A video here from Jeff Rose, a guest writer with Entrepreneur/Certified Financial Planner, Author and Blogger, gives some great tips and insight on how to increase your credit scores. There is no “fairy credit” godmother who can raise her magic wand, remove all your any/or all of your derogatory credit and “poof” your credit scores increase. I wish! But there are ways to help yourself. In his 10 minute video Jeff does have some great insight on what scores are comprised of and ways to help increase your scores. I know that 10 minutes may seem like a long time but really in retrospect what do you have to lose if this 10 minutes helps you save time and money in the long run?
Jeff gives you three tips on how to improve your credit score. He then explains what to look for on your credit report, and the steps you need to take to improve your credit scores. You’ll even hear his personal story on how he improved his credit score. I can say from experience, there is no guarantee that your credit score can improve by 100 points in just 5 months. Each person has their own unique credit profile and the amount of increase can vary. Don’t let that discourage you because score hacks you learn and implement can increase your score. Even if it is by 5-10 pts, it’s still improvement. Every little bit counts. Also, be mindful that creditors are not in the habit of deleting information on credit reports just because you ask them. Sometimes they may require a little homework on your part. Again, it is ALWAYS worth asking. Just remember, if there is a will, there is a way. And understand if you truly did miss a payment, or not pay a bill then it probably stays on your credit report. Though you can ask about having them “reage” your credit as a courtesy. Be persistent and diligent when working to improve your credit scores.
Overall the hopes are that this video will gives you good insight as well as gives you a good starting point in improving your credit scores.
Your credit scores are extremely important when it comes to your personal financing. They play a direct role when you are purchasing a home, renting an apartment, buying a car, etc. You will get offered better rates and terms when you have a higher credit score. Who doesn’t want that?
Food for thought and to give a little perspective, per the graph below from Equifax, 52% of people have over 700 FICO. There is room for improvement for many of us!
If you have any questions or would like to discuss please give us a call.
*Note: American Pacific Mortgage Corporation is not a credit repair company; this information is for informational purposes only. We are not licensed credit repair specialists or counselors.