Getting a second chance with credit repair

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Credit can be difficult – it’s easy to make mistakes. You apply for credit card after credit card and get approved for every single one of them. You feel like a VIP. Your buying potential seems unlimited, and the temptation to spend is strong. Then, like Brittany, you begin to rationalize your spending. “It’s only a little credit here and only a little credit there,” you think.

Sooner or later, your cards are maxed out, and you’re barely able to keep up with the minimum payments each month. You’re no longer a VIP, but a someone who is a financial risk in the eyes of creditors. You might find yourself in a situation where you may have a financial emergency that you can’t cover. Like Brittany, you may be denied for a necessary loan. Instead of being approved for credit like you were before, you face denial after denial, which can be humiliating. But when you’re faced with this situation, what can you do? Who do you turn to? It may feel like there’s no way of getting what you need, because credit impacts so many aspects of our lives – from being able to get a credit card to buying a home, to how high insurance premiums are going to be or even if you get hired for a job.

Impact of Bad Credit

Bad credit can have serious consequences and in Brittany’s case it influenced her becoming homeless and hopeless. Her credit created challenges as she struggled to find housing to rent or to own. Credit can make or break you. It can be the difference between paying or saving thousands of dollars in interest, between homelessness and having a roof over your head. Credit impacts your lifestyle and having good credit can help you have the type of lifestyle you deserve.

Going from bad to good credit may feel hopeless, and fixing it can seem impossible. Luckily, the right inspiration can lead to starting the credit repair journey. This can be daunting, but Brittany found the inspiration to start hers. It was her family. She wanted to give her child a better life. Good credit can lead to a more stable, secure future – and that’s something a lot of us want to give our children. But it can be easy to lose hope if you’re drowning in debt, or if you don’t have the credit score needed to qualify for a home.

Credit Repair

Enter Lexington Law Firm. We will challenge negative accounts on your behalf that are unfair and inaccurate. In 2017, we saw 10 million removals from our client’s credit reports. We have over a decade of experience working with hundreds of thousands of clients on working to improve their credit, making us the trusted leaders in credit repair.

We will personalize your case to your unique credit circumstances – ranging from medical bills to divorce to help you with errors on your credit reports. With extensive knowledge of consumers rights and laws related to credit reporting, and a team of paralegals and attorneys fighting on your behalf for your right to a fair and accurate credit report, there is hope. There is a second chance. We offer credit repair, credit monitoring, and identity theft protection services to help you stay on track. Lexington Law Firm wants to help you reach your goals, like Brittany did, so that you can have the second chance you deserve that can help lead you to a better future. Call today for your free credit consultation.

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Disclosure: Similar results should not be expected and are not guaranteed. Your results will vary.

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Source: lexingtonlaw.com

What is debt validation?

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Information in this article is not intended to provide legal advice for your individual circumstances and does not create an attorney client relationship with Lexington Law. If you need specific legal advice, contact an attorney in your jurisdiction.

A debt validation (or verification) letter may help you resolve some issues related to collection accounts and potentially minimize the damage done to your credit score.

For example, collection agencies may “reactivate” debt that you might have forgotten about, reporting very old debt again on your credit report. Or they may even try to collect debt that you already paid or that is past your state’s statute of limitations. In these cases, you may want to use a debt validation letter.

What Is Debt Validation?

Debt validation is simply the act of demanding that a credit agency prove that you owe a specific debt. The right to debt validation is protected under the Fair Debt Collection Practices Act.

Debt validation is simply the act of demanding that credit agency prove that you owe a specific debt.

How to Request Debt Validation

To protect your FDCPA rights, should follow a certain process. These steps help you document that you sent a proper validation letter and whether or not the collection agency responded in a timely manner.

1. Obtain a Copy of Your Credit Report

Obtain a copy of your credit report and highlight the
negative items you want to challenge. Make sure you have a basis for
challenging them. Examples for reasons include that you already paid the debt,
that you never owed the debt to begin with or that the debt is beyond your
state’s statute of limitations on collections.

2. Write and Mail a Letter

Write a letter including the reasons you feel the debt
is invalid. Address the letter to the collection agency that reported the debt
to the credit bureau. State that you’re requesting validation of the debt or
removal of the debt from your credit report. Then mail the letter and request a
return receipt so you have proof that you sent it and that the collection
agency received it.

3. Follow Up With a Challenge Letter

If you don’t receive a validation of your debt and it’s
still on your credit report, follow up with a credit challenge letter. Send
this letter to the credit bureau and include copies of any documentation you
have that disputes that you legally owe the debt. Make sure to note that you
contacted the creditor and did not receive a response to your validation
request, and include copies of the letter and the return receipt as proof.

