Can you raise your credit score by 50 points or more in just a very short period of time? Well, the answer to that question is a definite ?maybe?.
First off, if you are planning on making a large purchase like a home or a car, it is best to think ahead and make sure that you can raise your score but if that hasn?t happened and circumstances are such that you must raise your score by 50 points or more in a short period of time there are some things you can try.
? Pay for Delete- If you have old collection accounts, regardless of how small they are, they will affect your credit score for 7 years past the last activity date. So if you have some of these showing on your report, you could contact the collection agencies and see if you can negotiate a ?pay-for-delete?. You pay off the account and they delete it from your account. By completely removing these negative listings you could conceivably raise your score by 50 points or more. Make sure you get all negotiations in writing and follow up and make sure that everything is deleted as per your agreement.
? Medical Collections- Contact both the collection company and the original creditor, such as the doctor, health-care facility, dentist or hospital. Offer to pay the original creditor in full if they will remove the negative listing from your credit report and notify all of the collection agencies. Again it is imperative to follow up and make sure that the negative information is removed.
? Debt to Credit ratio- Your debt to credit ratio accounts for a large portion of your credit score. This is the amount of debt you have compared to the amount of credit that you have. You need to keep it at 20% or lower to have the highest scores. To achieve a quick increase in your score you can either pay down the debt or get the limit increased. Either method should work wonders at increasing your score.
These methods may work for you if you are in a hurry and you must get your credit score raised as quickly as possible. It may work but it is not recommended.
The best way to attempt credit repair is to plan ahead, give yourself plenty of time and use disputes, debt validations and other great tips that you can find here.
