5 really cool ways to grow your credit score

Read Time:2 Minute, 44 Second

raise your credit score, how to raise your credit score, 5 really cool ways to grow your credit score

Don’t be a Deadbeat-Protect Your Credit!!

It’s easier than you think to have good credit

If you think paying your bills on time, wiping out your balances, and not closing too many accounts at once is the ticket to excellent credit, you’re sadly mistaken.

Yes, having a good utilization ratio — total credit used vs. total credit available in a month — factors into your score.

But while these basics keep you in the clear with your creditors, they aren’t earning you many brownie points with the credit score gods, according to Bankrate.com.

For instance, paying your credit cards on time often times isn’t enough, considering that credit scores tend to be calculated from the balance on the statement date, instead of the due date.

This means that you could pay off your whole balance, but your credit report will say otherwise, chipping away at your score.

If you want to defend your credit score from such unexpected lashings, here are bankrate.com’s 5 uncommon ways to raise your credit score.

  • Pay your bills before the statement

Balances of previous statement dates are what are usually reported to credit bureaus. If you pay most of your bill before the statement date, you can lower your utilization rate, giving you a higher credit score. However, not all lenders use the balance on your statement date. Safest bet? Call your lender and ask when the balance is reported.

  • Make multiple payments

Making more than one payment every payment period lowers the amount of credit you’re using. However, some credit cards actually put a cap on how many times you can pay per month! Safest bet? Call creditors and see how they handle multiple payments.

  • Request a good-will deletion

A good will deletion is basically asking your creditor to cut you some slack, and remove one or two bad marks on your credit, expunging the error! However, this only works if you’ve had minimal late payments and a mostly spotless payment history.  You can ask a customer service rep, but be prepared to go up the ladder if need be, it can make the difference in your credit score. According to Bankrate.com, if you qualify, often times they will approve, and you’ll be surprise how quickly your score shoots up!

  • Pay to remove collection debt

If you have a debt that’s gone into collection, collectors may agree to remove the debt if you agree to just pay it off. However, make sure you get it in writing before you agree to pay anything. The process is sometimes referred to as “pay for deletion”.

  • Protect yourself in a short sale

After a short sale, mortgage lenders tend to report that the home loan was settled for less than the full amount. That means even if the obligation was finalized and no additional money is owed, your credit could still take a brutal beating. To help lessen the damage, you can arrange with your lender not to report a balance owed.

Safest bet? Request this before or during the short sale process, because lenders lose interest in speaking with you after payment is complete.

If you’ve had trouble with the credit bureaus tell us about it in the comments.

 

 

About Post Author

Mary Alice

I cook, clean, garden and am a general annoyance to all.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
0 0 votes
Article Rating
Subscribe
Notify of

4 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Sammy Conkle
10 years ago

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.’^

Scott Hairston
10 years ago

There are three main myths about the creation of the brownie. The first, that a chef accidentally added melted chocolate to biscuit dough. The second, a cook forgot to add flour to the batter. And thirdly, the most popular belief, that a housewife did not have baking powder and improvised with this new treat. It was said that she was baking for guests and decided to serve these flattened cakes to them. This became our beloved treat of today. Whatever may be the case; all three myths have gained popularity throughout the years due to its mysterious beginnings.*

Ana
12 years ago

Hello,

This is really interesting to me. In fact, I’ve been having problems with my credit score. First of all, no one is able to tell me how much is my score. even with the free credit score reports I am not able to know my score. Second, I’ve been in collection for few years for a little amount (less than $1000) and I’ve paid it off all last year 2010. I can’t apply for any credit card because I will be declined. what should I do in order to create my credit? how?
Thank you for sharing!

Ana

Cheshire Cat
12 years ago

This is damn good information and it helped me a helluva lot. Thanks.

climate change, people cause climate change Previous post Report: Climate change happening now because of people
sarah palin president. sarah palin media sideshow Next post Sexism and Sarah Palin a perfect storm of a media Sideshow
4
0
Would love your thoughts, please comment.x
()
x