How can I quickly raise my credit score?

How can I quickly raise my credit score?

Here are a couple things to know.

Two ways to raise your credit score, fast.

 

First Step:

Know what type of credit issues you have?

  1. Lacking credit. This means you don’t have enough credit on your credit report.
  2. Over extended credit. This means you have more debt than you can afford to repay.

Other possible questions:

  • What is perfect credit? Anyone who has a credit score of 740 or greater is considered ‘excellent’ or ‘perfect’ credit. The majority of Americans have scores way below excellent, so you are not alone. 

Maybe you are lacking credit, maybe you are over extended, or perhaps you are a hybrid of both. Most importantly, if you are unsure how your credit looks. Find a credit monitoring system to pull your credit report. This credit report needs to show you a comprehensive look at the FULL history and the FULL report for ALL three credit bureaus. Make sure you find a really good company that will really help you attack your credit issues. 

We strongly recommend www.checkit.credit

Second Step:

Once you get your report from www.checkit.credit or another company, look at it. 

Here is what to look for:

  1. How many revolving accounts? Make sure you have a minimum of THREE revolving accounts.
    • What is a revolving account? Any type of a credit line that you have multiple options to pay on a monthly balance. Like a credit card, where you can pay just a little portion or the whole thing off. 
  2. How many installment accounts? Make sure you have at least ONE open installment account.
    • What is an installment account? Any type of set term and set payment structure… You can pay more than what you owe per month, but not less. This would be like a mortgage or car loan.
    • I don’t have an installment account? Sign up with us www.canrentbuildcredit.com to start your first installment account with the credit bureaus. Claim your rental payment and history on your credit report. Plus it can help your credit grow every month.
  3. Are you over extended on your credit?  Look at your checkit.credit score factors report. This report will tell you bureau by bureau, what your utilization rate is.
    1. What is a good utilization rate? The people who have the best credit scores generally have between 3-12% utilization rate. Ideally, you want your utilization rate at 10%, but up to 30% is still okay.
There are other services available to help you build better credit, email us and we will be happy to send you some more info.  

1. You Sign Up

CanRentBuildCredit.com has only 3 quick questions.

  1. To get your information
  2. To get your landlord’s information for your payment history
  3. To choose which product you want to purchase.

2. We Verify Your Information

CanRentBuildCredit.com starts by confirming the information you provided on your landlord / property manager through independent data research to make sure it is complete and accurate.

We then verify the information you provided on your application with the landlord /property management company to make sure it is accurate. Once we establish a connection with your Landlord, we then invite them to link their account to our bank level bill payment system.

If for any reason CanRentBuildCredit.com is unable to verify your rent or your landlord will not except ACH direct payments, we will promptly give you 100% refund. 

3. CRBC Verifies Payments & Reports Credit

After your account is established with CanRentBuildCredit.com, you will pay your rent through our online portal.  Once the funds have been received, we will verify that the funds meet or exceed the amount due for your monthly rent.  Then, we report (on the 21st of every month) to all three of the national credit bureaus: Experian, Equifax, and TransUnion. This can show on your credit report in as little as 7 days.  

Note: Processing payments through our system can take up to 5 days.  We suggest that all renters make payments a minimum of 5 days before the past due date.