There are steps you can take in order to improve your credit scores fast. I frequently speak with individuals looking to improve their credit scores quickly due to a home loan purchase or to obtain other financing that requires good scores. While there typically is no “quick fix” there are ways that you can dramatically improve your scores and improve them quickly, in particularly if you have high balances on your revolving lines.
The best way to improve your credit scores fast is to pay down your current card balances to below 10% of their respective limits. Most people do not realize the impact that their balances on their charge cards have on their actual credit scores. If you carry a balance any higher than 30% of the limit on your credit cards it will start to lower your credit scores. The higher the balance climb above that 30% threshold the lower the credit scores will go.
Think about it as if you were in the business of loaning people money that you never had the opportunity to meet, much less even speak with. If all you were able to view was their credit report, which does not display income, you may be reluctant to loan someone money who currently has high balances on their credit cards. Lenders want to see that other creditors have extended you lines of credit but you are apparently doing so well financially that you hardly need to utilize any of the credit that is available to you. That is what make someone a more “lendable applicant”.
If you are looking to improve your credit scores fast, and have questions, or need possible help with the removal of inaccurate and/or unverifiable information from your personal credit file, I encourage you to contact us at 214-207-1907. Or, submit your information via our contact button and we will contact you.