4. Wait 30 Days for a Response

The credit bureau must investigate dispute letters. It will contact the reporting collection agency and request documentation of the debt. If the collection agency doesn’t provide sufficient documentation within 30 days, the credit bureau must remove the item from your credit report. Continue to check your credit report, even if you don’t hear from the bureau or creditor, to see if the item is removed.

How to Write a Debt Validation Letter

Dealing with collection accounts and agencies can be
stressful, and if you don’t think you owe the debt, you might also be angry. Remember,
it’s important to be as professional, clear and concise in a debt validation
letter as possible. You might need to use this letter later for proof that you
asked for validation of the debt, so you don’t want to complicate the issue or
use unprofessional wording.

Instead, keep it as brief as you can, including only what
you need to for the validation request. That includes:

  • What debt you are writing about
  • That you are requesting validation under the
    FDCPA
  • What information you are requesting
  • That you dispute the debt and request it be
    removed from your credit report
  • Your request that the creditor stop trying to
    collect the debt

Is a Creditor Required to Respond to Debt Validation?

Creditors do not have to respond to every debt verification letter sent to them. Under the FDCPA, if a collector contacts you about a debt, you have 30 days to request validation. If you send a verification request within that time, the creditor is legally obligated to respond to you. However, if you send a letter outside of that time or based on something you see on your credit report, the creditor is not legally obligated to respond.

Some people might tell you that it’s better to simply pay the debt and ask the creditor to delete the item from your report in return. That can in some cases, be an expensive proposition that doesn’t provide any results—especially if you don’t actually think you owe the money. Payment for deletion isn’t an option most creditors can back up because many collection agencies have contracts with the credit bureaus that prohibit it.

If a collector contacts you about a debt, you have 30 days to request validation.

How a Debt Validation Letter Can Help

Even if you’re outside of the debt validation window
under the FDCPA, a debt verification letter can still offer some benefits.
First, if the collector realizes that there is an issue with their information,
they might remove the negative item from your credit report. Even if that doesn’t
happen, you at least have documented proof you took these steps, and that can
help you when you try to dispute the information with the credit bureaus.

For more help with staying on top of your credit report and disputing incorrect items, get in touch with the credit consultants at Lexington Law.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Can I Fix My Credit in a Week?

If you’re getting ready to apply for a car loan, mortgage or credit card, you may have heard it’s a good idea to check your credit before doing so. But, waiting until the last minute to check your credit before applying may have you surprised — if you find you have low credit scores for any number of reasons, you may be wondering just how quickly you can fix your credit.

“Unfortunately, there are no quick fixes for credit because it took time for this problem to arise and it generally takes much more than a week to resolve it,” John Heath, a credit expert and consumer attorney for Lexington Law, a Credit.com affiliate, said in an email.

Timing Is Everything

Credit scores are based on information in your credit files, which includes new data about how you handle your accounts reported by your creditors every month, according to Jeff Richardson, a spokesperson for VantageScore Solutions.

This monthly reporting date differs from lender to lender and the monthly date your credit scores update also differs depending on the reporting bureau, which is one of many reasons the cycle for fixing your credit may take more than 30 days, Richardson said.

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Another example of timing limitations arises when you attempt to fix your credit by disputing errors on your credit reports, according to Heath. These disputes may include a current account, collection, bankruptcy, public record, tax lien or late payment that can’t be substantiated, isn’t yours, is inaccurately reported or is outdated.

“One of the major rules of the Fair Credit Reporting Act grants the credit reporting agencies 30 days to review your challenges to items on the credit report,” Heath said.

According to a 2012 VantageScore report, showing the impact of different positive and negative credit behaviors, you can typically improve your credit scores by 10 to 15 points within a few months with simple credit management techniques such as paying bills on time and paying down debt. For larger score improvements, it can take even longer depending on your specific credit report and account history.

Credit Fixes Accomplished in 30 Days

In general, the negative score impact of running up the balances on your credit cards can usually be corrected by a payoff the next month, according to Richardson.

“Pay down the balance all the way to zero, or at least under 30% of your total available credit, and you may see a credit score bump back up the next month, so long as there are no other negative credit events on your report,” he said.

Again, depending on timing, there might be one way you might improve your credit score in one week, according to Richardson.

