Thursday, September 10th, 2009

What is the best and fastest way for my husband to raise his credit score by 40 points?

raise credit points
Amy P asked:


We want to refinance to lock in a fixed rate. (and possibly pay off around $10,000 in credit card debt- but that is not necessary) He has a few late payments on a couple smaller balance accounts that are screwing up his credit score. My credit isn’t that great either, plus I don’t work (Stay at home mom) We owe $190,000 on our house and it’s been appraised (by a relator/friend) for at least $360,000. We know that his credit score will affect the refinance process but we have a few months to try to improve his credit score. Any ideas are much appreciated

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5 Responses to “What is the best and fastest way for my husband to raise his credit score by 40 points?”

Mr Chris Says:
September 13th, 2009 at 2:55 am

They are cracking down on it, but a fast and effective way is piggybacking. Here is an article on it:
?.v=1&.pf=banking-budgeting

sherryn75501 Says:
September 14th, 2009 at 6:01 am

pay all bills on time and never be late. double up on payments and consider getting rid of all credit cards except maybe one major one.

peytonbarclay Says:
September 14th, 2009 at 3:56 pm

I can’t tell you for certain what you can do in a short time to raise your score 40 points, but here are some quick ideas…

You can’t get rid of past late payments, but don’t be late on anything else. Late payments will only come off given time. Even though the credit report goes back 7 years (or more), many creditors will look favorably if you haven’t been late on anything for at least 12 straight months.

Look at your credit card balances. Are the cards nearly maxxed out? The ratio of your balance to your credit limit has a massive effect on your credit score. If you are close to maxxed out, consider taking out a home equity line of credit or a second mortgage and pay off or pay down those credit cards. I think if your cards are more than 50% of your limit, it adversely affects your score. Of course, if you take out a loan to pay off the cards, pay close attention to all the closing costs and fees because they can get up there fast.

Don’t do anything (like shopping for a new car) that will cause anyone to pull your credit score. Your score can be lowered just by having someone pull your credit score, although it usually takes several companies doing this over a short period of time for it to adversely affect your score.

You might also look for a loan that offers an opportunity to refinance again after a short time for little or no additional closing costs or fees. It would be easy to refinance at whatever the rate is now with the credit you have, then pay off your credit cards, etc. and make all your payments on time and then refinance again (say 12 months from now) when your improved credit score will qualify you for a better rate (assuming the prime rate hasn’t increased). Talk to your lender about it…they should be able to tell you what kind of credit score you would need to qualify for rate X, so you’ll know how much you have to improve your score.

B.B Says:
September 16th, 2009 at 3:03 pm

pay all things on credit report and keep paying on time..

rajesh k Says:
September 19th, 2009 at 9:41 am

Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know “How to improve credit rating, credit score” plz follow link-

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