This is my first post to this forum and it seems like a good place to post my question. I was out shopping for a new car this weekend hoping to take advantage of the year end 0% financing, well according to the finance department at the dealership I donâ??t qualify for the 0% financing because I am 14 points away from their minimum credit score requirement. I prefer not to get a co-signer so is there anything I can do to raise my score within 2 weeks? Any suggestions would be helpful.
Welcome to the forum. The only way to raise your credit score in the matter of a few weeks is to add yourself as an authorized user to an existing credit card account. You could start by asking your friends or family members to see if they would be willing to add you. Make sure the credit card has perfect payment history and a balance 10% or less of the credit limit. The higher the credit limit and the older the payment history the better the results. The only tricky part is finding out when the card reports. If you are not having any luck with friends and family you can also shop for authorized user accounts online. Just make sure you do your homework before purchasing. Thanks! Heather with BoostMyScore.NET
It's tough to say if you can do it within 2 weeks. While credit scores are real time, they do depend on when information is reported to the credit bureaus and your credit reports are updated. What's your credit utilization ratio? Bringing that down to 10% or less is often the fastest way to improve your FICO scores, but it will depend on when your credit issuers report balances. Most do it right around when your statement closes. Do you have anything negative on your credit reports as well?
Thank you Heather L, the finance rep at the dealership did mention something like that; he said itâ??s an alternative to getting a co-signer. I checked out your companyâ??s site, I'm going to ask a friend first and if his cards have already reported then I'll try your service.
Thank you JoshuaHeckathorn, I don't have any negative items on my credit, you're right on with the credit utilization ratio, one of my cards is at about 37% used of the available and I think that is what was keeping me from getting the optimal credit score.
Getting yourself added as an authorized user on your friend's card (with long history and low credit utilization) should help give your scores a boost, but the problem is figuring out if that card will report fast enough to show up on your credit reports before the end of the year. Nothing happens too fast in the credit reporting world, so I think you'll be pushing it here. Make sure your friend is someone you can really trust too- someone that you know will never make a late payment on their credit card or run up a high balance.
Good to hear, stellex! It is hard to get the timing right when you are using a friends or family member authorized user account. You can check to see the specific day of the month your credit card account reports on truecredit.com. Please let me know if you have any other questions. Thanks! Heather with BoostMyScore.NET
