How to instantly increase your credit scores with a simple

							How to instantly increase your credit scores with a simple plan
Let me start off by saying that understanding how the three major credit bureaus arrive at your credit score is one of the most powerful pieces of
knowledge you can have. Most likely this is not something that you have ever been taught. In fact, when it comes to your credit scores, the three major
credit bureaus, Equifax, Experian, and Transunion, run sort of a "black box" operation.


Here's how it all goes ...


Payment History - 35%
Your payment history is the biggest piece of the credit-score-puzzle. It indicates how well you've made payments to your creditors.


Credit Utilization - 30%
Your credit utilization is how much of your credit you're currently using. An easy way to boost your scores is to keep your balances below 50% of your
total credit limit.


Credit History 15%:
How long your accounts have been open. Longer more established accounts are more positively weighted than newer accounts.


Recent Inquiries - 10%
Your recent inquiries show any inquiry made to your credit report from a prospective creditor. Too many inquiries can cause your scores to be
lowered.


Types Of Credit In Use 10%:
How many accounts and which types. Having too many loans from finance companies (Beneficial Finance, American General, etc.) can bring down
your scores.


If you're looking for a few ways to boost your credit scores, here are some ideas!


Raise your limits!
Raising your credit limits is much easier than you might think. Most people don't realize that just by simply asking for a credit limit increase, you will
most likely get one. We have proven this over and over again with clients. Just call the phone number on the back of your credit cards, and tell them
you are considering transferring the balance to another card with a higher limit and lower interest rate, but that you would like to keep the account if
they could just raise the credit limit. In my personal experience, it has worked 100% of the time. Often they will also lower the interest rate as a bonus.
Lowering the interest rate will not help your credit score, but it will sure help your finances.


Let's say for example you have a credit card with a $5,000 credit limit, and you currently have a $4,000 balance on it (80% utilized). After your quick
phone call, they agree to raise your credit limit to $6,500 (now 62% utilized). This alone will immediately increase your credit scores. Remember in the
"Credit Utilization" section above, we want to ideally keep our balances below 50% of the credit limit. This brings us to the next powerful tip.


Lower Your Balances -
Using the existing example, your credit card has a 62% credit utilization on it. You can still maximize your scores on this card. Paying $750 down will
bring your balance down to 50% of the credit limit, or having $3,250 balance on a $6,500 credit limit credit card. Even if you can't afford to pay the
$750, you're still sitting pretty because you've already increased your scores by having your limit raised. Keep in mind, though, if you are trying to
purchase a home or a car, you can save thousands of dollars in interest on your new loan, and you can also get an even lower monthly payment, just
by paying down your existing accounts. That will result in even better credit scores and the terms of your loan will be even better than before!


The aforementioned tips have proven to be very powerful and effective in the past and have shown to help people achieve better credit scores. One
person in particular was able to get the credit limit on 3 of his cards raised, and his scores increased by 105 points immediately.


If you have a good credit history and at least 3 open, established accounts on your credit report, these tips could produce fantastic results! If you
have less than perfect credit or a negative credit history, a more aggressive approach might be the way to go.


About the Author
Raise your credit scores fast in just a few minutes
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