What is a Good Credit Score? Here Are Some Ideas To Supercharge Your Credit Score

Credit Score

Having a good credit score is important whether you are qualified to take a loan or not. Credit Score determines the most critical aspect of your financial record; it determines your eligibility for a mortgage, a car application, rental, or even landing a better job.

Generally speaking, credit scores are number ranging from 300 to 850, these numbers determine your credit rating. Credit score is usually regulated from your credit report including your payment history, your debts, and the length of your credit history.

It is common knowledge to know your credit rating to obtain a loan or a credit card. But what exactly can you call a good credit score? There is no official definition for a good credit score but all we need to know is a good credit score is one which has a range of 700 – 850. However, there are different ways to tell if your credit score is good or bad. First, let’s take a quick look at the credit rating. Is your credit score is good or bad?

 

Is your credit score is good or bad?

Bad credit score (300 – 599), Poor credit score (600 – 649), Fair credit score (650 – 699), Good credit score (700 – 749), and      Excellent credit score (750 – 850).

If your credit score is within a range of 650 – 850, then it means you have demonstrated a great sense of responsible credit behavior, and you are eligible to apply for a mortgage or a credit card. There are various types of credit bureaus, these bureaus determine your credit score, but not all financial loaners report to all bureaus. Some report to two, some report to one, and some others report to all. The various credit bureaus are Experian, Equifax, TransUnion, VantageScore, and FICO.

However, the best and widely accepted credit measuring risk checker is FICO Scores.  A FICO Score with 620 is considered a good credit score as it is the most commonly accepted score if you are looking to apply for a loan. However, you cannot get a credit card with a credit score of 620 because this score is considered too low for most credit card issuers. So, to apply for a credit card, you will need a credit score of 750 or higher which is ‘excellent’ to be able to obtain a credit card.

Why Do You Need To Monitor Your Credit Score Regularly?

Most people don’t think it is important to check their credit score until they are ready to apply for a loan or credit card. Some have never checked their credit score before. Checking your credit score is easy. Some even avoid checking their credit score because of what they might find when they check; they have this conviction that checking their score may affect their credit. Well, checking your credit score regularly is not such a bad idea. As long as you are monitoring through a credit scoring service, then your credit would be just great.

 

There are some reasons why you should check your credit score regularly

  • Knowing Your Stand.

The most important reason why you should check your credit score is to know where you stand, and how much opportunities you have. Your credit score is the most vital part of your financial health. Not paying attention to your credit score is like ignoring your physical health. Ignoring your credit score will cripple your financial stand. Whether good or bad, it is advisable to know, not having an idea of what your credit score is can damage your financial health. Well, the good news is, if your credit score is bad, there are steps to take to improve and maintaining it.

In college, you could cram for an exam and ace it. However, your credit score is not a college examination. If you need to apply for a loan or credit card, you can’t get your credit score ready with a push of a button. It takes months, maybe years to even build up a good credit score. Monitoring your credit score gives you control over your credit and makes you responsible for keeping your score at a great place.

  • Keep your Credit Information Accurate At All Times.

Your credit report reflects your credit score. Keeping an up-to-date check on your credit score gives you a distinct knowledge of what is on your credit report. If your credit score is lower than expected, you need to double check your credit report for error or contact the credit bureaus.

  • Figure Out What Reduces your Credit Score.

While you monitor your credit score, you need to pinpoint the reason for the fall in your credit score. As you monitor, you can tell the financial actions that affects your credit scores. For instance, applying for a new credit card can affect your credit. Once you have all the information you need, then you can know how exactly to stop your credit score from decreasing.

  • Respond Quickly to Changes.

Monitoring your credit score on a regular basis will help you respond to any changes made to your credit score. Your credit score is not embedded with an alert that tells you when it falls. So you need to check regularly to be updated on your score. If your credit score drops, you can use the information on your credit report to vet the score changes, and then take steps to restore your credit score as soon as you can.

  • Check-up on Your Eligibility For a Credit Offer.

For you to know when you might qualify for a better credit offer you need to keep checking. You will have a better chance of getting a credit card as your score improves. Also you get a better interest rate, reward, and other incentives. Finally you can use a good credit score as a bargaining chip to your credit card issuer to lower your interest rates. If this doesn’t work out, consider applying for a zero percent balance credit card transfer. With a better credit score, you can increase your chance of eligibility.

