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7 Ways to build credit fast

December 24th, 2019 5:47 PM by Sam Kader NMLS# 130505

Buying a house is a process and having a good credit score is part of it. Here are ways on how you can boost your FICO score:

Make frequent payments often called micro-payments through the month to keep your credit card balances down. This will effect your credit scores by increasing/freeing up your credit line utilization.
Get a higher credit limits from your card issuer without a "hard credit inquiry".
Dispute credit report errors to get them removed. Order your free credit report every 12 months from each of the three major credit bureaus. Then dispute those errors. The credit bureaus have 30 days to investigate and respond.
Become and authorized user from a relative of friend with a long record of responsible credit card use and a high credit limit. This works best for people who have little recent credit experience and the impact can be significant.
Keep credit cards open since closing a credit card means you lose that card's line of credit when your overall credit utilization is calculated.
Mix it up - consider getting both installment accounts (equal payments for a set time) and revolving credit (you choose how much to pay with credit cards).
Pay every bill on time. Should you miss a payment by 30 day or more. Call the creditor immediately to make your payment arrangement. and ask if the credit will consider no longer reporting the missed payment to the credit bureaus. Even if the credit won't do that, it's worth getting on the account current ASAP since every month an account is delinquent - it hurts your score.

Here are some other ways that may help you as well.

Posted by Sam Kader NMLS# 130505 on December 24th, 2019 5:47 PM

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