When it comes to cultivating a credit score you’ve probably got the good citizen routine down cold. You pay on time, try to wipe out the entire balance every month and never close too many accounts at once. Beyond the basics, though, many consumers are still in the dark about what makes their credit scores go up and down. Consumers understand that the credit utilization ratio, the total amount of revolving credit someone uses in a month, compared to the amount of available credit they have. But did you know that it’s often calculated from the total on the statement date, not the due date? So even if you pay balances in full every month, a card issuer may report a balance. That can hurt your credit score. Here are five ways you can use that bit of knowledge, along with some other expert know-how, to boost your credit rating.
PAY BILLS BEFORE THE STATEMENT DATE
The balance as of your last statement date is the balance that will be reported. So if you pay most of the bill before the statement date,you can lower your utilization rate. That can equal a higher credit score. How much you owe is 30 percent of your score and the utilization ratio is a large part of that.
MAKE A TIMELY PAYMENT
Another way to lower the balance on your statement date is to make a payment just prior to the statement date.
ASK FOR A GOOD-WILL DELETION
If you only have one or two bad marks on your credit record , you may be able to get them expunged. Say you’ve paid late, but have an otherwise spotless credit history. You can ask your lender for a “good-will deletion.” The good news: “You’ll be surprised how many times they will.” PAY FOR REMOVAL If you have an account that’s gone into collection, sometimes collectors will agree to remove the debt from your credit report if you agree to pay it off. You’d be surprised how many collection agencies will stop credit reporting in exchange for payment.
PROTECT YOURSELF IN A SHORT SALE
After a short sale, the mortgage lender often will report to credit bureaus that the home loan was settled for less than the full amount. In addition, it can also note the amount of the deficit as “balance owed” on the credit report, even though the obligation has been finalized and no additional money is owed. While the short sale will damage your credit score dramatically (as much as a foreclosure, according to examples recently released by FICO) , you can mitigate the damage slightly by arranging with the lender not to report a balance owed. The best time to negotiate this with the lender: before or during the short sale process. Source:
SmartCredit.com & myFICO.com
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