How You Can Boost Credit Score Overnight: Fact or Myth about scores Compiled
A credit score gives an overall position of your financial standing. Whether it is qualifying for the best available credit cards or living in a rented apartment in a posh location, a good credit score plays a vital role. Well, to boost the credit score there are many myths that are spreading rapidly. The validity and applicability of these myths need to be found out and compared with real facts so one can make the right decision to improve their credit rating. To understand how you can boost credit score overnight: fact or myth must be clearly understood by those who are looking to improve their credit scores. A good credit rating is the aim of many but this is not something which you can achieve in one day or overnight.
A Compiled List Of How You Can Boost Credit Score Overnight: Fact Or Myth
There are a few points that we often hear about how you can boost credit score overnight: fact or myth about the scores and these have have been compiled here. We are going to list out a few of these things and clear up your thinking around it.
- Checking your Credit Score will lead to a Decrease in the Credit Score:
Myth: This is a very common myth. In fact, keeping a check on your credit score helps to monitor your progress and you can keep a tab of your financial picture overall. If you are checking your scores from sources such as credit bureaus then, it’s not going to cause any harm. On the other hand, if you apply for a credit card without checking your score then it gets recorded on the report. It will not decrease the credit score if your credit rating is already bad but creditors or lenders will treat you as a high-risk customer.
Fact: When many lenders enquire about your credit report in a short span of time then it may hurt your score.
- Having a balance on your Credit Card will help increase the Credit Score:
Myth: Keeping a balance on your credit card will not help in increasing your credit scores. Well, the answer is no. It will just cause harm. If you have a balance, you will be spending interest on it.
Fact: It makes more sense to just pay the balance off completely. Cleared debts increase credit scores.
- How much you earn makes a difference to the Credit Score:
Myth: Your income or salary shows how much potential you have to pay back your debts. It does not detect how risky it is to lend money to you.
Fact: If you are earning well and have a well-maintained credit card your credit score will improve.
- Having a good Credit Score equals being rich:
Myth: A credit score does not have anything to do with being rich or poor. It only shows how much of a risk you are to lend credit.
Fact: A good credit score indicates that you are a low-risk individual which means there are high chances that you will pay back debts whereas, if you have a low credit score, it means that you are a high risk individual meaning, there are chances that you may not pay back your debts in time.
- Having a Perfect Credit Score doesn’t really make much difference:
Myth; If your score is good then there will be no difference. It is great that you have a perfect 850 score, however, this is not going to give you any additional benefits. There are no special privileges for people having perfect scores.
Fact: If you have a fairly good score of say 750+ you will most likely get good benefits on things like qualifying for the best credit card, getting a lower mortgage interest rate, etc. You may get credit products with better terms and conditions.
- I needn’t worry about having a good score in my young age, I still have time:
Myth: If you are young then you must think about your credit scores from the beginning itself so you do not goof up later. Pay bills on time and get a credit card to build a score so when the time comes to get a house or car you can qualify for the loan.
Fact: You can start applying for loans from the age of 18 and it is advisable to start keeping a tab on your scores from that time itself.
- Paying up all my debts helps to increase credit score:
In a situation like this, where understanding how you can boost credit score overnight: facts and myths about scores should be well understood. If you have missed payments in past and have any kind of debts that are reported in the credit report then your score is already low.
Fact: If you have a credit card debt that is outstanding, paying it off will definitely increase your credit scores. However, this is going to take some time. The bad score stays on the file for some time.
Myth: If you have a student loan or mortgage, if you pay it off immediately, it is not going to make much of a difference to your credit scores as long as you paying off the EMI’s on a timely basis. The only benefit of paying it off completely is the peace of mind of being financially free.
To know how you can boost credit score overnight: fact or myth contact us for satisfying score improvement:
We at ASAP Solutions are well versed with all kinds of scenarios that come up in fixing credit scores. There is no way to fix the scores at once. To understand how you can boost credit score overnight: fact or myth of scores are the first things that you need to be updated with and we will assist you in understanding these. We will work with you to help you understand clearly what are the facts and what are the myths and we will take ownership personally to boost your credit scores.
Our focus is to help our clients get a better financial status so they can get credit products without any difficulties. We will check your credit reports and if there inaccuracies or invalid items on the report we will address them and get it sorted out on your behalf with the credit bureaus so your scores can be improved. If you have little or no idea about how to get your scores improved then do not delay to contact our team.