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The Potential of Credit Repair If you will be purchasing a home or refinancing a mortgage in the near future you owe it to yourself to explore the potential of credit repair. Mortgage interest rates are influenced by your credit scores; the higher your score the lower your rate. Don't assume that your credit is fine just because you have been making payments on time. Your credit scores are influenced by many subtle factors. You may be living with your mortgage payments for many years to come. You should to do everything possible to optimize your scores and get the lowest mortgage rates. Here are some powerful credit repair techniques you can utilize to fine-tune your scores starting today! Reduce Your Balances The FICO scoring model puts considerable weight on the relationship between your credit card balances and your limits. If you have the means to reduce your balances so that less than 20% of the limit is utilized you will get the maximum score benefit. This balance-to-limit ratio can swing your scores as much as 150 points, so don't neglect this powerful credit repair factor. Pay Off Consumer Debt Consumer debt includes store cards, gas cards, and furniture store loans, among others. This debt is interpreted by your credit scores as a negative and should be avoided while you are working on credit repair. There is logic behind the negative bias. Consumer debt is typically more expensive and often comes with no-payment options that can mature into budget-straining repayment plans later on. If you have this type of debt do your credit scores a favor and pay it off. Become an Authorized User This is a temporary credit repair technique, but a good one. If you have a relative or friend with excellent credit, ask them to add you to one or two of their credit cards as an authorized user. When the card is reported you will inherit the score benefit of the account. The donor's card should have a perfect payment history, be at least three years old, and have a low balance relative to the limit. In the long run authorized user accounts are not a substitute for great low-balance credit in your own name, but they are a great little credit repair score-booster. Don't Apply for Anything In the months leading up to your mortgage application you should minimize your credit activity as much as possible. Each inquiry will cost a three or four points on your score, and if you open a
new account it will depress your scores for a few months. While you are in credit repair mode, it is best to lay low and protect your credit. This does not mean that you should not view your own reports. In fact, it is always smart to proofread your credit prior to an important transaction like a mortgage. Your own inquiry will not hurt your scores. Try a Rapid Rescore If you get into a jam and are not able to pay down your balances prior to making mortgage application, don't fret, it's not too late. There is a great credit repair solution called a Rapid Rescore. This tool is available only through mortgage originators. Just pay down your balances now, get letters from the creditors stating the new balances, and give the letters to your mortgage lender. Using the Rapid Rescore program your mortgage originator will adjust your score within just a few days. It's credit repair magic. Get Professional Credit Repair Help Your credit is important. You cannot afford to ignore it. If you don't have the time to manage the project yourself don't give up, and don't worry. Hire a professional credit repair service to do the work for you. A reputable credit repair service will conduct a complete review of your credit, identify everything that can be done to optimize your scores, and insure that your credit is as good as it can be when you apply for your mortgage. Good luck! Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.
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==== ==== Credit Repair Magic Will Fix Your Credit Faster than Any Other Credit Repair System at Any Price. . . Guaranteed http://youtu.be/1RYZHv0yybU