How To Improve Your Credit Score?

If your target is 850 credit score, there are few steps to take. However, you need to know that a perfect credit score doesn’t matter because you get the same benefits and interest rates with a 750 credit score. With a high credit score, you can make or break your qualification for a loan, credit card, or car rental. When you take a loan, you need to be able to prove that you can handle the payback time promptly. Imagine the times you pay your debts as a touchdown, and you will always be within the timeframe to set up an operational, financial tactics.

Payment History

Your payment history influences your credit score heavily. This is an important aspect for VantageScore and FICO. So, for you to stay on top of your payment, you need to set up a reminder to help you pay on time, or you can enroll for an auto-payment. On time payments applies to all bills including, cell phone services, rent, utility bills. Late payments can put a stain on your credit report for seven years, but the impact on your credit score will eventually decrease over time. Most times, the negativity on your credit score lasts for just two years, so you need to keep making timely payment, and this negativity will fade off sooner than expected.

 

Sign up for a Credit Monitoring Service

You need to monitor your credit score closely for any inaccuracies because identity theft and reporting errors can disrupt your journey to an excellent credit score. You need to be on the lookout for new hard credit inquiries. If you see some new inquiries that you did not authorized be very skeptical and call those companies before someone opens a credit account under your name. So, what you need to do is to sign up with any good credit health service to help you monitor your credit score. Also, you should make a habit of checking your credit report at least ones in 3 months to ensure you are still on track. If you find something that doesn’t feel right in your credit report, you should take steps to dispute this errors by sending a dispute letter to the credit bureaus.

 

Credit Utilization

Credit utilization is another piece of the puzzle. It measures the available balances on your credit card about the credit card limits. Your available balance needs to be higher than your debt. It is calculated as the total balance on all cards divided by the sum of credit limits.

The common rule with credit utilization is to stay lower than 30%. This technique applies to all your credit card and your total credit utilization ratio. There are some known strategies for improving your utilization ratio. These strategies works by shrinking the balance owed and maintaining or increasing the available credit. To improve your credit utilization, you can try these techniques.

  • Increase the monthly payment to decrease your credit card balance rapidly.
  • After paying off your debts, do not close the cards, leave them open to reduce your overall debt. However, always maintain the total limit.
  • Request for an increase in your credit limit on your cards.

 

Credit Mix         

Credit mix is a different type of loan product credit history. It has a much lesser influence on your credit score, but you need to also consider credit mix. The scoring model also focuses on your ability to manage your various types of finance, from credit cards to personal loans or mortgages. While having an eye-catching credit mix that can help you reach a better credit score, it is advisable not to take any financing that you can’t handle at that point. Being careful of your credit mix is important. Also, note that your credit utilization and payment history should be your principal focus.

 

Hire a Good Credit Repair Company

Credit repairs can be very challenging. Everyone wants to secure a better credit score and fast results, so if you are someone that wants to secure a better credit score and you don’t know how to do it, then hiring a good credit repair company is your best bet. There are lots of benefit to working with professionals that know what they are doing. Credit repair companies have a team of professionals with great skill set and consumer credit knowledge. They know how to use the federal consumer protection laws like the FCRA, FCBA, and FDCPA to uphold your rights. Also they know what is best for you and how to handle creditors that reports you to the credit bureaus.

How to achieve Good Credit Score

Credit Repair Company can equally save your life in any area of your credit score. With a better credit score, you can make a big difference in interest rates, employment opportunities, and insurance premiums. Although you can do credit repairs yourself, but going through credit report, credit scores or even the consumer law can be a little bit tasking, and also take a lot of your time. This process requires a calm mind and a good knowledge of this problem, and this is where the professionals step in. Some credit repair task includes

  • To identify the consumer protection law for a situation.
  • Contacting the right creditor or credit bureau to notify an issue with a score.
  • Doing a follow up on the subject matter but this depends on the response received.
  • Doing a lot of paperwork and tracking communications.

Does it sound overwhelming? This is why you need a credit repair company’s help. Why spend time struggling to make sense out of the credit repair process? Consider your options now.

