Before storming your way in borrowing money to any lenders, you should first take into account the how can you boost your chances of being accepted to the loans you applied for. This simple tips can help you to improve your credit score fast to get that house or car of your dream.
* Know the significance of the credit score. You should know the good and middle score. The bureaus calculating your score is also essential. Middle score is determine through the average of the three credit bureaus and is necessary in house loans. Good score will give you loans that do not require account verification.
* Get your credit score from each credit bureaus as well as your credit report. Remember to obtain your report with a confirmation number because that is necessary following up any queries that you have. Why you should get these things? It is very important to know your score, for example, middle score is needed in the house loan. If you are trying to buy new car, it is necessary to know what credit bureau the dealer use.
* Now that you have both your score and report from your credit bureau, you can improve your credit score fast (it can be in 24 hours, few days to weeks) by starting an investigation (via phone or Internet) on all the credit information written in your credit report.
* Why is it necessary to dispute any bad items in your credit report? Your credit score and how it is evaluated is directly affected by your credit report. So if your credit report have the negative information in it, it can cause drop in your score significantly. Any inaccurate item in your credit report must be "fix" right away.
* You can do internal investigation with your creditor especially if they are the biggest creditors. Disputing an item will show a pending deletion on one of the credit bureaus (Experian) immediately. With this, any wrong item is temporarily suspended during the investigation.
* Pay all your debts and any other credit on time. This is the surest way to improve your credit score. As you pay collections, you should ask for a proof of item deletion and payoff or deletion letter to your creditor. Immediately fax these proofs to the credit bureaus. Usually, the report will be updated in a week but if you follow up it calmly, the changes may take effect as soon as possible, for a day.
* If you are inquiring about your loan status or other credit, try to limit it now. There are instances that this may go against you and affect your credit score negatively. For example, you are currently applying for a home loan; make sure that you will inquire for six times only in one month. If you exceed that number of inquiries, it may hurt your score. An inquiry can be classified into soft inquiries that do not affect credit report and hard pull which is the opposite.
Improving your credit score usually takes time but with the continues effort to increase your credit score can help you get the score that you will need to e approved for a home or car without down payment or with the very small interest rate.