Many strategies can help your credit score to get better, but the banks and lenders don’t really want you to know this, Why exactly do they do this? Well the financial industry runs and thrives on the interest fees and penalties. So, they benefit a lot when a person has a poor credit score. The bad your credit score is, the more money they make. However, there’s a piece of good news that you can get out of this and, with some strategies, keep your credit score high.
For this reason, Boosted Roasted is committed to helping clients take control of their finances and implement strategies that help them achieve financial freedom. The following are some amazing secrets of credit repair that banks and lenders don’t want you to know.
Pay-for-Delete Agreements
You must have heard that negative marks are supposed to be on your report for about seven years. But that’s not always the case. Many agencies offer to delete those negative items if you pay them. This is known as a pay-for-delete agreement. You can either pay in full or negotiate a settlement. To do this, You first have to contact a collection agency and inquire if they provide this service. Not all collectors do so, but many small agencies do. Then, make an official document about the deal and then make the payment. Once the payment is done, soon the negative item will be removed from the report.
15-Day Credit Score Trick
Credit utilization means the amount of credit usage as compared to your limit. This plays a very important role of about 30% in deretmining your credit score. The trick to keep in mind is that you pay your balances before the statement closing date rather than the due date. This will help because the bank reports the balance as of the statement date and not when you make the payment. If the utilization is below 10%, your score will remain good and boosted. Let’s look at an example to understand it more clearly. So if you have a $100 limit, keep the balance below $100 before the close of the statement.
Authorized User for an Instant Credit Boost
One of the fastest ways to improve your score is to become an authorized user on someone else’s card. The card should have a long history and a low balance. When you are added as a user, the payment history of that card is reflected on your report. The cardholder must have a great payment history, and this will significantly boost your score. Becoming an authorized user of your close ones, such as parents, siblings, or friends who are willing to help you, will benefit you a lot.
All in all, don’t get stuck in the interest money game of banks and lenders. Instead, do better and follow the strategies properly to have a great financial future. So contact the Boosted Roasted team today, as they are readily available to guide you through this journey.