“A score increase or decrease will depend upon when the lenders update your file,” Richardson said. “If you can find out when, say, a credit card issuer is reporting to the credit bureaus and reduce your balance significantly beforehand it is possible to see a score increase in a short time period.”

He favors taking a longer view of your credit health and improving your credit before you need to apply for any new credit, if possible.

Heath said you could spend one week reviewing your credit reports thoroughly making sure you recognize all the listings on the report and creating a budget that assures timely payments. Both of these actions, easily completed in one week, go a long way toward improving your credit in the long run.

No matter what steps you take to improve your credit scores — whether it’s to repair errors you discover or simply improve your habits — it’s important to note that these are things you can do on your own. There are also professional credit repair experts who are available to help you, but opting to turn to one for help is not essential.

If you are unsure where your credit currently stands, you can view two of your credit scores for free, updated ever 30 days, on Credit.com.

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Source: credit.com

What is an Accurate Credit Listing?

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

According to the FTC website “No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.”

This is a message that is seemingly black and white on the surface. In fact, many critics of credit repair and credit repair law firms such as Lexington Law will try to use this message to imply that there is little that can be done about bad credit, that the only recourse for people with a bad credit score is to wait for their credit to improve on its own, and that it is a futile attempt and a waste of money to work with any credit repair company.

When you take time to research the credit reporting system and your rights to dispute the questionable negative information in your credit reports, you will find that there is much more ambiguity in the FTC quote than critics of credit repair would have you believe.

This primarily has to do with the concept of accurate vs. inaccurate when it comes to the items listed in your credit reports. When we typically think of these terms, we think of them according to the dictionary definitions. In the credit reporting world, however, these two words do not mean what people think they do. While they are not wholly redefined, the definitions of these two words as they are used in the Fair Credit Reporting Act are altered when they are applied to your credit reports.

When trying to define what is accurate when dealing with the items listed in your credit reports, it is helpful to identify those things that are not accurate.

To start with, there are items that are patently inaccurate or untimely. These are listings on your credit reports that belong to another person, are duplicate entries, are the result of identity theft, have been listed longer than 7 years, etc. Because of the nature of the credit reporting system, it is surprisingly common for these types of items to end up on your credit reports.

For many people, this is the only type of negative item they believe can be disputed and removed from a credit report. The truth is there are a number of other classifications of negative items on your credit reports that you have the right to dispute.

Along with disputing negative items that are patently inaccurate or untimely, you also have the right to dispute any item you feel is misleading, incomplete, ambiguous, unverifiable, biased or unclear (“questionable”). To get a better idea of what types of negative items fall into these categories, consider the following real life account from the book “Credit Revolution: Path of the Smart Consumer“:

Mr. Telford* subscribed to the Ditech mortgage payment service, which was offered to him when he initiated his mortgage, and which breaks his monthly mortgage payment into two semi-monthly payments. A slight change in the property taxes on the property caused an increase in the amount owed each month. This change was never communicated to the semi-monthly mortgage payment service. Therefore, each month, Mr. Telford was unknowingly paying slightly less than his full mortgage amount. He did not receive any notices reflecting this shortfall. Even though Mr. Telford was making nearly the complete mortgage payment through the automated service, his credit report showed that he wasn’t making his payment at all, due to the fact that the amount paid was insufficient. When Mr. Telford went to purchase a new home, he was surprised to discover that his credit report included many non-payments of his previous mortgage.

*Name has been changed

In this case, all of the negative listings on Mr. Telford’s credit reports are accurate when using the dictionary definition of the word because the listings correspond to something that actually happened. Mr. Telford was not making full payments on his mortgage on time. But fortunately for Mr. Telford, the legal interpretation of what is accurate and inaccurate on consumer credit reports is not as cut and dried.

Mr. Telford disputed the questionable negative items listed on his credit reports because he believed they were misleading. The negative items in his credit reports showed that he missed making mortgage payments when in fact he had completely complied with the terms of his loan agreement. Mr. Telford was still a responsible consumer although when he tried to purchase a new home, his credit score mislead lenders into thinking that he was a high credit risk.

Situations like this are not at all uncommon and are the reason why you are able to dispute any of the questionable negative items on your credit reports. So when you hear that no one can legally remove accurate and timely negative information from a credit report, remember that when it comes to your credit reports, accurate has a much different meaning that most people believe.

Source: lexingtonlaw.com

I Didn’t Open All of These Accounts on My Credit Report. What Should I Do?

Free Credit Report Summary - Payment History

See your payment history?

