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Credit Repair

5 Ways To Raise Your Credit Score

In the weeks or months prior to applying for a loan, everyone should try to maximize their credit score. Beyond helping to insure that you get the loan, it will also lower the interest rate you are offered, thus saving you hundreds if not thousands of dollars over the life of the loan. Here are five ways to raise your credit score quickly.

  • Request your credit report. Check for errors and immediately dispute any incorrect information. Also, if there are any credit lines that are not listed, make sure they are added.  A person who specializes in (legal) credit repair is often an asset in this phase.
  • Stop using your credit cards. By making your payments and not using the cards, you improve your credit utilization ratio, which increases your score.
  • Do not open or close any credit cards. This will help ‘age’ your credit history, which improves your score.
  • Pay as much as possible on each credit line. Start with the card with the highest limit, but try to get all of your credit card balances under 30% of your credit limit one month before applying for a new loan.
  • Request a credit increase. Some companies, Citi and American Express specifically, offer credit limit increases upon request. You have to have held the card for at least one year and can not have requested a limit increase within the last six months. IF they offer you an immediate increase, take it. If they request additional information, cancel the request because they are going to pull your credit report, thus lowering your score temporarily.

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