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If you’re looking for ways to increase your score fast for a big purchase, then you have come to the right place. Unlike most people who just gung ho everything when it comes to making a big purchase, a responsible individual would do some preparation credit-wise if that big purchase requires significant financing. You can’t just decide to buy a house, a car, or obtain business financing without a carefully crafted strategy, or else you’d shell out extra thousands to hundreds of thousands of dollars of interest payments on your loan total, at the end of the term. It’s your job to make those interest payments as low as possible and the only way to do it is to know the ins and outs of the credit system that currently governs the world of consumer spending. Alternatively, you could also do it by hiring a consultant and pay thousands of dollars, but why pay when you could learn it for free here on our site and do it yourself? Either way, it’s your call, paying for it and learning it would yield almost the same result, maybe a little deviation here and there, but all in all it’s almost the same. It’s just a matter of preference, so pick your poison.
Well since you’re still reading, I guess you’re here to learn instead of opting to pay someone else to do it for you. I love the mindset, you’re obviously smart and all those things that the credit consultants know will all be here plus more. In every article, we answer advanced and technical questions that are asked a lot all over the web but lack precise and technical answers from other websites, and for this topic, we will cover how to raise your credit score by 100 points in 30 days. Since not all credit is the same we will break it down by scenarios, hoping that it will all be relatable to all of our readers and the different credit situations that they face in their daily lives.
So how do you raise your credit score by 100 points in 30 days?
Is it possible? Of course, it’s possible, I will break it down into different scenarios below.
Scenario 1:Consumer has no credit
If your credit file is still new then you can actually make more than 100 points in 30 days. Here’s the step by step process below.
Ask someone to add you as an authorized user to their aged (2+ years or more) credit card with low debt to credit ratio (30% or less) and no late payments. If you don’t know anyone that has a credit card that fits the criteria, then you can purchase one from this tradeline company. Make sure that you choose a credit card that fits the criteria, and the billing cycle fits your timeframe of 30 days. Let’s say it’s the 13th of the month today, make sure you buy a tradeline that has a billing cycle that ends between the 16th and the 30th of the month. The sooner is the date, the faster it will post on your credit report. As long as you make the order 3 days before the end of the billing cycle target date then you should be okay. The chances of you getting through for that billing cycle is pretty high. You add it close enough to the end of the billing cycle then you might see your tradeline posted on your credit report on the next billing cycle which is most likely more than 30 days. So it’s of great importance to include a margin of error on your day count since there’s a timeline that you need to follow.
Note: Preferably you add 2 or more tradelines for maximum credit score increase. If you’re buying a car or a house you need a mix of different tradelines to get approved for loans. A joint credit card account could be a lot of help too, but it’s kinda hard to find someone to add you as a joint account holder on their card. If you could find someone who you could trust such as a parent, partner, or really good friend to help you out then that would be safer and better.
Step 2:Monitor Credit
Sign up for a credit monitoring service where you get a notification once a tradeline is posted and your credit score changes. Usually, they send it by text or email. From here on forward it’s pretty much a waiting game.
Step 3:How to use it
As soon as your credit is already up, make sure that you do your purchase within 2 months from the day you purchased or added the tradelines. Most tradeline companies would remove you as an authorized user after 2 months. If you got it from a friend or family then you’ll have the tradeline until they call their credit card company to remove you as an authorized user.
Scenario 2:No derogatory accounts, multiple aged credit cards with high balance
If your credit is clean and you want to raise your credit score then below are the steps on what you need to do. Most likely the only reason why your score is down is because of your high balance, reducing your credit utilization ratio would most definitely raise your credit score up real quick.
Step 1:Tradeline Optimisation
Add the total debt that you have on all your credit cards and any revolving credit accounts(Only credit cards/Revolving accounts installment loans should never be included) and divide it by the total credit limit of all your credit cards. If the ratio is more than 30% then you need to bring it down to 30% or less, the lesser the better. Make sure you pay it 3 days before the billing cycle. You can find that billing cycle on your credit card billing statement, it’s different from your payment due date, they’re not the same. If you can’t find it, you can call your credit card company and ask them about your billing cycle. That would be the easier and faster way to get it if the numbers and dates on your credit card statement is a little bit confusing.
Step 2:Other Techniques
See if all your credit card billing cycle fits within the 30-day time frame. No billing cycle is the same, they all end on different days of the month, so if some go past the 30-day time frame, then you need to do a rapid rescore so that you could get an updated report quickly. The good thing about a rapid rescore is that you could get an updated credit report and score in 3 to 7 days. You will be needing a letter from each credit card company of your payment and account balance on their letterhead with a contact phone number after paying the credit card companies. Those documents are essential for doing the rapid rescore
Step 3:Monitor Credit
Sign up for a credit monitoring service and wait for your credit report to be updated. Your credit score would also change as soon as the updated information starts appearing on your credit report.
If the score is still not enough, you may need to add a tradeline. You can either ask someone to add you as an authorized user to their 2+ years (the older the better) high limit(low debt, must be less than 30% the credit limit or below) no late payments credit card. If you don’t know anybody that has a credit card that fits the criteria then you can purchase it with this tradeline company.
Scenario 3: No derogatory accounts, multiple credit cards that are all less than 2 years with high balance
In this scenario, the reason why your score is low is because all your tradelines are new and the balances are high. Account history comprises 35% of your score, so it’s quite essential to have some history on your report. Since the context of this article is how to raise your credit score in 30 days, building credit from the ground up is no longer feasible. Below is the step by step process on how to do it fast.