Payment history is the record of when—and if—you pay your bills. And, it’s one of the main things that creditors look at. Payment history makes up 35% of your credit score—the biggest part. Your report card shows your grade, total late payments and more. See your payment history now »

See How You’re Using Available Credit

How you use credit affects your credit score. Use too much and your score goes down. Your credit utilization ratio, or how much of your credit limit you use, makes up 30% of your credit score. Your credit report card shows your ratio, credit card debt, credit limit and how different factors affect your score. Get your debt usage now »

Free Credit Report Summary - Debt Utilization Free Credit Report Summary - Number of Inquiries

Take a Peek at Your Credit’s Age

Credit age, aka credit history, is the age of your oldest account, not how long you’ve used credit. Creditors want older credit histories. And older accounts are better for your score. Credit age makes up 15% of your score. See your credit history and the ages of the oldest and newest account on your credit report card. Know your credit age now »

See Your Account Mix

Revolving credit, installment loans and the mix of the two—student loans, auto loans, mortgages, etc.—make up 10% of your credit score. A good mix shows creditors you can handle different types of debts. See how many revolving credit accounts and loans you have in your free credit report summary. Check your account mix »

Free Credit Report Summary - Age of Accounts Free Credit Report Summary - Account Mix

Know How Many Inquiries You Have

Every time you apply for a new credit card or loan, it can show up as a hard inquiry on your credit report. That’s true even for denied credit. And hard inquiries make up 10% of your score and can cause it to drop. Applying for credit too frequently is a red flag to creditors. When was your last inquiry? See how many inquiries you have and how long you’ve had them on your report card. Check your inquiries now »

See Why—and How—Your Score Changed

If you want the details of why your score changed, it’s all there. Simply select “See details” for “Why did my score change” to see the historical view of your credit score—and what’s changed it.

Free Credit Report Summary - Age of Accounts

Source: credit.com

How to Find All Your Debts: 4 Tips

Paying off your debts is a critical part of a healthy credit profile. Here’s what you need to know about how to find your debts.

It’s uncomfortable to admit, but it’s entirely possible that you have debts you didn’t even know about. Whether mail went missing or communication about medical debt got mixed up, it’s possible an account with your name on it is languishing somewhere in collections. Get some tips to find out all your debts so you can make educated decisions about how to clean up your credit history.


How to Find All Your Debts

Even if you keep meticulous records, it’s possible for some debts to have fallen through the cracks. And perhaps you know you owe a debt, but it’s been passed around between collection agencies so many times you’ve forgotten who currently owns the debt. Here’s how to find out which collection agency you owe or uncover debts you don’t know about.

1. Check Your Credit Reports

Our first tip for finding your hidden debts is to turn to your credit report. While not every debt is reported, many are. And if you’re in collections or have owed the debt for a while, chances are someone has placed a negative item on at least one of your credit reports.

The trick here is getting copies of all three of your credit reports from the major bureaus. Not all creditors report to all three, so TransUnion, for example, could have a detail that Equifax and Experian do not—and vice versa.

You can get one free copy of your credit report from each agency every year at AnnualCreditReport.com. (They’re available weekly for a limited time due to COVID-19.) But for those who really want to get a handle on who they owe and what’s on their report, a service such as ExtraCredit is a good choice.

ExtraCredit lets you see your credit reports from all three bureaus—anytime. The reports are pulled monthly. It also gives you regular updates on 28 of your FICO® scores, so you have a clear picture of what your credit history looks like to lenders. Plus, you can get rewards and offers for valuable credit services, including credit monitoring and credit cards.

2. Go Through Old and New Mail

Who among us hasn’t picked up the mail, only to put it in a stack by the front door and leave it there to languish for months? Life gets busy, and it can be tempting to slide unopened envelopes into a bin or drawer and forget about them. But mail can back up before you realize it, and you might miss a notice of a bill or debt.

Take some time to gather all the mail you have. Open it and sort it, carefully looking to see whether you need to take action on something or if you might owe someone money. Keep a notebook or computer nearby so you can make a list.

3. Listen to All Those Old Voicemails

Voicemail can back up just like snail mail. Many people never actually check their voicemail, assuming those who need them will call them back or text them.

Legitimate creditors and collections agencies should leave a voicemail, including contact information. They’ll also usually show up on your caller ID. 

Clear out your old voicemail, listening to each one and making notes about it. Compare that information with the notes you got from your mail and what’s on your credit report to compile a master list of debt you might owe. Keep an ear open for potential debt collection scammers and do your research before following up with anyone.

