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Monthly Archives: December 2016

5 Ways to Jumpstart Your Credit Score in 2017

1. Become an Authorized User

“One tried-and-true trick is to have someone with great credit add you as an authorized user to a card that they’ve had for a long time,” says Casey Fleming, author of The Loan Guide: How to Get the Best Possible Mortgage.

Using this method, you can piggyback off someone else’s good credit. Authorized users benefit from responsibly managed accounts because these accounts will be listed on the user’s credit report. But both you and the account holder need to be wary – if they aren’t as financially responsible as you think, or if they use their card irresponsibly, your plan can backfire and both credit scores could suffer. (Note: Authorized users can request delinquent accounts be removed from their credit reports; primary cardholders not-so-much, so be sure you’re not overcharging.)

2. Request a Credit Limit Increase

You can ask your credit card providers to increase the limits on all the cards you own. If you have a history of timely payments with your credit card provider, there’s a good chance they will negotiate. By increasing your credit limits, you’ll be improving yourcredit utilization rate, which is the amount of debt you’re carrying versus your total credit limits — and is a major contributing factor to your credit score.

Note: This will only work if you don’t increase your spending. If your credit card issuer raises your limit by $1,000, and you immediately start racking up charges that eat up the difference, the increased limit won’t do much good. Experts recommend keeping your credit card usage at no more than 30%, with an ideal balance at 10%. (You can check your credit utilization rate by viewing two of your free credit scores on Credit.com.)

Keep in mind, too, a request for a credit limit increase could result in a hard inquiry on your credit report, which can ding your credit scores, so use this strategy carefully.

3. Pay Down Your Cards

To the point above, your credit utilization rate will also improve if you pay down your credit card balances. If you have some extra funds, consider making extra payments on your credit card rather than dropping $100 at Chili’s this weekend. Doing the former can make a real difference and is a decision you’re unlikely to regret.

“Paying down your credit card balances to under 30% of the limits” will net results, says Fleming.

4. Check for Credit Report Errors 

There could be an error on your credit reports that are weighing your scores down — and, is so, its removal could quickly improve your standing. You can pull your credit reports for free each year at AnnualCreditReport.com. If something is amiss, be sure to dispute it with the credit reporting agency in question. Most credit report disputes must be resolved in 30 days; a few can take up to 45 days. You can learn more about disputing errors on your credit report here.

5. Ask About Rapid Rescoring

If you’re applying for a mortgage, one lesser-known trick is to ask your lender about a rapid rescore. Rapid rescoring services are usually provided by mortgage lenders when applicants are on the cusp of qualifying for a better interest rate.

Rapid rescoring can to help update credit reports or fix errors quickly. If you recently paid off a debt, or have proof that a negative item on your credit report is inaccurate, you can provide that documentation to the lender. The lender will then request a rapid rescore on your behalf, and either absorb the cost or pass it on to you. You’ll want to ask your lender ahead of time whether you should expect charges for the service.

“If you are working with a mortgage company for a loan, they would handle this for you and it should not [drastically] mark up the costs,” says Tal Frank, president of PhysicianLoans, a niche mortgage company. “The rescore is the quickest way to see a change in your score once balances have been paid down and repairs have been made. It can be as quick as a one- or two-day turnaround time.”

http://blog.credit.com/2016/12/4-ways-to-boost-your-credit-score-164102/

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FICO score dropped from 800 to 580 overnight, here’s how it happened..

Rapid Rescore

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I talk to a lot of people every week about their credit scores.  I spoke with a gentleman yesterday that was telling me about his credit score issue.

He was recently out of the country for a couple months and one of his accounts’ auto pay amount changed which only covered part of his monthly payment.  The bank noted this on the account and reported him late 30 days because the full payment amount wasn’t received.

Prior to this event his credit scores were in the 800’s, now they are in the high 500’s.  It had taken him years to achieve such a high credit score, and only days to lose that score.

Payment history is the biggest factor in your FICO score.  It amounts to 35% of your credit rating.

If there’s anything you do with your credit, make absolutely sure you get your monthly payment (in full) in…

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Why Did My Credit Score Drop?

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rapidrescorecredit.com

According to a 2013 survey conducted by Experian, 83 percent of Americans have checked their credit scores. The good news, though it could even be better, is that half of those respondents would like to IMPROVE THEIR CREDIT SCORES —they just do not know how.

If you notice a drop in your credit scores, there is a reason. Start the discovery process by checking the risk factors you received with YOUR CREDIT SCORES, and ask yourself the following questions:

Question 1: Are there late or missed payments I am unaware of?
Missed payments can cause your credit score to drop, and can also result in late fees or increased interest rates. As items go from 30, to 60, to 90 days late or more, your credit score can drop even further. Never let it get to that point. If you are having trouble making payments, notify your lender. There…

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Holiday Shopping And Your Credit Score

Rapid Rescore

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Credit scores can take a hit over the holidays if you put your purchases on your credit cards.  Credit utilization composes 30% of your FICO scores, which comes only 2nd to your payment history (35% of your score).

