Millions of Americans took a hit on their credit score over the past few years, so if you’re among them, you’re not alone! While the best way to improve your score is to consistently pay your bills on time, the following tips can help hasten the process.
Negotiate for Removal: According to John Ulzheimer, president of Consumer Education for SmartCredit.com, many debt collectors can be talked into removing a negative mark on your credit report if you agree
to pay your balance in full.
Reduce Your Overall Debt: Beverly Harzog, Credit.com’s credit expert, recommends keeping your debt utilization ratio—the ratio of your balance to your credit card limit—below 1/3. Making multiple payments to reduce your balance as soon as your money is available will lower your average debt utilization ratio.
Mitigate the Damage of a Short Sale: Uzlheimer recommendsasking your lender to omit thebalance owed when they submit ashort sale application. In other words, ifyou have a $250K mortgage and yourhouse sells for $200K, ask them to omitthe $50K from the report.
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