From How to Get Out of Debt A low credit score is bad news, particularly if you are trying to renegotiate the terms of a loan, applying for a home loan, trying to land a job, or searching for an apartment. In today’s environment, you need a high credit score for a slew of reasons. So if you need to build your credit score , don’t worry. Here are three strategies to boost your low credit score, and fast! 1. Correct your credit limits. Almost half of Americans have a credit card with a limit that is incorrectly reported to the credit bureaus. Credit card companies often omit or misreport credit card limits to the credit-scoring bureaus. This causes your utilization rate (your balance expressed as a percentage of your limit) to appear higher than it actually is. Imagine that pay your Visa balance down to $300. Because your limit is $1,000, your utilization rate is 30 percent, which is the maximum utilization rate the credit-scoring bureaus want you to have. So your score should increase, right? Not so fast. If the credit card company is only reporting a $500 limit, you will appear to be carrying a 60 percent utilization rate. And this hurts your credit score. Are you one of the many Americans suffering from this mistake? Find out by pulling your credit report from www.720FicoScore.com. If the credit card companies are inaccurately reporting any credit limit of yours, immediately begin the process of correcting this mistake by using the forms and worksheets necessary to correct this mistake. 2. Become an authorized user on a credit card owned by a family member or spouse. If you have fewer than five credit cards, becoming an authorized user on a family member’s credit card is one of the quickest ways to improve a credit score, so long as you choose an account with a clean credit history. Becoming an authorized user allows you to borrow the account holder’s clean credit history, which will cause your low credit score to quickly increase. 3. Find creative ways to lower your utilization rates. Your utilization rate is the balance you have on each individual credit card expressed as a percentage of the limit. If your limit is $4,000 and your balance is $2,000, your utilization rate is 50 percent. If your balance decreases to $1,000, your utilization rate drops to 25 percent. The credit-scoring bureaus respond best to people with utilization rates below 30 percent. If you have a high utilization rate, your low credit score can start to improve by getting your utilization rate below 30 percent. Obviously, you can lower your utilization rate by paying down your balance. You can also lower your utilization rate by transferring a portion of your credit card balances to credit cards with higher limits, or asking your credit card companies to increase your limits. If you have fewer than five credit cards (the maximum number you should have), you could also open a new credit card that holds some of your debt. Keep in mind that opening a new credit card will cause your score to drop initially, but so long as you keep the balance below 30 percent and make timely payments, your score will start to improve in about six months. And if you are married, be sure to read my article about how to build credit fast by transferring balances to your spouse’s credit cards. This guest post was submitted by Philip Tirone , a credit expert and author of 7 Steps to a 720 Credit Score.

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Top 3 Cures for a Low Credit Score

From How to Get Out of Debt Date You Feel You Were Scammed: June 10, 2011 State You Live in: Texas Race/Ethnicity : Hispanic or Latino Age Range: 36-50 Total Amount of Fee Paid: $180 Company Name: Direct Buy Company Address: 803 Sunland Park Drive El Paso, Texas 79912 Company Telephone Number: 915-231-5200 Website of Company: DirectBuy.com Consumer Statement: I became a member of Direct Buy on june 2011 in the el paso texas area (sunland park area to be exact). My member number is 1605747 and my account number is 3566160574736. This deal is a total rip off. After i did the site visit i was asked if i was interested in becoming a member and i told them i had to think about it, but they said that it was now or never and that if declined i was not able to step into their locations for seven years. I feel i was pressured into this since i was not able to go home and think about it. I have but used once their products. I pay 173.52 monthly with a balance of 4269.58 as of today’s date. I have gone into their website and try to shop but it’s just too expensive plus paying the monthly fee on the side. Everything you buy there needs to be paid upfront and i dont have that type of money. I have a child going to college soon, her car plus insurance im really on a financial dilemma and my incom e is the only coming into my household with being a single parent. I do not want to ignore this, it is really easy for me just not pay and have delinquency on my credit but i do not want to do that. Ive exhausted my resources and this complaint is the outcome of this. I need my credit to be good for me to survive in corporate america. Please help, all i ask is to be refunded all the money i have paid and for account to be cancelled without affecting my credit, but if the refund is not possible then just the cancellation of my account. Thank you for your time. Consumer Action Taken: I called the company directly and asked if i could have my account cancelled and they said that it was not possible that ultimately i was responsible for my debt. I called the BETA Finance and they told me the same, that they could only extend my payments and that anything i did not pay out of my monthly payments i was going to be delinquent. Note: The Myvesta Foundation sent a letter to the company at the address given or found and asked them to publicly respond to this complaint. If you feel you’ve been financially hurt by a debt relief company and deserve a refund, read these step-by-step instructions on how to proceed to attempt to get your money back . If you do get your money back, come back and leave a comment about it. I’d love to praise companies that step-up and do the right thing for people. Scam reports are submitted by consumers like you. If you would like to file a scam report, please click here . If you are the company named in this report and you want to respond, please read How to Handle a Consumer Complaint Like a Pro And Come Out Smelling Like a Rose Source:

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Direct Buy – Consumer Complaint – 12-7-2011

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