9 Credit Repair Secrets to improve FICO Score fast!
Credit repair is easier than it looks. A lot of companies claim to have credit repair secrets, but they won’t tell you what they are. That’s because at best, credit repair companies are charging a fee for things you can do yourself. Here are the best 9 Credit Repair Secrets to improve your FICO Score fast.
The first thing you should understand your FICO score. (click on the link to get details). Moreover, it is more important to know what is your situation in the current scenario of the credit market. In short, before you can change your credit rating, you need to understand what it is.
Therefore, the second thing is to collect the report from the main three agencies ( Click on the link to know from Where you get it free of cost). Then understand and analyze your credit report carefully and take action accordingly. From my experience, every credit report contains a different type of problems, negative listings and also has a different type of aspects to improve it.
The third thing you need to know a few things that will hurt your credit score and you should avoid this thing always (check the links for details). This is the precaution that may help you improve your credit score in long term.
But what you do if you need a quick boost in your FICO score? Don’t worry, Take control of your credit by using these 9 credit repair secrets the financial industry doesn’t want you to know about. They’re all legal, and we know they work based on how credit reports work.
But in practice, not all this hacks may not suitable for you or your situation so read all these but apply as per your situation or contact us for any help. This is how truly improving your credit score.
Secrets 1: dispute any mistakes or misreported items
The only way to protect yourself and your money is to stay on top of Big Brother. Keep in mind there are laws about what can appear on your credit report, and disputing these can double the rate your credit score rises, so you’ll achieve your goal of financial freedom much faster.
Of course, disputing items on your credit report can be a bit daunting. There are two ways to do it. The first option is to use various methods to remove negative item from your credit report by yourself (Do it yourself way). I already provide a lot of tricks and tips on How to dispute credit report Page.
Your second option is to take the professional help (credit Repair Services) to remove your negative from your credit report. Obviously, they will charge you but they can do it faster.
Secrets 2: Force Creditor to Validate Debt (and Excuse it)
There are specific excuses that Experian accepts to dispute debt as of August 2018 (Please check the link for details).
If you no longer have a relationship with the company, make them validate the debt. This is done through your credit report dispute. It’s also the successful defense used by many debtors in court during foreclosure, repossession, and collection hearings.
Debt validation can help you to increase your score ( For details visit our Dispute Credit Report Section ).
Tips: If you believe your rights under the FDCPA have been violated, report the violation to the Federal Trade Commission. Their website guides you through the process. Follow the link to know details about how to force Creditor to Validate Debt.
Secrets 3: Eliminate old debt – sometimes it helps
Once your account is charged off, it’s sold to a debt collector for less than 20 percent of the total balance. This gives you leverage to negotiate a settlement as low as 30 percent of the total debt. This is a trick many credit counselling companies use to consolidate and lower your bill payments.
Keep in mind, settled accounts don’t help your credit score as much as paid-in-full accounts. But they don’t negatively impact it as much as unpaid debts.
When you negotiate a debt settlement or cancellation, be prepared to receive a 1099-C tax form for cancellation of debt. The IRS considers cancelled debt to be taxable income that must report when you file your taxes.
Tips: If collectors are targeting you, don’t worry. There are laws in place that dictate how collectors can pursue you for this debt. I provide a lot of information about this on the page How to eliminate old debt.
Secrets 4: Optimize your debt ratio in a proven way
Many experts will tell you to stick to 30 percent of your available credit. The truth is the more available credit you have, the better your score will be. Maintaining low balances on credit cards can raise your score by up to 100 points.
I recommend keeping your available credit at 94 percent. What this shows creditors is that if something bad happens in your life (medical emergency, job loss, etc.), you still have access to funds to pay your bills for the next six months. This lowers your credit risk and makes you someone lenders love to work with. Follow the link to know more details about how to optimize your debt ratio.
Secrets 5: Improve your Spending Behavior and gain credit limit
(Note: Obviously many people know this trick but it’s really important to know how to do this.)
Only spending six percent of your available credit makes it difficult to gain credit increases from your credit card companies. They’re not going to raise your limits on a card you never use.
What I do is charge and maintains a high balance on each card for two months. On the third month, I pay it all off and let it sit for two months. This way, I’m using my credit card enough for the bank to continue raising my limit (thus raising my available credit) while maintaining enough available credit to keep the credit agencies happy. Master this method, and you’ll notice your score go within months.
Tips: I also provide lots of information on more powerfull life hacks Pre-due date payments and Credit Bumper to protect credit history. All this credit formula have the potential to change your life.
Secrets 6: Fix Your Credit with this FCRA Loopholes
We’ve discussed collection laws, but how creditors treat your credit report is also regulated by federal law, specifically the Fair Credit Reporting Act. There are three important sections of the FCRA that can help you clean up your credit: Sections 604, 609, and 623.
I provide information on all these FCRA loopholes in details on the How to Fix Your Credit with this FCRA Loopholes Page. These secrets also help you to improve your credit.
Secrets 7: Know Which Credit Card to Use and Avoid
Before applying for credit cards to raise your credit score, it’s important to understand how they truly impact your FICO rating.
When discussing credit limits, we’re only talking about normal credit cards, which are called revolving lines of credit. Secured credit cards (which are prepaid) and store credit cards act more like instalment loans on your credit report.
When you have bad credit, a secured credit card is the only option you have. Avoid cards with high fees and bad customer service. These cards may hurt your credit rating more than they help. I provide more information about this hack on know which credit card to use and avoid page.
Also, provide lots of information on the page Piggybackhack to boost Score. Piggybacking is probably one of the most underutilized effective ways of boosting your score tremendously with little effort or time. Visit the link to know more about it.
Secrets 8: No Credit Check Loans and Crypto currency
Today you can easily find crypto debit cards. However, debit cards don’t do anything to build your credit history or improve your credit score. You may leverage the cryptocurrency sitting in your crypto wallets to build your credit score.
A crypto-secure credit card may give you that opportunity to start. Although No Credit Check Loans and Payday Loans sometimes get a bad rap. But they have their place in the market when used responsibly.
I also provide more information on the page How No Credit Check Loans and Crypto currency help you.
There’s one final tip to get your credit score out of the gutter and make your life easier.
Secrets 9: Search Courts Records for Judgments
But if you are legitimately being sued, contact the creditor listed as the plaintiff in the court summons. Even after a judgement is entered, they are often willing to negotiate.
I’ve said it before and I’ll say it again – documentation is the secret sauce to defending yourself against debt collectors. If you can prove they violated the law in collecting your debt, you can win the case against them. This will help you to improve your credit score tremendously.
I provide more information on this on the page how to negotiate with creditor when you are legitimately being sued.
And that’s it. These are the hidden secrets credit counselling companies use to maximize your credit score. If you invest the time to overcome the hurdles placed by banks and other creditors, you’ll transcend your credit score and get the life of your dreams.
If you’re having trouble mastering these tips, don’t hesitate to contact us. We’re always happy to help people achieve their financial dreams.