Raise Credit Score Quickly – What Is The Best Way To Raise Credit Score Fast
Everybody wonders whether it is possible to raise credit score quickly? It is. But why are these scores so important? Your credit score will be used for a wide variety of purposes from applying for a job and a credit line to buying and renting a home. Naturally, your prospective employers, creditors and landlords will want a favorable credit score to protect their own interests.
So, what happened when your credit score is very near to scraping the bottom of the pond? Well, you don’t soak in self-pity in the same pond! You take the necessary measures to be at the top of the food chain, so to speak, of which the following steps are the most effective. Take note that these steps will demand time, effort and – wait for it – money to accomplish.
First, play the round robin game, which just so happens to be the oldest technique to raise credit score from the near-zero state. It can now be done with secured credit cards along with secured savings accounts. The steps are basic as well:
* Open three secured credit cards in succession with different issuers. You should open the succeeding card once you have taken out a 70% cash advance on the credit limit for the card. For each card approved and received, you must take out the 70% cash advance.
* The cash advance on the third card must then be used to open a checking account, which will then be used exclusively to make on-time monthly payments on the three new credit cards.
You have to make sure that there are no delinquencies on any of the three new credit cards and that there are no new accounts opened within 6 months at least. Although your credit score will drop a few points because of the multiple accounts being opened in a rapid manner, you should be able to raise credit score by as much as 60 points in 60 days.
Read part 2 of our raising credit scores guide by clicking here.