How To Increase My Credit Score Fast – A good credit score is essential to getting your home loan approved, but how can you boost your score?
First of all, have you seen your credit report? Call your credit reporting agency and ask them to get a copy of your credit file before you make any repairs!
How To Increase My Credit Score Fast
Look carefully at your credit file because there may be errors in it! Details such as a court order, judgment or default may have been listed here in error. In fact, a 2013 report by the Office of the Australian Information Commissioner (OAIC) found that 30% of Australians had an error on their credit file. What’s even more surprising is that only 60% of these people get it!
Ways To Boost Your Credit Score Fast
In addition to defaults, judgments, Part IX, bankruptcies, and other types of black marks, you can often get a low credit score if you make multiple loan applications in a short period of time. These applications are recorded as credit enquiries, and if you have only two in the last six months, you may get rejected.
Now you might be thinking that maybe you should cancel all of your credit cards so you don’t hurt your score. Well, hold on! You might be better off applying for a card, even one with a low limit and one that you pay off on time. This will improve your score within six months to a year. To make sure you pay on time, make a note on your calendar or download the app for your fancy smartphone!
Using these tips will help you avoid getting turned down for a home loan because of a low credit score! If you are concerned about your situation, call us today on 1300 889 743 or inquire online so one of our brokers can assess your situation and guide you towards the best solution.
Get a weekly summary of what’s happening in interest rates and the housing market. Plus, learn the secrets from our brokers about how lenders are changing their products. Before I tell you how we did it, I’ll tell you where we started. We are proof that no matter what your financial situation is today, there is hope for a comeback.
Top 10 Strategies To Boost Your Credit Score In No Time
In 2017, my husband and I ended our long distance relationship. He moved to Florida to marry me and start a new career.
He did a three-month coding bootcamp, after which he planned to get a job as a junior web developer.
6 months after Bootcamp, she left a horrible job situation (we both hated the job she was at. It was stressful and her bosses treated her badly).
In between job hunting, she found herself with a pile of student loans, and ended up defaulting on her loans. In short, his credit score took a hit.
Increasing Credit Score Fast
We have been married for 1 month at this point and the financial stress is crazy. We couldn’t juggle all the balls, multiple bills went unpaid, and our credit score kept dropping. BTW, my credit score is trash (I’ll save that story for another post).
I won’t cover the entire financial plan in this post, but one of the goals is to help my husband improve his credit score.
I added him as an authorized user on one of my credit cards. We checked his credit score 1 week later and it was 150 points higher than Transunion. 50 points more than Equifax. Woot!
To be honest, apart from my parents and my husband, no one would have considered using this technique. You may not have any of these as an option right now. If not, no worries. This strategy may not be the best option for you, but there are plenty of other ways to boost your credit score quickly. I’ve been researching and experimenting with different methods and will share my wins and losses here, weekly. So subscribe for updates.
Where Can I Get My Credit Score?
In other words, the more credit you can use, the better. So having a low or no balance credit card is good for your credit.
So my first step was to increase my available credit. I started with 1 credit card with a credit limit of $300. After making my payments on time for about 6 months, I became eligible for a credit line increase. I also got a second credit card from the same company, which increased my available credit.
This process is slow and steady and requires patience. Once I laid the foundation, it was easy for us to see a huge increase in my husband’s credit…
And the timing couldn’t be more perfect because we’re getting ready to move, which means we’ll soon have people looking at our credit scores.
Ways Anyone Can Improve Their Credit Score
WARNING: If you add someone to your credit card and they abuse it (eg increase your credit utilization ratio, don’t pay your bill on time) this
My husband and I did this together because we were on the same page about our financial goals. If we hadn’t, I would have had to take extra precautions to make sure I was protecting my credit.
By the way, you can also do this with a parent. If your parent has great credit and is responsible for managing their credit, you can ask them to add you as an authorized user on one of their credit cards.
Before you add someone to your credit card as an authorized user, check your credit issuer’s policy on authorized users. You want to make sure that the card issuer reports the authorized user to the credit bureaus. If the card issuer doesn’t report the authorized user, it won’t help their credit.
Your Credit Score
Also, know who you can add as an authorized user. Some card issuers (like mine) only allow you to add a spouse. Other card issuers are more lenient – so do your homework to find the right credit card for your situation.
Whether you’re adding someone to your credit card or asking to be added, it’s safest to establish some ground rules.
There are tons of resources you can use to manage your finances and improve your credit, but these 3 are staples in my house:
✔️ Credit Karma – Easily check your credit score and get an overview of what’s on my credit report
How To Increase Your Credit Score Fast
✔️ Truebill – My wife loves this app. He uses it to help him keep track of upcoming bills and track his spending.
Yes, we still have a long way to go to reach our ultimate goal of having a credit score in the high 700s/800+, but progress is promising.
I know we all want to boost our credit score quickly and some strategies, like this one, do just that. But for most it will be a journey that takes time and patience – So try not to drive yourself crazy with it.
If you try this technique, let me know how it works for you! I’ll be doing more posts soon with strategies that work for us and even ones that don’t, so if you haven’t already, subscribe for updates.
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And, my husband and I are learning as much as we can so we can build a financial future that gives us more freedom. Do you have any strategies that have worked well for you? If so, leave them in the comments. I want to know.
Matthew 5:14 – You are the light of the world. And like a city on a hill that cannot be hidden. Many people want to boost their credit score quickly to help buy a home. Credit monitoring services like Credit Karma offer a person the ability to track their credit score, however the real question is how accurate is Credit Karma? Months or even years before buying a home, potential buyers should check their credit scores and their credit history. This is especially important for first-time homebuyers who may not have as much credit history as people who have owned homes in the past. When buying a home, most lenders like to see a score of 620, although some lenders can push it into the high 500s.
A home borrower’s credit score and report make up a large part of their ability to qualify for a mortgage, as well as the type and possible size of mortgage they can get when they do. A good credit score can also help you get a better interest rate with your mortgage lender. Whether someone wants to significantly increase their score or just climb a few more points, almost anyone can take these steps to improve their credit.
When interested buyers apply for a mortgage, they should understand how their credit history is used in the process. Credit scores do not merge into one question where some applicants pass and others fail. While some people can’t get a mortgage because of their credit history, those who are likely to qualify still need to pay attention because their score can determine options.
Why Did Your Credit Score Drop After Paying Off Debt?
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