30 in 30; how to boost your credit score 30-points within 30 days.

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Your credit score is all-important these days, the gateway to achieving wealth and financial independence for your family. That’s never more critical than when a consumer is 30 days out from applying for a big loan like a mortgage or a car loan, obtaining some types of insurance, or even applying for a job. For that reason, it sometimes becomes critical to boost your score in a hurry to save money by taking advantage of the best interest rates – or even get approved at all. While it’s recommend you monitor your credit and keep a good score all year long, here are seven industry insider strategies to give it a jump start in short order if you need to achieve that goal of 30 points in 30 days. Knowing and following these valuable strategies can help you save hundreds of thousands of dollars in lower interest rates over the life of your loans, helping your family achieve the financial comfort they deserve!

Strategy # 1. Don’t trust the credit bureaus to do their job!

There’s a high risk of erroneous credit reporting which jeopardizes your credit score.

Ordering and scrutinizing your credit report is the #1 thing people need to do if they want to see a 30-point increase in 30 days.

You’d be surprised how many people neglect to obtain and review a copy of their credit report. Why is that so important? A 2012 study by the Federal Trade Commission reported that at least 20% of consumers have an error on at least one of their three credit reports (which largely determine your credit score.) That’s 1 in 5 of you who have something glaringly wrong on your credit reports! Those mistakes will cost you dearly – you might not qualify for that home you’re trying to buy or even pay hundreds of thousands of dollars more in higher interest rates – all for no reason but the bureau’s errors! The same reported estimated that 13% of consumers had credit-report errors that impacted their credit scores. These days, identity theft also impacts about 8% of the population per year, so it’s essential you review all three credit reports thoroughly and address any errors. If you don’t know exactly what’s hurting you and what needs improvement, it’s going to be hard to achieve a 30-point increase within 30 days!

Bonus Tip:  Blue Water Credit can obtain a copy of your full credit report and examine it with you during their no-risk consultation, which could lead to a huge credit score increase. Contact Blue Water here to schedule your no-risk credit report evaluation here.

Strategy #2.  Fico’s top-secret scoring ratios.

Fico’s credit utilization ratio accounts for 30% of your score!

The surefire way to increase your credit score in a hurry is to pay down your debt, which improves your credit utilization ratio. But it’s so important you do this correctly, because knowing which accounts to pay down and how much makes all the difference between a skyrocketing score and one mired in mediocrity. It’s usually wise to focus on paying off credit card debt because the algorithms used to compute credit score weigh credit card debt more negatively. By paying your debt down, you’ll be improving your “credit utilization ratio,” which is the amount you owe versus the total spending limit. While general wisdom is to pay down your debt lower than 30% of your total limit (about $3,000 or less for a $10,000 limit,) that’s actually inaccurate information. It’s recommended you pay down to 10% or less. Remember that car loans, mortgages, utilities, and student loans are not counted against the credit utilization ratio, so focus on paying down your credit card debt below 10% for the best quick score boost!

Bonus Tip: FICO reports that borrowers with the best credit scores – 785 or higher – use keep an average of only 7% of their credit card limit!

Strategy #3.

The shockingly simple tactic to increase your credit score by up to 100 points…without paying off debt!

Who in their right mind would tell you to add credit when you’re trying to increase your score? We would!

If you don’t have the means to pay down your credit card debt immediately, you may want to consider another effective option. A consumer can call up their credit card company and ask for an increase of their spending limit. If approved, the account will immediately show the higher available credit, and your credit utilization ratio will be greatly improved, even without paying down your debt at all! In fact, achieving a very low or zero debt utilization ratio can improve your credit score up to 100 points in most cases!

Bonus Tip: Make a case to your creditors why you’re a good candidate for a credit line increase!

Strategy #4.

The counterintuitive trick to paying off harmful revolving debt.

FICO loves installment debt, so use personal loans to pay down your credit cards!

Most people don’t have enough money in savings to immediately pay down their credit card debt to boost their score. But there is another option – taking out a personal loan. Your bank or credit union will let you apply for a personal loan based on your total financial picture. If approved, you can easily use that money to pay down credit card debt. Why is that helpful? Personal loans are factored as installment debt for the credit bureaus, not revolving debt, so your credit score won’t take a hit. In fact, it should shoot up as you reduce your “bad” credit card debt and improve your ratios. Additionally, private loans usually have fixed interest rates are on average 2% less than credit card debt!

Bonus Tip: Ask the bank or lender what their guidelines are for approving installment loans before you apply, which will result in a “hard” inquiry showing up on your report.

Strategy #5.

What you don’t know WILL hurt you!

Be careful because paying off and closing the wrong accounts can do more harm than good.

Even though you have great intentions, be careful when paying off or closing various accounts from your credit report. Focus on paying down credit card debt first, but you don’t necessarily want to close accounts, which might erase an established account and actually hurt your score! The same thing applies for paying off collections and other accounts – if items are very old, inactive, or certain kinds of installment debts, paying them off could actually make them re-report to the bureaus, and therefore hurt your score. To achieve a 30-point increase in 30 days we need to make sure you pay off the right debt so you don’t move backwards!

Bonus Tip: Have a professional credit repair company like Blue Water Credit review your credit score with you to find out exactly what you should pay down or off before you do anything!

Strategy #6.

The #1 credit score hack FICO doesn’t want you to know!

Let someone else do the work while you take the credit! (Pun intended!)

One of the most efficient ways to increase your credit score in a short time is by becoming an authorized user on someone else’s credit card. Once you’re authorized, the new positive trade line will show up on your credit as if you’ve had it for the duration. It’s important you do this correctly – it has to be a credit line in great standing. FICO knows a lot of parents do this to build their teen or college-aged children’s credit – and it’s a perfectly legal practice.

Bonus Tip: When becoming an authorized user, chose a credit card that’s been open at least 36 months, paid down below 10% of the available credit, and with a perfect payment history.

Strategy #7.

Do you hate your cell phone, Internet, and utility bills?  We all do… but there’s a secret strategy to make them work for you!

Adding unconventional bills and accounts to your credit report can help your score shoot up.

A surefire way to build your credit is to add positive accounts that aren’t currently being reported. It’s your right to request that unreported accounts start being reflected on your credit. For instance, cell phones, Internet providers, utility companies, and medical billers often don’t bother reporting credit (because it’s not mandatory.) But if you ask them to do so, they very well might comply – posting a well-seasoned, positive new trade line on your credit score.

Bonus Tip: Be organized and maintain all records so you can easily fax or email your account information over to the companies you want to report.

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Follow those seven strategies to the letter, and you’ll see a huge credit score increase in a short time – maybe even 30 points in 30 days or way more!

For the first 30 people who contact Blue Water Credit, we’re offering a no-risk consultation to analyze your credit report and tell you exactly what you need to do to achieve a 30 in 30 credit score increase!

Or click here if you’d like Blue Water Credit’s free eBook, Your Secret Weapon to Saving Money, with hundreds of tips to help you save money on just about everything!

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