If you carry high balances on your credit cards each month, your scores are lowered because of this.  It’s best to carry no more than 10% of your credit limit on your credit cards each month for a good credit score.  You can literally experience a 50-100 point score drop if you max out your credit cards, or even worse go over the credit limit.

If you find yourself in a position where you’ve maxed out your credit cards and can only make the minimum monthly payments, it would be a good idea to investigate a new “balance transfer” credit card.

These types of credit cards will offer you O% interest for…

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Interested In Improving Your FICO Score? Read this…

Rapid Rescore

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I review dozens of credit reports every week.  And when I go through the account info, the first 2 things I look for are payment history (any late payments and how long it’s been since reported) and balances on credit cards or credit utilization (percentage of used credit).

These 2 categories make up 65% of a persons FICO score, which can impact scores significantly.

If your credit card balances are reporting over 30% of the credit limit, it’s lowering your scores.  First course of action would be to pay those down and rapid rescore those balances (takes about 7 days to update).  Once updated it will drive up your credit scores.  The higher percentage used before the update, the higher the score increase.  If your balances are over the limit and you pay down below 30%, the score increase will be significant.  Never let an account report over the limit…

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I contacted Jason to assist in cleaning up some old and bad information on my credit report and he was able to lift my score up over 60 points within 30 days. He was extremely responsive to all my questions, and helpful throughout the process. I would highly recommend Jason and his services to More

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Thought we left a review some time ago, but I was digging around for Jason’s contact info as we need his services again for a refinance. In 2014, Jason helped my dad improve his credit score through a rapid rescoring process so that he could qualify for the best mortgage rates. Jason responded More

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Response from Jason Hall on 08/18/2016

Thanks for taking the time to leave this great review! Contact me anytime with questions.

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Jason is amazing. I was pretty ignorant of the whole credit process when I contacted Jason about getting a rapid rescore by the credit bureaus of my score so I could buy a condo that I knew was available. I had bought a house in the past when I was married – but that was over 20 years ago, and I More

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Response from Jason Hall on 08/18/2016

Awesome recommendation! Thanks Bennett!

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I called Jason Hall and he was very informed and gave great advice. After the real estate crash, my wife and I had credit issues. Both of our scores were in the 500 range. Within a couple months , my wife’s score is 711, and mine is 722. Exactly the results we wanted !! We are completely thrilled!!

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Response from Jason Hall on 08/18/2016

Thanks for taking the time for this review Greg. Happy to help!

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First, I filled out the application at Rapid Rescore Credit.com and received an IMMEDIATE call from Jason. I was genuinely impressed by his knowledge and his ethics regarding honest credit repair. Not to mention, (and this is worth noting) Rapid Rescore Credit is the ONLY credit repair company toMore

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I found Jason on Zillow through some posts he responded to. I reached out to Jason and heard back from him within minutes. I followed his instruction about obtaining my credit report. Within about 15 minutes, Jason responded with some really good advice, which I am going to follow. Jason is very More

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Response from Jason Hall on 09/02/2015

Thanks for taking the time to leave a review Amanda, please let me know if you need anymore help with raising your credit scores!

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I made a direct inquiry to Jason in regards to my credit report. He contacted me within a matter of minutes and began to guide me into the right direction. Just from my first encounter I could tell that he was very passionate and very knowledgeable in his field. At no time did Jason bring up money More

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Response from Jason Hall on 06/27/2015

Thanks for the review Ferris! Honesty is the best policy and I consult many consumers each day on what they can do (on their own) to improve their credit scores. With a quick credit report review it’s easy to understand a clients credit issues and how to deal with each specific derogatory. Please let me know how your scores increase based upon my advice! Aloha, Jason Hall jason@rapidrescorecredit.com 808-633-5023

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If you need a realistic advice I suggest you contact Jason Hall!!!! I contacted Jason Hall for advice on a credit issue that I was having for my home loan. He contacted me immediately, I mean within two minutes he answered my email. But only to tell me to call him. he gave me the best advice and More

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Response from Jason Hall on 09/02/2015

Thanks for taking the time to leave feedback, best of luck in your transaction!

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Jason is a pro. He will help you. He helped me and I’m thankful for it. Jason was easy to reach, always available – but more importantly, he was easy to work with, was clear and concise in his suggestions, and gave me information that was really useful.

Got my mortgage at a great rate More

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Response from Jason Hall on 09/02/2015

You’re welcome, congrats on your new home loan. Please share my info with anyone you know that could use credit advice or our rapid rescore service!