According to one study, 32% of Americans are unhappy with their credit score.
If you don’t like your credit score, you may be interested in using something known as a ‘credit sweep.’ However, before you do that, you should probably learn more about this particular ‘score raising’ tactic.
In this post, we’re going to answer the question ‘what is a credit sweep,’ and we’ll also look at how this method affects credit scores. If you want to give your credit score a boost, you’ll soon discover whether a credit sweep is a right way to go.
Let’s begin!
What Is a Credit Sweep?
A credit sweep can mean that you use the excess funds in a bank account to pay down debt. For this to happen, you usually have to come to an agreement with the bank or company that is lending you money.
A credit sweep can also mean that you dispute all the items on your credit score. It’s often used in situations where someone has been a victim of identity fraud.
This can be quite an aggressive approach to improving your credit score, and so for some people, it might not be suitable. Due to this, you need to take a good look at your circumstances before you decide on this method.
If you’d like to analyze your credit score and learn more about credit sweeps, this website can help.
Alternative Options
As mentioned, credit sweeps are just one way you can raise credit fast, and there are often other options open to you.
One such option is to focus on paying down all your debt as fast as possible.
To do this, you might first need to create a spreadsheet so you can analyze how much debt you have.
Once you’ve done this, you may want to determine how much money you’re earning. You can then compare these two figures to determine how long it’ll take for you to pay your debt.
If due to your current earning status, this timeline is too long, you might want to think about how you can increase your income. This might mean you need to switch jobs, or you may need to do some overtime at your existing company.
You might also want to think about reviewing your credit score, to make sure all the entries are legitimate.
For instance, some people find they have missed payments on their credit score, even though they’ve never missed a payment. Such entries can negatively impact your score, so you should check your report for entries like this.
Will Your Credit Score Improve?
You should now find it relatively easy to answer the question, ‘what is a credit sweep?’
Each person will have a different set of challenges when it comes to improving their credit score, and so one method doesn’t work for everyone.
Due to this, you need to review your current situation so that you can pick the right tactic for your particular set of circumstances.
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