Whats the fastest way to improve credit? - Posted by Tony James

Posted by Mark (SDCA) on December 09, 1999 at 10:09:53:

Borrow money and pay it back. It’s that simple. Just make sure that the company you are borrowing from actually reports to one of the credit bureaus. I would recommend a credit card (secured if need be) or a signature loan at a bank.


Whats the fastest way to improve credit? - Posted by Tony James

Posted by Tony James on December 09, 1999 at 09:36:17:

I would like to know how I can get the most out of my credit, and what should I do to improve it as fast as I can.

Re: Whats the fastest way to improve credit? - Posted by Clearing Erroneous Credit Entries

Posted by Clearing Erroneous Credit Entries on December 11, 1999 at 21:08:09:

Here’s a related article I found:

Clearing Erroneous Credit Entries

by Jonathan A. Goodman, Esq.

Do you have customers who, but for a mistaken entry on
their credit report, would otherwise qualify for a
mortgage? Recognizing the importance of the credit
reporting system, and its potential for error, Congress, in
1970, enacted the Fair Credit Reporting Act (Title 15,
United States Code, Section 1681 et seq). Among its
purposes was to require credit reporting agencies to adopt
procedures to meet the needs of commerce for accurate
credit information, while recognizing the consumer’s need
for confidentiality and relevancy. Though the Act has
many provisions, there are a handful of sections which are
especially useful to a typical borrower.

If a consumer is denied credit because of information
contained in a credit report, the lender must notify him of
the credit agency which generated the report (section
1681m). Upon request of the consumer, every credit
reporting agency shall provide a credit report identifying
all information in the file, the source of the information,
and anyone who ordered a credit report on the borrower
within the preceding six months. The agencies must also
disclose the dates, payees, and amounts of any checks
upon which any adverse credit characterization of the
consumer is based (section 1681g). If the borrower
requests the credit report within 30 days after being
denied credit, the credit reporting agency must provide the
report without charge (section 1681j).

Perhaps the most significant feature of the Fair Credit
Reporting Act is section 1681i which allows a borrower to
dispute the completeness or accuracy of any information
contained in the credit file. The borrower needs to make
the dispute known to the credit agency. It is strongly
suggested that this notice be given in writing. The agency
must then, within a reasonable period of time,
reinvestigate the adverse information. If the information is
found to be inaccurate or can no longer be verified, the
credit agency must delete the disputed information
(section 1681i(a)).

Following the deletion, the credit company must furnish
notification of the deletion to any person designated by
the borrower who has obtained a credit report on the
creditor for employment purposes during the previous two
years, and anyone who obtained a credit report for any
other reason during the previous six months (section
1681i(d)). The reports must be furnished at no charge to
the consumer (section 1681j).

If the reinvestigation does not resolve the dispute, the
consumer may file a statement, not exceeding 100 words,
identifying the nature of the dispute (section 1681i(b).
This statement must then be added to the borrower’s
credit file and be contained in all subsequent credit reports

In the event a consumer credit reporting agency fails to
honor any of the requirements imposed by the Act, it is
liable to the consumer for actual damages, costs of
enforcement (including attorney fees), and punitive
damages, if the agency’s failure is found to have been

Armed with knowledge of the above, the conscientious
borrower should be able to correct any inaccurate credit
information which may creep into his or her credit file.
This may be all you or your investor needs to approve a

Mortgage Lates are a killer - Posted by Paulc

Posted by Paulc on December 11, 1999 at 12:19:55:

If you are late on anything, be late to pay the power or gas bill, not the mortgage. Mortgage comes first.

Re: Whats the fastest way to improve credit? - Posted by Paul Macdonald

Posted by Paul Macdonald on December 11, 1999 at 10:20:06:

If you have old accounts that are inactive or that show as active but are in reality dead (such as a car loan you finished paying off 5 years ago) write that old creditor and say something to the effect of:
“gee thanks for the great relationship we used to have, but my credit report still shows our old account as still active and that is pulling down my credit scores. I need you to please submit to the three major credit bureau’s that the account is closed at the consumers request. Please write to me confirmation of this action. Thank you so very much, etc. etc.” And than send a copy of the reply’s to the three credit bureau’s. Your credit score will (this is a guideline only) go up about 5 points per account showing closed.