4. Contact Creditors You Think You Owe

In some cases, you know you owe someone, but it’s been a while. You can contact the last creditor you remember and find out if they still own the debt or if they wrote it off and sold it to a collection agency. They should be able to confirm your debt and give you the name and contact information for the agency that they sold the debt to, if applicable.

What to Do After You Find Your Debt

Once you go through a debt finder process and figure out who you owe money to, you have some decisions to make. Here are three tips for dealing with debt once you find it.

1. Decide Whether You Can—or Will—Pay

You might rush to pay off old debts thinking it will boost your credit, but that may not happen. Yes, the debt should then be marked as paid on your credit report. But the damage from the late payments and collection accounts could still linger.

So, you need to consider seriously how you can and will deal with old debt. If you simply can’t afford to pay, talk to a legal professional about your options, rights, and what consequences could come from paying or not paying old debt. For example, if you start making payments, the statute of limitations could restart and leave you at risk of lawsuits and legal collection activity much longer.

2. Consider Credit Repair Services

One result of digging through credit reports and chasing down old debt can be finding errors or collections you don’t actually owe. If you find inaccurate information on your credit reports, you might consider working with a credit repair service.

Credit repair services work on your behalf to dispute inaccurate information with the credit bureaus. You can actually do credit repair yourself, but if you don’t have time or just know you aren’t going to follow up, you might get more value by paying professionals to handle it for you.

3. Keep Up with Credit Reports and Debts in the Future

Finally, once you do the work to find your debt and clean it up, keep up with your credit reports in the future. While every single debt may not appear on your credit report—or appear right away—staying on top of your credit report ensures you’re aware of most of them. ExtraCredit gives you the access to your accounts that you need to keep track of your debts and your credit score.

Bonus Tip: Once you’ve found all your debts, use a debt management app like Tally to keep track of them moving forward so you’ll never have to wonder about them again.

TL;DR: ExtraCredit Could Help You Identify and Manage Your Debts

If you’ve lost track of your debts and what you owe to who, it can take some work and time to track everything down. But once you do, stay ahead of these things with help from ExtraCredit.


Source: credit.com

What’s the Fastest Way to Boost My Credit?

October 29, 2018 &• min read by Jeanine Skowronski Comments 0 Comments

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Disclaimer

Article originally published September 1st, 2016. Updated October 29th, 2018. 

It’s a common question around these parts: how do I fix my credit? And, while credit scores do have a lot of nuances, the answer is actually pretty straightforward: pay all your bills by their due dates, keep your debt levels low, add a mix of accounts as you can afford it and voila! — your credit score should rise steadily over time.

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Still, for people plagued with bad credit or someone looking to get the absolute best rates on a new loan, waiting it out can seem like an unattractive option — and so the question gets a little more pointed: how do I fix my credit fast?

Truth be told, there are no guarantees when it comes to getting a quick credit boost. Exact point increases will vary depending on your full credit profile and, even if you’re teetering toward top-tier credit, your score’s beholden to a lender’s schedule when it comes to reporting new information to the major credit bureaus.

Most creditors provide updates to the big three bureaus every month — meaning, yes, you can boost your credit in 30 days, but any shorter timeframe is admittedly a long shot.

Still, there are few steps you can take to try to raise your credit score in the short-term. Here’s a breakdown of ten of your best options.

Credit utilization ratio— how much debt you’re carrying vs. your total available credit — is a huge part of credit scores, second only to payment history. But while you can’t just erase a missed payment from your credit file (most negative information takes seven years to age off of your credit reports), you can pretty readily boost your utilization rate by wiping out big credit card debts.

Experts generally recommend keeping the amount of debt you owe collectively and on individual cards below at least 30% and ideally 10% of your credit limit(s).

So, if you’re close to maxing out one card and/or you’re carrying big balances on all of them, paying those debts down can result in a fast boost. Just be sure to pay charges off by your statement’s billing date as opposed to their actual due date because that’s when most creditors will update account information with the credit bureaus.

And, of course, refrain from making any new purchases once the debt’s been eradicated.

Essentially, a different solution to the same problem — you may be able to improve your utilization rate by getting an issuer to give you a higher limit on one of your existing cards. Just be sure not to use up that extra credit. Otherwise, this move can have the opposite effect.

And be prepared to see an initial ding to your score — creditors sometimes pull your credit when you ask for a limit increase, and that could generate a hard inquiry on your credit reports and cost you a few points.

You might easily make up those points and then some, however, if the credit limit increase is large enough.

