A low credit score can cause you to pay higher interest rates. You can raise your credit score with these 7 easy steps for fast credit report repair and pay lower interest rates.
Step # 1: Get a copy of your free credit report and scores from all three credit reporting agencies (Experian, Equifax, and Transunion). You will need these reports to determine what information needs to be corrected. The website listed below will show you how to get these for free.
Step # 2: Check all the personal information on your credit reports. This includes, name, social security number, address, telephone, etc.
Step # 3: Look closely at the negative items on your report. Make sure everything about these negative items are correct. Any incorrect entries such as dates, amounts, etc. should be reported to the agencies showing the incorrect information. You can often work with the lender that is reporting those negative items and have them removed. You never know without you ask. You may need a sample credit repair letter to get these fixed. You can obtain one of many websites on the internet. The one I have had the most success with can be found at the website below.
Step # 4: Look at all your credit limits and make sure they are properly rated on all three credit reports. If the debt to credit limit ratio is low, your score will be improved. If the credit line is reported low then this ratio will be high causing your FICO score to decrease. Use the credit repair letter to fix this.
Step # 5: Avoid applying for any credit cards or loans and do not close any credit card accounts. Closing accounts can often decrease your credit score.
Step # 6: If you can reduce as many of your debts to below 30%. Since this takes time, you may not have a chance to do this. However, this will help your score tremendously.
I will tell you it will generally take up to 30 days for any of the reported items to be reflected on your credit reports. However, if you can wait a minimum of 90 days you should be able to increase your credit score by as much as 200 points. After the 90 days get another copy of your to see how much you have improved.
Source by Michelle Travis