One of the quickest ways to raise your scores 10-40 pts per bureau
Did you know.... that the quickest and easiest way to get a 10-40 pts jump in each of your credit scores is to just pay down your unsecured credit cards. Cumulatively, all your credit card limits against there balances is known as your unsecured credit ratio and that ratio from 0 percent usage cumulatively to maxed out can represent anywhere from 35-40 pts in either direction PER bureau. Meaning if you have no usage cumulatively on all of your cards your getting propped up approx 35-40 pts per bureau depending on how your broader file is built out, diversified, etc. Alternatively, if your maxed out, your losing about the same, so if your someone who is around 50 percent usage or higher cumulatively, and your trying to get approved for a house but are 10-15 pts light, if you have the liquidity, pay down 15-20 percent or if possible more, of that 50 percent or higher and you will cover that ground in pts. Make sure though if you do that, to call your creditor who you make the payment to, so you dont have to wait until the next statement date for the payment to reflect and request them to update it immediately for you.
By John Brucker
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27 January, 2023
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