The Best Credit Repair Hacks for Improving Your Score

How to repair your credit can be a five finger exercise as long as you are well aware of your current standing. The easiest way to go about it is to keep track of your credit reports, understanding the intricacies of the systems and taking responsibility of all the payments.

Following are a few hacks to help you improve your current credit score.

1.    Negotiate Your Way out

In the real world, you do not get what you deserve; you get what you negotiate for. It is always advisable to tick debts of small accounts off your credit report through settlements with the bureau. Bureaus aren’t usually interested in going through so much paperwork over these miniscule debts – a fact very few people are aware of. Once they are out of your credit sheet, your score will soar.

2.    Understand the Workings of Your Credit Bureau

Knowing thy enemy can be important. But, knowing your credit bureau and its policies is the most important factor in lowering your credit score. Do your research on all the policies and try to align them with your previous credit history. That will help greatly in determining the root of your low scores. You will then be able to formulate an effective strategy accordingly.

3.    Reduce Your Credit Utilization Ratio

Credit utilization ratio estimates your currently accessible balances in relation to your credit capacity. It is always advisable to play safe and try to keep your credit utilization ratio at or below 30%. The lower it is, the better it will be for your scores. However, no usage of your credit can adversely affect your report and will make your creditors question your credit management skills. Stay on your toes and be an efficient payer, and do not exceed your limits unnecessarily.

4.    Report the Card as Lost

Not a very ethical approach per se, it will however help you get out of a fix. Moreover, since your data will be refreshed, your credit may well be reborn out of the ashes. Yet, it can be a total hassle because different bureaus have different policies to cater to such issues and are prudent to boot.

5.    Find Allies for the Authorized Usage of Someone Else’s Credit Card

That’s the trickiest of all. Finding someone who can be held accountable for your credit is extremely difficult and comes with its own set of risks. However, if you find an ally, your scores will rise in no time. Some of the benefits include an effective history of trade line, timely payments, and initiation of trust with the bureau.

6.    Applying for Increase in the Current Limit with No Intentions of Using It

Why be reactive when you can be proactive? As long as you have a decent credit record, you can easily request an increase in your credit limits. This will keep your payments down and your scores up.

 

If you are looking out for more credit repair tricks, please visit http://quickcreditrepair.com/blog