Wednesday, June 24th, 2009

I need to improve my credit score by 4 points for a loan. Is there anyway to quickly improve your credit?

How To Improve Your Credit Score
cs asked:


I need to improve my credit score by 4 points for a loan. Is there anyway to quickly improve your credit score over a few weeks\months?

If I pay off the remainder of some of my student loans could my credit score jump immediately?

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6 Responses to “I need to improve my credit score by 4 points for a loan. Is there anyway to quickly improve your credit?”

Charles C Says:
June 24th, 2009 at 5:42 am

If you can, pay off all existing balances on every credit card that you have. It’s a great score booster. Not sure about paying down student loan debt, but I would imagine the principle is the same.

bdancer222 Says:
June 26th, 2009 at 7:06 pm

Paying off credit card balances could give your score a boost, particularly if you are carrying balances of more than 30%.

Paying off installment loans really doesn’t increase your score. Installment loans are a different category and are calculated into your score differently.

There really isn’t any other way to get a quick increase. Your score can fluxuate more than 4 points from one day to the next based on when creditors update to the credit bureau.

Cubs Girl Says:
June 29th, 2009 at 6:54 am

Yes, you score will jump up immediately if you payoff balances on student loans or credit cards. you have to remember though that credit card report to the bureaus either once a month or every quarter. So if you pay the entire amount off the bureaus will not have access to it right away.

James Says:
June 30th, 2009 at 1:25 pm

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net

stan c Says:
July 3rd, 2009 at 9:36 am

Your credit score usually changes about every 12 months. If you have $500 in a savings account, you can convert that into a secured credit card. Most banks can set it up. Make sure they belong to the credit bureaus. Used the card for gas and small items only and always pay the balance.After 6 month activity, you should have at least 4 points by then

BluePoint Says:
July 6th, 2009 at 11:02 am

One very quick way to raise your scores is to dispute any inquiries on your reports that were not authorized or are outdated.

These inquiries account for about 3 points each if you have any and are typically the easiest thing to dispute and have removed by the bureaus. Your inquiries can be found at the end of each of your reports. Please keep in mind that the inquiries that are not shown to anyone else should be left alone as they do not affect your score. You want to address the inquiries that impact your score (the report will clearly let you know which ones affect your score in the caption before the listing of those inquiries).

You can dispute these inquiries by listing them in a letter to each of the bureaus and asking that they be removed. Here are the credit bureaus’ addresses if you are interested:

Equifax
PO Box 740256
Atlanta, GA 30374

TransUnion
P Box 2000
Chester, PA 19022

Experian
PO Box 2002
Allen, TX 75013

Hope this helps!

As for paying on your student loans, if you get your total balance owed low enough this could help, but I do know that deleting inquiries from your reports is a quick way to boost your score, especially if the inquiries were not authorized or are outdated.

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