Errors on credit reports are more common than you may think, so it’s important not to simply take a bad score at face value — particularly because getting an error removed can be one of the faster ways to fix your credit.

The Fair Credit Reporting Act requires that the bureaus investigate and remove items deemed to be errors within 30 days of a dispute being filed.

That’s why it’s a good idea to pull your credit reports — you can do so for free each year at AnnualCreditReport.com — and routinely review them for any inaccuracies that may be unduly weighing your credit down.

Once you receive a copy of your credit reports from the three major credit bureaus- Experian, Equifax, and Transunion, you can take a closer look at each item that is on there.

You have already read about getting an error removed, and this is a good step to take, but don’t stop there. Look for accounts you have on your credit profile that show late or missing payments and verify the accuracy of each item. If you see something that is wrong, send your dispute so that the problem can be investigated.

Yes, you may be paying your balances each month, and you are paying them on time, but you need to keep in mind that your creditors are reporting your balances to the credit bureaus only once per month.

If you have a credit card, for example, that you are constantly maxing out and reaching your limit on throughout the month, the statement you receive will show the balance. You make the payment, but since it was reported only once that month, it is basically showing that you are using 100% of the available balance on that credit card.

If you send in payments twice a month, however, you are essentially breaking up your payments, and you are effectively keeping your overall credit card balances much lower than if you continue to only pay once per month.

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If you want a nice boost to your credit and you want to help improve your credit utilization ratio, you can consider opening a new credit account. This is especially helpful if you find that your current credit utilization ratio is much too high.

Opening the new account adds to the available credit you have and will show that with the new balance, you are using less. However, this is not a good option if you are already juggling multiple accounts. You may end up hurting your credit instead of helping it if you try to stretch your credit too thin.

Have you taken a closer look at the current debt you owe? Have you considered negotiating the debt you have in collections to rebuild your credit? Many collection agencies will be willing to negotiate because they really won’t be losing any money on the debt if you are able to settle for less because they most likely bought the debt account for a minimal price.

It never hurts to open a negotiation to try and settle the debt you have for a smaller and more manageable amount on your credit accounts. If you find that you are unsure about this process, or if you don’t know if it is something you should do, you can always seek the help of a credit counselor to help educate you on the process and offer suggestions as to what you can do otherwise.

Another fast way to boost your credit could be to become an authorized user on someone else’s credit account. For this to be a viable and recommended option, you will need to find someone you trust, such as a close friend or relative, that is financially responsible and is willing to do this for you to help improve your credit rating.

As an authorized user on someone else’s account, their account will still show up on your credit report, and their payment history, credit utilization ratio, and credit card balances will become part of your credit history and may award you with a good credit score.  Not all credit card companies report authorized users however, so you will want to make sure that if you do become an authorized user, that the account information will show up on your credit reports.

In addition to paying on your accounts twice a month, you should also make sure to make your payments on time every month. Your payment history makes up approximately 35% of your FICO score.

If you find it hard to remember your due dates, consider placing your accounts on auto pay with reminders so it reminds you that the payment is coming due and it will then automatically make the payment for you.

Finally, make sure you are mixing up your credit choices instead of focusing on using just your credit cards, for example. Using different types of credit can boost your score fast – even though it wouldn’t be a significant boost.

If you need an appliance, instead of using your credit card, you should consider a small personal loan instead. It shows that you can effectively and responsibly utilize different types of credit.

One of the biggest hits to your credit is a bankruptcy and people are often anxious and ready to begin boosting their credit following their bankruptcy. In theory, someone looking for credit after a bankruptcy may actually appear to be less of a risk because they are not able to qualify for Chapter 7 for another eight years.

Following your bankruptcy, it is recommended that you make all your payments on time, learn how to manage your money efficiently, and find ways to reestablish your credit without trying to borrow money too soon and this could prove to be the fastest way to build credit.

You should also keep a very close eye on your credit reports and credit scores from the major credit bureaus and look for any errors or inaccuracies including any mistakes with your address, employment, or personal contact information.

The best way to start improving credit following a bankruptcy is to open a secured credit card account and make your first deposit into the account.

Although these ten strategies are a good start to finding the fastest way to boost your credit, you need to remember that it still may take several months for the credit reporting agencies to report the improvements on your credit report.

While they may be “fast” methods, they are certainly not miracle credit cures, so you need to have a fair amount of patience when it comes to seeing the positive effects on your credit report.

Be sure to dispute any errors you find with the credit bureau in question (you go here to learn how). You can also view two of your credit scores for free each month on Credit.com as you monitor your progress toward building better credit.