 

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How Hard Credit Inquiry Removal Works? Tips From The CEO of a www.CreditRepairCo.net

credit inquiry removal

How Hard Credit Inquiry Removal Works?

Hard Credit Inquiry Removal is one of the most effective and fast strategies to boost your credit score. Please contact us if you need hard credit inquiry removal. Here is a wonderful example of hard credit inquiry removal. This particular credit report came to us a few days ago. As you can see on July 28 this client had 22 hard credit inquiries, on August 8 10 hard credit inquiries were removed and the credit score went up 24 points. We can remove hard credit inquiries from your credit report relatively fast. Removal of hard credit inquiries almost instantaneously increases your credit score.

 

Here is the best way to get rid of hard credit inquiries from your credit report:

This may be your first time hearing the word “credit inquiries”… don’t be alarmed this topic is becoming more and more popular… As credit card use is on the rise so are these notorious “credit inquiries” Every time you give a business permission to run your credit while applying for financing in some way, you will most likely get a hard credit inquiry. Too many of these hard credit inquiries and your credit score will be affected for the worse. They can even stay on your credit report for up to two whole years. It is in your best interest to get these removed asap.

 

Do I really need to get hard credit inquiry removal?

No, of course not. No one will make you remove these hard credit inquiries. But the question is do you want your credit score to be at its best? If so, then you surely want to get these removed. In the grand scheme of things hard credit inquiries only play a minor role impacting your overall credit score. But these little inquiries can make a big difference depending on how many you have and what you are trying to do…

 

What is a hard credit inquiry?

Each time you apply for credit for the first time you will receive a hard credit inquiry. You receive these because the creditor pulled your credit profile and it is a way of tracking the way you use your credit. For example: if you have too many inquiries it will show the credit bureaus that you are looking to get a high credit limit. This can lead to many other questions… Basically, it can be perceived that you are a risk with too many of these inquiries in just a short amount of time. Now that is just one example. That is why it is best not to have too many of these inquiries and even get them removed right away.

 

There are two kinds of credit inquiries

  • Hard credit inquiries show up on your credit score whenever you apply for credit for the first time and you give permission for them to pull your credit. These inquiries affect your credit score.
  • Soft credit inquiries happen when your credit is checked after the first time. Credit card companies will do this to see if you qualify for certain credit cards and so forth. That is why you get “pre-qualified” letters from credit cards in the mail. It does not mean that they did a hard pull on your credit, but they have just checked your credit profile.

 

“I have a lot of credit inquiries, is this hurting my credit score?”

  • Unfortunately, yes. Too many inquiries will lower your overall credit score and you can even be automatically denied because of them…
  • Having too many inquiries can raise a lot of questions to potential creditors. The basic question is why do you have all these inquiries? Unfortunately, you cannot explain yourself when they do a hard credit pull. Most of the time it is automated and it is just a fact that you have these inquiries… That is why it is best to get them removed to eliminate all possible doubt with your potential creditors.

 

How Hard Credit Inquiry Removal Works:

Keep in mind that all credit inquiries must be removed from your credit report after 2 years. If you do not have any plans on using your credit for anything serious in the next two years it might just be best to wait. But if you do plan on using your credit relatively soon, then it is wise to get them removed. Here is what you can do to get started:

 

Step #1

Get access to your 3 Bureau Credit Report. There are numerous credit monitoring websites out there that can provide you with your three bureau credit report. Find the one you are most comfortable with and take some time to review that report. You will want to find the section that says “inquiries” Don’t worry, you will not get a hard credit inquiry for just ordering your 3 bureau credit report…

 

Step #2

Get the address for each of the hard credit inquires. Some credit monitoring websites will provide the address freely, others will not. You need to get the addresses to your hard credit inquiries one way or another. It is a necessary step to begin the dispute process. If you have difficulty finding the address, try using a different credit monitoring website. Last case scenario, you will want to try and call the credit bureaus yourself.