Step 1:Sourcing Tradelines
Look for a family or friend with a no derogatory aged credit card and ask them to add you as an authorized user. If you can find one you can visit tradeline supply and buy an aged authorized user tradeline. For both methods, you need to make sure that you add yourself three days before the end of the billing cycle and make sure it fits your 30-day timeframe.
Step 2: Tradeline Optimization
Bring all your credit utilization ratio down to 30% or lower. How to compute it? Just add all your credit card and revolving credit debt, then divide it by the total credit card and revolving debt credit limit. The percentage answer should be below at 30% or lower.
Step 3:Monitor Credit
Sign up for a credit monitoring service and wait for your credit report to be updated. It will usually post on your credit report 3 to 15 days after the end of the billing cycle.
Step 4:How to use it
As soon as your credit is already up, make sure that you do your purchase within 2 months from the day you purchased the tradelines. Most tradeline companies would remove you as an authorized user after 2 months.
Multiple derogatory accounts (Collections, late Payments) multiple aged credit cards with High limits
If you have cash, then you need to contact the collection agencies and work out a deal with them in writing that if you pay them they’ll remove your collection account. But before that, you need to make sure your collection accounts are still within the unsecured debt statute of limitation of your state. If it’s not then you have the leverage to bring down the debt to as low as you guys could agree on. By law, you’re not liable for the debt anymore but it’s still legal to appear on your credit report for 7 years. So if it’s within the 7 year period you’re still obliged to negotiate them in order for it to be taken off. Always remember to always have the written agreement on their letterhead with a contact number on it. Have it faxed or emailed the softcopy and also have them mail the hard copy to you.
When negotiating with the credit card and collection companies I always inform them beforehand that the entire conversation is recorded, and I would always ask the name of the person on the other side of the phone for security purposes if ever it escalates into a lawsuit if they don’t follow through with their end of the bargain.
If you were to dispute the derogatories and collections since we’re in the 30- day timeframe, I would advise you to dispute it online and by phone. Writing dispute letters which is the most effective one wouldn’t be feasible for this because we wouldn’t make it within the time frame that we’re trying to achieve for this How-to article.
Step 2:Rapid Rescore
Once you have the letterhead from the credit card and collection agencies of your derogatory account deletion you can now do a rapid rescore and get your credit report and score updated within 3 to 7 days.
Once your score is already updated and still it’s not enough, check your credit report again and check what’s taken off from the rapid rescore, and if all the accounts are not taken off yet from the rapid rescore you need to contact your rapid rescore provider and have it redone again.
If your score is not enough still, you need to check your credit utilization ratio. If it’s above 30% then you need to bring it down to 30% or lower. You could do that by paying off debt or adding a high credit limit tradeline through an authorized user account provided by yourself or by a tradeline supplier.
Multiple derogatory accounts (Collections, late Payments), multiple new credit cards with High limits
It’s the same step 1 with this Scenario Multiple derogatory accounts (Collections, late Payments) multiple aged credit cards with High limits. The only difference is the tradelines which I would discuss in step 2 below.
If your credit score is still not enough after step 1 then the next major reason why your score is low is that most of your tradelines are still considered new. You need 2+ year aged tradelines to be added to your credit card mix. Also, make sure that your credit utilization ratio is at 30% or lower.
Multiple derogatory accounts (Collections, late Payments), No credit cards
It’s the same step 1 with this Scenario Multiple derogatory accounts (Collections, late Payments) multiple aged credit cards with High limits. The only difference here is that there are no tradelines at all through consumer behavior or deletions of tradelines. Sometimes if a tradeline has a lot of late payments and into collections, you’re better off deleting through disputes or through negotiation.
After deleting all the derogatory accounts and remarks, you need to add an aged tradeline. Tradelines that are 2+ years are essential.
To summarize the above scenarios, if you have late payments and collections, then you need to remove it first before you add tradelines, it’s a two part process and might take a little longer, but the thing is you could start both processes at the same time. It’s not like one of those two-step processes where you have to finish one first to start the other one. Now if your credit is just blank or it has no derogatory remarks, then all you need to do is just add a mix of different tradelines then you’re good. All you need to do is make sure you add the right mix of tradelines that fits your credit situation, it’s very important that you get it in three days before the billing cycle, then it’s pretty much a waiting game after that. As soon as it appears on your credit report your score will automatically change too, then you could start the financing process for your purchase.
What’s an aged tradeline?
An aged tradeline is an account in your credit report that has more than 2+ years of payment history. It could be a joint account, installment account or an authorized user account. The easiest one to add to your credit report is through a credit card. Once you’re added as an authorized user, the history of that credit card, its payments, debt and credit limit will also show up on your credit report within 30 to 60 days. The next easiest one would be to be added as a joint account holder, though this one comes with an extra set of responsibilities because you will also be liable for the debt, so it very important that you need to do a lot of risk management when it comes to this. Unlike the authorized user tradeline where you also take advantage of the history of the debt without its liability, a joint account comes with the history plus the responsibility of paying the debt.
How does a rapid rescore help in raising your credit score fast?
A rapid rescore is pretty much an expedited dispute process. Instead of waiting for 30 days as per the Fair credit report act, a rapid rescore could take only 3 to 7 days. You can read more about it in this article
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