How to Raise Credit Scores?

How to Raise Credit Scores?

Raising the Credit score is on top of every consumer`s priority list. People with a bad Credit history must get hold of their Credit rating to qualify for a good Car Loan or home mortgage. Raising Credit score takes time and effort on part of the consumer.

How to Raise Credit Scores?
How to Raise Credit Scores?

If this process is not taken seriously, then the Credit score may be damaged even more severely. Consumers who have errors on their Credit report must correct them before applying for a Car Loan.

Raise Your Credit Scores – Qualify for Loans

There are many brands which are trying to assist consumers in raising Credit scores. The Credit scores can only be raised if regular repayments of liabilities are made. Consumers must be educated properly regarding the Car Loan application process. Once the application has been made and the lender is convinced regarding the applicant despite his/her bad Credit, then scores can be easily raised. If consumers remain steady on their path, Car Credit can also be improved.

What Factors Lower FICO Scores?

Consumers must have information on what factors negatively affect the FICO scores. If consumers have applied for a Loan which they cannot afford, their FICO scores will be lowered.

Lowering of FICO scores is considered as a huge dent on the consumer`s financial credibility. Those individuals who have FICO scores below 620 are considered as a bad investment risk.

Raising Credit Scores through Regular Loan Repayments

How to Increase Your Credit Score
How to Increase Your Credit Score

If regular repayments of the bad Credit Car Loan are not done on time, then the Credit scores are further lowered. The risk of Car repossession by the lender is also highly increased if repayments lag. If consumers are able to make regular repayments and correct inaccuracies on their Credit report, then their FICO scores will be highly increased. There is a certain procedure which must be followed for raising Credit scores.

Steps to Raise Credit Report – Order a Copy of Credit Report

The consumer must order copies of his Credit reports. The Credit report can be ordered by contacting three different Credit bureaus. These Credit bureaus are Equifax, Transunion and Experian. Online application for obtaining a copy of Credit report can be submitted or consumers may pay for benefitting from this service. Once the Credit reports have been obtained, consumers must study them carefully for errors or mistakes which lower Credit scores.

Dispute Letter & Correct Information for Raising Credit Score

Once the errors have been located, consumers may write a letter to the Credit bureaus for correction. Raising Credit scores takes time this process must be completed as soon as possible. To support the case, consumers must send a copy of their financial records. Identification number of each Credit report must be sent to the Credit bureau for reference. Any inaccuracies will be corrected within 30 days and so, consumers must keep a follow up. Raising Credit scores is very beneficial and this process must be done as soon as possible.