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HOW CAN I IMPROVE MY CREDIT SCORE, IN THE SHORT TERM

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December 07 2012 - Davie
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If you want to improve the credit call me..

I have an incredible professional ethical team.... and we can get you going .
Keep the Faith.

email me or call me
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July 24
Here's an old myth that consumers AND Loan Officers need to remember.  The 50% utilization on a credit card to help your scores is NOT going to give a large increase to your credit scores.

FICO (Fair Isaac and Co.) has specific criteria when it comes to balances and limit utilization rates on revolving accounts (credit cards).  There are 3 thresholds that you need to be aware of.  These are 30%, 10%, and 0%.  If you can only afford to pay down your cards due to large limits, at least get them down to 30% of the limit to increase your scores.  Next is 10%, but the absolute best position is to have them ALL paid off completely.

The reason I say "ALL" paid off is due to the aggregate utilization calculation.  FICO takes a look at the sum of all balances and limits, this is the aggregate utilization rate.  It also takes a look at the linear utilization (each individual account).  

So the best advice for your credit scores is to pay down or off all of your credit card accounts.  Then you "rapid rescore" those account balances, or you can wait up to 30 days for the new balances to post from your creditor to the bureaus.  Then re-pull credit.

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January 03 2013
There was an article about this very issue yesterday on Yahoo.
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December 12 2012
Paying off balances for revolving accounts completely can GREATLY increase credit scores utilizing a rapid rescore process offered by some lenders.  Additionally, new credit accounts can help but be sure to check with your lender first for proper instruction before opening new accounts.
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December 12 2012
In addition to the good advice already posted on paying down below balance thresholds, if you are working with a lender/broker and the short term is well, short, ask if they have a "what-if" credit analysis program available through their credit vendor. 

It may be called by another name depending on who you talk to but we use this kind of software to pinpoint the best alternatives to improve scores using existing credit available to customers first.  Then we look at paying down balances.  For example, transferring a balance from a card with a smaller limit to a card with a larger limit can give you a 5, 10, 15 or more point push depending on what you are trying to do.   

For the actual cost, the results can be huge in terms of cost you pay for credit.  Also this is not just for people with fair-poor credit but can help people with scores of 680 and way beyond save money when they borrow.


The time it takes for the effect to take place after a pay-down or a transfer may be another 30-60+ days.  Yet again if you are in a hurry another service is available that can return re-scores in 48 hours or less.




 




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December 11 2012
Try what Wayne suggests. Once you pay down balances you can rescore within a couple of weeks with proper documentation.
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December 10 2012
There is really no short term. It takes time
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December 09 2012
Pay down credit card balances to 30% or less of credit limit. On several accts. this could result in increasing scores 40 or more points but not guaranteed. Best to talk to local lender about doing a "What If" on your credit report and see results before you proceed to reduce balance(s).
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December 07 2012
 
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