Many mortgage and auto loan applications face this scenario: they are looking for a loan and need just a few points to qualify for a better interest rate. The difference in interest rates can shave money on your monthly payment allows you to qualify for a higher loan amount, and could even mean the difference between getting approved vs. denied the loan. Here are some ways you can get a few points quickly.
Pay off credit card balance. Credit utilization is 30% of your credit score, and the higher your balance, the more your score is affected. Pay off one card balance to lower your credit utilization and help increase your credit score. Alternatively, you can reduce a balance that is close to the credit limit. If you have to choose between paying off a balance that is 10% of limit value and lower a balance that is 50% of the limit, lower the balance that is closer to its credit limit.
Get a credit limit increase. Increasing your credit limit lowers your credit utilization in a similar way to pay your balance does. If you are in good standing with your credit card issuer to request a credit limit increase. On the other hand, do not try to improve your exercise by opening a new account, it can backfire. The new account will lower your average credit age (15% of your credit score) and add an extra query to your credit report (10% of your score).
Ask for a goodwill deletion. If you have a previous late payment or a criminal account, which is close to falling off your credit report, ask the creditor to remove the negative entry from your report. Explain that you are trying to get approved for a mortgage and have the item removed from your credit report would help tremendously. If crime was a long time ago and you have since paid your accounts on time, use it to your advantage. Try to get your goodwill request to someone higher up in the company. Lower-level representatives rarely have the power to remove anything from your credit report.
Do not let the error stay on your credit report. There is no good reason to leave an error on your credit report, especially if it is to keep you from getting a better loan rate. Dispute errors with the credit bureau or the creditor who listed the error on your credit report. If you do not have enough time to wait 30-45 days for a full investigation, ask your mortgage lender or broker how rapid rescoring can help you. Disputes may work well for bad debts with the creditors can not come into contact with. The credit bureau may not be able to contact them either and unverified debt to be removed from your credit report.
Meanwhile, keep the credit score you have right now and not do things that would make your credit score drop. Continue to pay all your accounts on time, even the accounts that are not listed on your credit report right now. Avoid creating new credit card purchases. Finally, refrain from applying to all new accounts.
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