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How To Improve Credit Score Quickly In Burlington

How To Improve Credit Score Quickly In Burlington

Most methods to improve credit score quickly can be relatively unknown. As your credit history usually takes at least that long to create and then reflect any changes, it’s difficult to make anything to do with credit scores most quickly. Or is it?


We know of two ways you can improve credit score quickly without having to wait months. Our customers have used these techniques to make gains on their credit score within 60 days. That’s fast in the financial world!


If you’re planning for a car loan in the near future, these two tricks can help.


Rebalance your credit utilization


Credit utilization is second only to payment history in making up your credit score. If you can do anything to balance that utilization, it can impact your credit score quickly.


Credit utilization is the amount of available credit you are using. The more credit you use, the higher your utilization ratio. While there isn’t a ‘perfect’ ratio, it is widely accepted that 30% or below is the ideal.


Pay off any debts you can, especially credit cards can reduce your utilization ratio. This in turn can begin improving your credit score from the next payment cycle.


For example, say you have two credit cards with a total credit limit of $10,000. You’re using $4,000 of that which means your utilization stands at 40%.


That’s over the ideal, so paying off even $1,000 of that brings you under the ‘ideal’ limit which will have a beneficial affect on your credit score.



Check for mistakes or inaccuracy


Correcting mistakes in your credit report is the single easiest way to improve your credit score. That is if there are any mistakes to correct.


Credit reference agencies are very good at what they do but they aren’t perfect. Mistakes happen. Creditors or agencies who add notes onto your credit report can also make mistakes.


Checking regularly for mistakes can make a serious impact if someone gets something wrong.


You’re allowed one free credit report per year from the main agencies while some financial products offer them as part of their service. Check yours regularly for errors or mistakes and contact the organization who made the mistake and have them correct it.


You can contact the credit bureaus themselves but it’s easiest to contact the organization that made the error on your report and have them do it.


Make sure to monitor your credit report to make sure they take action. If they don’t, keep on top of it until they do. It’s their responsibility to provide accurate information, not just yours.


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Categories: Credit Score