 

Step #3

Draft a letter to each of the creditors asking them to remove your inquiries. The Fair Credit Reporting Act only permits authorized inquiries to show up on your credit report. You will want to challenge them in a sincere way and ask for proof that you gave them permission to give you a hard credit inquiry. If they cannot provide proof, according to The Fair Credit Reporting Act, they must remove that inquiry…

 

Step #4

Some creditors will provide data showing that you gave them permission. You will want to observe these documents very closely and look at the facts. Many times there can be irrelevant, wrong, or strange information. If that is the case stand firm and try to make your point. If they are unwavering you can let them know you will contact the State Banking Commission. Make sure to send your mail via certified mail so you will know when they receive it. They can ignore you and if they do that will be even more grounds for you to get your inquiry removed.

Here is what some clients say about our services

Starting Credit Repair and Hard Credit Inquiry removal.

If your credit ratings have been taking a beating it is time to do something about it. It is essential that you come to a stop and assess your debt situation. Bear in mind that your credit rating affects various aspects of life. Making it possible to:

    • obtain loans
    • lease cars
    • acquire lines of credit
    • and purchase a home on mortgage.

Therefore, if you suffer from bad credit and a lot of hard credit inquiries life may get tough…

Various financial institutions, real estate agencies, and even potential employers use your credit score to make a final decision. So, what can someone do to help eliminate bad credit? Well, this is where hiring a credit repair firm like Credit Repair Co may come in handy, where professionals work with you to help to:

    • save you money
    • lower interest rates on loans
    • and gain better financial position in the future.

Why hire Credit Repair Co for hard credit inquiry removal?

When you sign up for a credit repair service like Credit Repair Co, you are allowing professionals with years of experience in the field of financing and budgeting to take charge of working with credit bureaus and creditors on your behalf. Not only does this help you step-by-step in improving your credit score. It also helps you resolve financial issues. They even offer a 3 year warranty for making sure that your credit remains clean.

 

Get a Free Credit Evaluation For Our Credit Repair Services

 

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  1. Credit Repair Services we offer will cover removal of negative items on SEVEN Credit Bureaus not just Experian, Transunion and Equifax but Also on the other 4 that a lot of people have never heard of. (Innovic Data, MIB, Lexis Nexis, NCTUE)
  2. Our processors have highest security clearance with E-Oscar and Metro-2
  3. We have 2000 likes on Facebook, 11 years in business with over 10,000 happy clients. We have many testimonials to back it up.
  4. Rapid Re-scoring option is a part of our Credit Repair Services it allows us to process multiple disputes in a very short time.
  5. Part of our Credit Repair Services is a Fast track (2-5 days) processing for hard credit inquiry removal on Experian and Transunion. We also offer 30 days processing for clients on the budget.
  6. Only company in America to offer a 3-year warranty for our Credit Repair Services to make sure that when your credit is clean, it stays clean. Any new negative items that appear will be challenged within 3 years after your initial sign up at absolutely no cost to you.
  7. We are so sure you will be happy with our credit repair services we offer an unconditional money back guarantee unlike any other company offers.
  8. Seeing is believing. Our extraordinary process utilizes the most complete range of tools available to ensure that you get the best results possible.  Our results are based on real client feedback and is available for you to view in our results library.
  9. Once your credit has been improved to a manageable condition, it’s time to get you back on the track to credit success. That’s why we help you to establish brand new lines of positive credit, and credit that will help you afford such things as personal loans and property purchases.
  10. We provide services in two languages. (English and Spanish)

More information about these companies and rapid re-score.

E-Oscar

E-Oscar e-OSCAR, the Online Solution for Complete and Accurate Reporting, is a browser-based, Metro 2 compliant system that has been developed by Equifax, Experian, Innovis and TransUnion. e-OSCAR-web was designed to provide you with an online solution for processing Automated Credit DisputeVerifications (ACDVs) and Automated Universal Data forms (AUDs).

What is the Metro 2® Format?

What is the Metro 2® Format? Answer: In 1997, the credit reporting industry initiated the use of the “Metro 2®” format which became the industry standard for reporting trade line information. The Metro 2® format layout was developed by Consumer Data Industry Association (CDIA) to replace the Metro format which was developed in the late 1970’s. The Metro 2® format layout is described in the Metro 2® Credit Reporting Resource Guide.

MIB

MIB The Medical Information Bureau, Inc. (MIB), a Delaware corporation, is the world’s largest insurance reporting agency and represents approximately 750 member insurance companies.  “MIB collects and furnishes information on consumers to all Medical Information Bureau (MIB) member corporations for use in the insurance underwriting process.”

