Whatever your specific situation is, fixing credit reports is always a good ides. All kinds of creditors, employers, landlords and insurers are scrutinizing your credit file in order to evaluate your application. The growing necessity of your FCIO makes having a good score a simple necessity.

Here are 3 popular misconceptions about credit repair that deter most people from trying to raise their score.

Myth #1 Times is the only cure.

Wrong!Time is NOT the only cure. And instead of waiting passively for certain negative items to fall off your record, you should take action. There are so many things( dispute, negotiation, validation of debt, lawsuits etc) you can do in order to boost your credit score fast. Certain strategies (the Rapid Rescore Dispute) can even bring changes to your report within 48 hour period. The “time rule” applies only to certain type of negative items-chapter 7 bankruptcy, foreclosure, repossession. There is not much you can do here, but wait till the punishment period is over. Everything else, however, can be changed in your favor or completely deleted from your record.

Myth #2 Only the experts know what should be done.

Wrong! Anybody could be a credit expert given the proper knowledge. Credit repair is no rocket science-the only thing required is knowledge about the inner workings of the credit system and the various loopholes in it. How is your FICO calculated? Which are the two most crucial factors for your credit score? How to request validation of debt for negative items on your report? How to convince credit bureaus, collection agencies and original creditors to remove negative items from your record? How to use the 623 Dispute Strategy? What are your legal rights according to the Fair Credit Reporting Act? The more you know about the credit system, the better your chances to raise your score FAST.

Myth # 3 You don’t stand a chance against collection agencies and debt collectors.

Wrong! Collection agencies an debt collector might sound threatening and intimidating, but they are more bark than bite. In reality collection agencies often have poor documentation to prove the validity of your debt. They also have very little money tied in the collection ( they usually pay pennies for every dollar that you owe). Under the Fair Debt Collection Practices Act collection agencies are forbidden from making harassing phone calls, threatening to garnish your wages, seize property or take you to court. Any violation of FDCP act gives you the legal right to sue them. Knowing these facts will help you realize that you have more leverage with collections than you think. Settle for 20 % or less and promise to pay ONLY if the agency removes the negative account from your report.

Fixing credit reports is not that hard. Credit tricks and little known secrets will take you to the desired destination faster than you ever thought possible. Once you start thinking outside the box, you’ll be surprised to find how easy credit repair actually is.

Clinton

Irena Bocheva asked:




Do you want to clear credit history? Are you about to make a major house or luxury car purchase but fear being turned down by creditors? Do you worry that thousands of dollars in interest hinge on 10, 5 and even 1 point in your credit score? Are you being harassed by non-stop collection agency calls? No matter what your case is, a clear credit history will lift a heavy load off you shoulders and will open many doors in front of you. There is no bad debt fairy dust that will solve your credit problems overnight. However, there are a lot of things you can do that will boost your credit in no time.

1 Your most powerful weapon-credit knowledge.

Credit consolidation agencies will charge you an arm and a leg for things you can do yourself if you had the CREDIT KNOWLEDGE. How is your FICO score calculated?What’s the difference between installment credit and revolving credit? Which matters more to creditors? Is credit time sensitive? Why does paying off an old collection can actually hurt your credit score? How to make your credit history longer? How to delete collections, late payments, liens and judgments from your report? What is the perfect balance/limit ratio on your credit cards? How to piggyback someone else’s credit?The more you know about the inner workings of the credit system, the better your chances to raise you score fast.

2 Learn to think outside the box.

According to the mainstream credit advisers fixing credit takes time, determination, financial effort, careful budget planning and patience. This formula has proven to increase credit score over time. However, most of us want that fantastic house, brand new car, personal or business loan NOW. Time is a luxury we can’t afford. And this is where credit tricks and little known secrets come into play. Why try to rebuild your credit gradually when you can focus on the negative items in your report that have the biggest impact om your score? Why pay everything in full when you can negotiate settlement for a fraction of the debt? Why getting delinquent accounts “deleted” from your report is much more beneficial that simply paying them off? Learn more about the loopholes in the system and find the shortcuts to a better credit score

3 Leverage

You do have leverage with your creditors, collection agencies and credit bureaus. For example you can dispute items on your credit report and the credit bureaus are required by law to conduct investigation in a timely manner. You can negotiate “settlement” with collection agencies that are just a fraction of the amount you owe. You can also ask creditors to delete a one time late payment due to unusual circumstances. Keep in mind that you do have leverage and make the most of it.

