Need A Loan Raise Your Credit Score Fast!

Often people make the mistake of thinking that if they gradually pay down a large credit card balance over a few years, credit bureaus will look on them as a good credit risk. Intuitively, this seems to make sense. After all, if you always make your payments on time, this track record should look good on your credit report, right? Doesn’t it seem worth paying the extra interest involved if your credit score improves? It may seem logical, yet nothing could be further from the truth. Any credit card balance over 9% of your credit limit will hurt your credit score. This is the point where the credit bureaus take note of your credit card debt and start to mark down your score. Higher the percentage of your credit card limit that you are using, the more your score is reduced.

This factor becomes especially important if you plan to apply for a mortgage or any other large loan in the next year.

So if you expect to seek a loan in the next 12 months, what should you do to improve your score?

Pay down as much of your credit card debt as possible. Transfer any remaining balance to a 0% balance transfer card. Then be sure to make every bill payment on time for your credit cards on time and any other bills you may have.

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Even a modest improvement in your credit score can lower your interest rate, saving you thousands over the life of the loan.