About Innovis Data

About Innovis Data They provide innovative consumer data solutions for businesses through: Identity Verification Fraud Prevention Receivables Management Credit Information As a Consumer Reporting Agency, they enable: Credit Reports Dispute Resolution Fraud and Active Duty Alerts Blocks Security Freezes Opt-Outs

Lexis Nexis

Lexis Nexis LexisNexis Group is a corporation providing computer-assisted legal research as well as business research and risk management services.

NCTUE

NCTUE The NCTUE data report is a record of all telecommunication, pay TV and utility accounts reported by exchange members, including information about a consumer’s account history, unpaid closed accounts and customer service applications.

What is a Rapid Re-scoring?

What is a Rapid Re-scoring? Rapid re-scoring is a service that lenders use to make quick updates to your credit reports. The goal is to improve the information in your credit history, resulting in a higher credit score. By removing negative items, reducing loan balances, and fixing errors, it may be easier to get approved for a low-cost loan. The process is called “rapid” because updates are accelerated. Instead of waiting for information in your credit reports to be updated by regularly scheduled batch reports, you’ll manually update that information with the help of your lender. For example, if you pay off a credit card, that information can be pushed to a credit bureau a few days after your payment is received, and you can then request an updated credit score from that credit bureau.

 

How To Improve your Credit Score

 

How To Improve your Credit Score tips and tricks from CEO of a Credit Repair Company

How To Improve your Credit Score

If your credit score needs a boost, there are ways to make this happen. However, you should know that these things don’t happen overnight. Credit scores take a little bit of time to come up to standard. It could take weeks, months, or even years to get a good credit score. If you have an excellent credit score, you’ll still receive the same perks as someone with a good credit score. A credit score is the compilation of your credit behaviors, and this is visible on your credit report. There are few steps to take to improve your credit score; this step will help keep your credit score in a good position.

Improve your Credit Score

  • Watch Those Credit Card balances!

Watching your credit balance is one of the major factors to improving your credit score. To improve your credit score, you need to watch your credit card balance means how much spending versus your revolving credit. If that percentage is reduced, then it will help your credit score improve. To improve your credit score, you need to pay to keep your credit balance as low as possible. If you have multiple credit cards with credit balances, combining them with a personal loan can help your credit score improve. The rule is to keep your balance as low as 30% and to do this, you need to increase your monthly payment, request for an increase on your credit limit and do not close your card after your payment is complete (keep them open)!

  • Eliminate Credit Card Balance Before Reporting Date!

Eliminating your credit card balance before reporting date is another technique to improve your credit score. If you have small balances on a few credit cards, you need to pay them off to improve your credit score before reporting date. Check your credit card statement to locate your credit card statement dates. Normally the date of the end of you statement is your reporting date. On this date your balances will be reported to credit bureaus. Your score considers your credit balance on your credit cards. Your best solution to this strategy is to gather and pay off all the balances on before they get reported to credit bureaus. That way your credit report remains perfect!

  • Leave Old Accounts On Your Report!

Don’t try to get the old accounts off your credit report; if you do that, you will keep decreasing your credit score instead of increasing it. You may believe that your old accounts on your credit report is bad but what you don’t know is, each time you take down an old debt on your credit report you end up hurting your credit score. The more you have a history of good debt, the better your credit score.

  • Pay Bills On Time!

Your payment has a significant influence on your credit score. When you pay your bills on time, you keep your credit score stable. On time payment like your rent, utility bill, phone service bills should be paid promptly. Your credit report determines your credit scores. If your credit report shows records of late payment of bills, then you should not be expecting a good credit score.

If you apply for a mortgage or credit card, you will be a victim of the hard credit inquiry. Your creditor will undoubtedly need some financial information from you, and this can only be done through hard credit inquiry. Having too many credit inquiries could have a negative impact on your credit score. Hard credit inquiry can pull down your credit score by up to 5 points. However, credit inquiries only have an effect on your score for the first year, and after two years it disappears from your credit report. If you need to boost your credit score the fastest way to do it will be by removing hard credit inquiries off your credit report.