Raise Credit Score 100 Points Overnight
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Credit scores rarely receive a 100 point increase overnight as multiple factors are considered when increases take place. It is possible to receive an increase of this nature, but it is generally subject to special circumstances, for example a consumer had been a victim of identity theft.
Credit scores are subject to gradual increases over time as opposed to drastic overnight increases. These increases are possible with preparation and patience. Consider the elements influencing credit scores set out below.
How Are Credit Scores Calculated?
The reason 100 point increases are unlikely to occur, requires consumers understand how credit scores are calculated. The following elements determine consumer credit scores:
- Payment History: Consumers payment history has the biggest influence accounting for 35% of a credit score, ensuring a reliable payment history is reflected will significantly boost consumer credit scores.
- Amounts Owed: Lenders will assess your ability to meet the repayment obligations based on your existing debt obligations. Consumers deemed to have excessive debt obligations won’t be approved for new lines of credit. This has the second biggest influence at 30%.
- Length Of Credit History: The longer a consumer has access to credit the more likely they are to be considered reliable debtors, or at the very least less risky than debtors with a limited credit history. This influences 15% of the total credit score.
- New Credit: New credit acquired within short time frames are considered red flags by lenders. Acquiring new credit will amount to 10% of a consumer's credit score.
- Credit Mix: Having various types of credit obligations has a beneficial impact on credit scores and reflects positively to lenders reviewing credit applications. The credit mix of a report will influence 10% of the total credit score.
How To Achieve 100 Point Credit Score Increase?
Consumers will have to review their credit reports and identify the reason for the negative impact before anything can be done to improve it. Once reviewed consumers can use the following ways to boost their credit scores:
- Paying accounts on time
- Maintaining low credit card utilization
- Keeping old credit cards active,
- Increase repayment frequency, and
- Dispute inaccurate information on reports.
If consumers are uncertain of the required process, they may consider consulting a credit repair specialist like Credit Sage. An expert team tasked with helping repair the damage on credit reports and potentially raise the consumer's credit score to new heights.
Bottom Line
Credit scores are calculated by considering various financial elements associated with a consumer. Each element has a different degree of influence and should be prioritized according to this degree of influence. 100 point credit score increases are rare and generally afforded to identity theft victims.
Consumers have the option of consulting credit repair specialists like Credit Sage. This afford consumers a team of experts to focus on improving their credit score.
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