There are many ways to clear credit history. Just like with everything else in life there is the hard way and the smart way to do it. Once you start thinking outside the box, fixing credit should be fairly easy.

Tommy

David Lee George asked:




If you own a property, and are looking to rent you may find a lot of people interested. With today’s economic struggles, more and more people enjoy the quick and simple life of renting rather than the struggles and careful planning of buying a home. However, that doesn’t mean every potential candidate is a winner. You have to take a smart and direct approach when renting out a home, and that takes time and caution. The smart thing is to have anyone interested in renting to fill out an application, this will gather important information that will help you make the best possible choice.

Applications can help you sort out important things about potential clients like; established income, job history, roommates, credit and rent history and references. You can take your pick on which of those is more important to you, some people just want someone with good references; others want good references and an established job record. One thing that has become more and more popular to check, even with private home owners looking to rent out their property is an applicant’s credit score.

There is some concern because of credit repair companies that can fix a score within weeks. Credit repair is quickly becoming a very popular industry these days because of the hard economic situation many people face. However most experts agree that because your credit score is so difficult to maintain and improve and takes so long to do so, that if someone has used a credit repair company it shows they are serious about have a good score, and that is something to take into consideration.

Whatever you decide to do, make sure that you make a fast and smart decision about who you are allowing to rent your home. The wrong decision can cost you months of head ache and a lot of money while you try to fix the mess that can be created.

Michael

Irena Bocheva asked:




Is your credit score far from perfect? Are you planning on a major purchase or loan but fear being rejected by creditors? Don’t worry. More than 30 million Americans are in the same boat. According to the general myth, there is one sure way to fix bad credit report-time, financial effort, careful budget planning and discipline. This formula has proven to bring a gradual credit score increase. The paradox here lies in the fact that most of us need that nice house, luxury car, personal or business loan NOW, not later. Luckily, there are some less known secrets and shortcuts that can help you raise your credit in a shorter period of time.

Here are 3 rules you have to keep in mind if you want a fast credit repair:

1 Where are you?Where do you have to be?

The fist thing you have to figure out is where do you stand on the credit scale and where do you have to be. The Fico score places you somewhere on the credit scale between 300 and 850. This three digit number that the credit bureaus assign to you determines if you will get approved for a loan and if you will have to pay thousand of dollars in high interest. And not only that -the score is increasingly used by employers, landlords, insurers in order to evaluate applicants. Once you know where you stand, you have to figure out where you need to be. Different lenders have different criteria. A 700 score can be enough for one creditor to give you the most favorable loan. Yet it might be insufficient score for another lender. Do you need to raise your score with 10, 20, 50, 100, 200 points? This is vital information if you want to come up with a viable course of action.

2 The newer the debt, the bigger the influence on credit score.

In general the most recent credit history has the biggest influence on the overall FICO score. The older the negative item, the less impact it has. Credit is time sensitive and you have to keep that in mind when you embark on your credit repair program. Taking care of current late payments or bringing down current credit card balances to a healthy balance/ credit ratio will produce dramatic change in your score.

3 “paid ” vs “deleted” status.

Contrary to what many people think, a paid collection is still considered a negative item on your credit report. In other words, it still impacts your score negatively. “Deleted”collection on the other hand will instantly raise your score with more than 30 points. How do you delete a collection? You simply negotiate with the collection agency and promise to pay the settlement amount ONLY if they delete the item from your record. In a similar fashion, you can send a “goodwill” letter to your creditor explaining the circumstances surrounding your late payment and ask them to remove it from your account. A little diplomacy can really work miracles with your credit score.

These are just some of the things you have to keep in mind if you want to fix bad credit report. There are many other credit secrets that can help you boost your credit in no time. You’ll be surprised to find out how easy credit repair is once you start thinking outside the box.

Danielle