When you need your credit score to shine it might not be as high as you’d like it to be when you’re applying for that mortgage loan. However, you can take steps ahead to raise your credit score higher, and all you need to do is ask. But ask who, and what do you ask? Can you really just ask for a higher credit score?
As it happens, you can actually ask for a better credit score, but it doesn’t mean you’re going to get it. You do have to know the right things to say, and you should be prepared before you go in for battle. You need to take steps now to raise your credit score with these highly proven tips from the people that know credit, the creditors.
These are the top tips that you need to ask for a better credit score
1- Raise your limits
One of the most important parts of your credit score is your debt to credit ratio. It’s the amount of debt you have over the amount of total credit you have available. You want to keep this number lower so that you don’t look as “risky” to creditors. You can do that by one of two ways. You can either lower your debt by paying it off or your can increase your credit so that your ratio gets a smaller number that way.
Of course, you should pay off your debt if you can, but sometime you’re just able to do that. Even if you are able to do it it would be wise to raise your credit in order to raise your credit score too. It’s not only people with debt that are going to benefit.
Let’s say you have a credit card with a $10,000 limit to keep things simple. If you have $1,000 in debt then you are using 10% of your credit. If you raise that credit limit to $20,000 then you’ll only be using 5% of your credit limit which is a lower number that will raise your credit score. The great news is that you can usually very easily raise your credit limits if you just ask for it. Most places that you already have credit with will happily raise your limit to keep you happy.
However, if you’ve been late on lots of payments these creditors may not be so happy about raising your limits and instead turn you down. If that’s the case then you can try to open a credit card somewhere else as that credit limit will add to your total allowed credit limit. The key is not not use that extra money and accumulate more debt! Remember, the goal is to lower your debt to credit ratio. Do that, and you’ll raise your credit score.
2- Have them delete things that hurt your credit score
You can ask the bank to raise your limits, which shouldn’t be too difficult. But you can also ask them to get rid of old bad or negative info in your credit that may be hurting your score. This is not something that they will just do easily. It’s something that takes a lot of patience speaking to them over the phone. Don’t get frustrated if the first employee tries to brush you aside with “sorry we can’t do that” type responses. Instead, try to politely ask to speak to a manager since what you are asking is not a normal thing to ask.
Before you try to call up to speak with the manager you need to be prepared for the conversation. Get all the paperwork you need together so it can help you talk. The important thing to remember is that what you’re trying to do is show the creditor that the mistake you made in the past which is dragging down your credit score is not who you usually are. It was a mistake that happened years ago, for whatever reason, and it’s not an honest portrayal of your character.
The “whatever reason” should be relevant if possible. Maybe it was something that can create some sympathy for you like a time where you or someone you love was ill, in the hospital and/or passed away. If you can give a real life reason for the mistake it could help explain your mistake and possibly give you a chance at getting that mistake erased. In the end, it’s in the hands of the creditor, but there’s no harm in trying.
3- Have the same creditors report the good stuff
Not only can you get bad things deleted, but just as importantly you can get good things added. Not everything is documented perfectly, and it’s your responsibility to check on your own credit and see what needs to be addressed. Your report could be missing positive info that would help your score, and you need to check and fix that. But how?
What you can do is use the free credit report site annualcreditreport.com which is authorized by federal law. Head over there and get your reports for free. Check the reports from the three credit bureaus Equifax, Experian and TransUnion and look for anything that doesn’t match or looks incorrect. Then contact your creditors to have these items fixed. The key is to remain patient and polite. This is not an easy process, but it will be well worth it for your credit score.