How long does credit repair take? Every credit repair specialist knows that the expected time frame for credit repair progress will be the first question on the client’s mind. It is such an important question for many clients that it is worth examining fast credit repair factors in detail. Control over the realistic time table for reaching the client’s credit repair goals will ensure long term success. https://onhomebuyingandcreditrepair.com/credit-repair-ultimate-guide/
If the client is naive enough to believe the outrageous claims of instant great credit scores that flood the internet the true credit repair professional will realize that great caution in taking on the case is warranted. You can get free credit reports every week until April of 2021 because of the coronavirus problem. Go to the official site of the three major bureaus at http://annualcreditreports.com
I find it easier to work with a different format available at a very reasonable price. Get the complete credit picture at identityiq, a site with all 3 credit reporting agencies side by side. They offer a one week trial for $1.00. You may want to continue for 2-3 months @ $21.99 per month. You can refresh every month.
Really rapid improvement is possible in some cases. Having some ready cash handy will help. What situations lend themselves to fast improvement?
High Credit Card Debt
If the credit score is weighed down by a high credit card debt to available credit ratio (30% of the total score, second only to timely payment) paying that off will result in a very impressive jump. This will happen as soon as the cards report the lower balances to the credit reporting agencies. Reporting is usually done soon after the monthly statement closes. If the big payment is made just before the card’s closing it will seem like overnight success.
Higher credit limits would also help in this category but the fact of the existing high balances will disqualify that tactic. Card issuers are getting stingier with credit limit raises since the coronavirus epidemic. A plea for higher limits must be made when it seems like the cardholder doesn’t really need it. Ideally the cardholder would have been running a low balance for several months before requesting the limit raise.
Becoming an authorized user on another’s credit card with good debt to available credit ratio and flawless payment history will provide a big boost in this category. If the primary account is old there can be a great bonus in the age category (15% of total score) by doing this as well. This excellent history will also be reported as if it were your own soon after the statement closes. Again it can seem like overnight FICO improvement by a lot of points.
If No Credit Card Get Secured Credit Card
A secured credit card is a card where you put up your own cash. You then use the card like you would use any credit card. Although you are using your own money the card will report your on time payments to the 3 major credit reporting agencies as if it were a real credit card. This enables the user to establish a track record as an on time payer. Pay it off fully every month. Running a zero balance give you a zero percent debt to available credit ratio. When your cash runs low you deposit more. You are simply spending money you would have spent anyway on gas , fast food or whatever your everyday needs require.
After a few months of this you will be in position to get a real credit card. Many lenders offer them. The best I have found that accepts everyone without a credit check is https://www.creditbuildercard.com/onhomebuyingandcreditrepair.html
Collection Expungement for Fast Credit Repair
An otherwise fine credit score can be critically wounded by a single collection especially if the collection is recent. Is the collection legit? If not or if it is unverifiable file an objection to the entry. The fact of the challenge will take the collection out of consideration until a decision is made. Warning: If the decision goes against you there will be a disappointing boomerang right back to where the score was.
Consider offering settlement in exchange for deletion. Have the cash on hand when you make the call. Get the promise to expunge in writing via an email. A paid collection is better than an unpaid collection but there is nothing that beats total expungement as if the collection never existed at all.
Unfortunately many credit reports have multiple collections and charge offs. Each one that you get rid of or settle helps some. This does not give you that dramatic sudden improvement we all want. For most people credit score improvement is a marathon, not a sprint.
Late Payment Forgiveness
Most credit card companies will forgive one late payment a year for an otherwise good customer. Call customer service and confess promising that it won’t happen again. Give them a story but nothing too far fetched. Chances are very good they will delete the late payment notation for you. If everything else is in order besides that one late payment you will get the sudden dramatic result you are looking for. If there are numerous late payments scattered around…not so much.
Adding an Installment Account
Less dramatic but still worthwhile is adding an installment account to your credit card accounts to satisfy the “types of credit” category of scoring. At 10% of your score it is worthwhile to prove that you are responsible enough to handle installment loans (loans such as car loans with a fixed monthly payment) as well as revolving credit.
It will take several months of good payment history for the new installment loan to have the desired effect. This is more in the nature of good advice than it is any guarantee of gaining dramatic fast credit repair. Now is the time to study the system for results beyond the quick fix. https://onhomebuyingandcreditrepair.com/fico-secrets-deep-dive/