Quickly Boost your Credit Scores- 3 methods from MLO in Tampa, FL

Feb. 8, 2013 - PRLog -- Let’s focus on three legal, effective and intelligent methods to increase a person’s credit score for those who have few, if any, “active credit lines”. This list is not intended to be all inclusive. Just simply a few methods you or your clients can use to re-establish credit quicker.

1.       CD Method: Go to a small bank or credit union and open up a Certificate of Deposit for $1,000 and ask to take out a personal loan for $500. Let them know you are trying to rebuild your credit. These institutions are paying you a small fraction (1-3%) on the CD, yet charging you double digit interest on the loan! They have your money for the term of the CD so it is no risk to them. Take the loan money (don’t spend it!) and pay back the loan within 30-60 days. The bank or credit union is not making much interest if you pay off loan quickly. Bank loans are highly rated, so you’ve just added a positive and paid-off trade line!

2.       Bank Loan with a Co-signer: Ask a family member if they will co-sign a small personal loan to help rebuild your credit. Most family members with good credit will do this as the loan can be small- say $500 as in the above example. It’s not as if they are co-signing a long term auto loan which could put them at considerable risk! Again, pay off the loan over a short period of time and BINGO—you’ve just added yet another positive line of credit!

Note: you can use either of the above methods at multiple banks to increase your credit scores quick!

3.       Become an Authorized User: This method is also known as “Piggy-Backing”. It has been around for quite some time and the “Big Three” credit reporting agencies (Experian, Equifax, and TransUnion) do not like it one bit! In fact, they are trying to lobby against this practice as this is being written. Unfortunately it may be awhile, if ever, before they can do anything about it! The reason being that credit card companies generate more revenue when their card holders add family and employees to new accounts.

Simply ask your spouse or a close relative whether you can be added to their credit card account. They can phone the company and ask if they can add you to their card, or even do it online! The companies know, or at least believe, that you will make charges on the account and that means more revenue for them! Credit reporting agencies do not like this; they think it is an “artificial” way for people with bad credit to increase their score, without having to pay an actual bill or debt. Through this method you will gain all of the benefits of someone else’s payment history!

Note: Ensure the credit card you are adding yourself to, has a small balance, a good payment history, and that the person has had the card for at least one year.

There you have it! Three very quick methods to add positive accounts to someone else’s credit report that will rapidly increase their credit score!!

Contact Laurie Toland via phone at (813) 642-7361 or reach out to me via email at laurie@baytobaylending.com.
Get your free credit report here: http://www.baytobaylending.com/freeReports/Everyone%20des...
Access our mortgage loan calculator here: http://www.baytobaylending.com/mortgageLoanCalc.html

Whether you are seeking to purchase a new home or refinancing (http://www.baytobaylending.com/home.html) your current Tampa Mortgage (http://www.baytobaylending.com/rentvsBuyCalc.html), let us show you the way. Bay to Bay Lending is associated with the nation's unsurpassed pricing leaders. The Bay to Bay Lending team of Tampa Mortgage Brokers (http://www.baytobaylending.com/staff/) will make the mortgage process as simple as possible. We pride ourselves on offering a premier level of customer support and we look forward to getting you the best financing available.