Re: Whats the fastest way to improve credit? - Posted by Katie

Posted by Katie on December 10, 1999 at 16:34:25:

If you are simply lacking a credit history, ie. not a bad credit history. You can take out small loans for $1000 to $2500 for one year, then make double payments for the next six months. The small cost of the interest is well worth the return of good credit. If you repeat this process with a number of local banks, you will have pretty good credit within a short period of time.

Re: Whats the fastest way to improve credit? - Posted by Anthony

Posted by Anthony on December 10, 1999 at 13:31:49:

The posts below contain good tips on improving your credit. Also visit www.Experian.com and WWW.FairIsaac.com. These had some helpful info for me. Also, By establishing a rapport with friendly loan officers, they’ll help steer you in the right direction and often give some useful hints. Hope this helps.
Happy Holidays~

Anthony (In Cali)

Add a ‘Letter of Explanation’ to your credit report. - Posted by SusanL.–FL

Posted by SusanL.–FL on December 10, 1999 at 09:44:11:

The credit reporting agency will allow you to add an 80-100 word letter of explanation to your report.

Every little bit helps.

It IS a very slow process…but a ‘necessary evil’ (especially if you want to get ahead in this world).

No fast way to improve credit - Posted by Neil - MA

Posted by Neil - MA on December 10, 1999 at 07:41:42:

There is no fast way to improve your credit. Doing some things may be faster than others; but, it doesn’t happen at the snap of your fingers. It’s a slow and plodding process.
You must face your problem head on. You must deal with those you owe money to. Usually people with bad credit have a strange reaction here. They get dunning letters and throw them out without opening them. Why? If you want to improve your credit rating, you must open the letters, call these people who once trusted you but now have their doubts and try to convince them to work with you again. Usually they will, unless you’ve burned your bridges. (I have a story about a friend who did just that which is too long for this post.)
Come up with a repayment plan. Important: Don’t be overly optimistic; ground your plan in reality. These people will expect you to pay as you agree to pay according to this plan. If you falter, you’ll be back to where you started again only worse. You convinced these people to trust you and to work with you again. Fail a second time and believe me, they won’t like it.
What’s next?
Time. That will cure it all up. There is no fast way to do it.
Now go open all that mail you threw out in the trash last month, put it in a pile, make up a realistic plan and start making your calls.
Good luck. It works if you give it enough time.

Re: Whats the fastest way to improve credit?..PAY WITH CHECKS…EVERYTHING - Posted by Herb NC

Posted by Herb NC on December 09, 1999 at 20:55:28:

If you pay everything with checks and keep your cancelled checks that is as good as anything. As a direct lender we look for paper trails and cancelled checks offers a paper trail superior to none. All utilities and housing expenses that arepaid monthly start with that.

Herb NC

Win the lottery - don’t you know banks loan to people who don’t need money? (nt) - Posted by Glenn

Posted by Glenn on December 09, 1999 at 14:41:06:


Depends - Posted by JOHN (WA)

Posted by JOHN (WA) on December 09, 1999 at 12:17:59:

This depends a lot on where your credit currently stands but I will give you some guidelines:

There are a lot of factors that affect your credit and beacon/fico scoring if that is what you are trying to improve.

  1. If you have some derogatory credit, time (distancing yourself from the late pays, etc.) is the real cure and then making your payments on time in the future.
  2. If you have any outstanding liens, judgements, collections, etc. make these priority to clean up.
  3. If your existing credit is max’ed out, reduce the balances to at least 50% of your credit line.
  4. If you have a zillion credit cards, close some of the accounts if possible. 3-5 open trade lines in good standing will give you a pretty good credit rating.
  5. I have heard that car loans tend to give a bit more weight in the scoring. It’s easy to get a car loan.
  6. If you have no credit, again you will need time. It will probably take you 12 months to get a 600+ credit score. Clean active credit for 24 months should get you up to an A credit standing.

While many things drive your credit score, these are the ones you have most control over. Good luck.