Raise credit score quickly!

[Papa bear]

Baaaa! I’m refinancing rental properties I own with my brother.  We both have (had?) excellent credit.  BUT my bro made a mistake and a utility company sent him to collections on a missed bill from a rental property that was under rehab.  The new tenants didn’t pass along any of his mail and he missed the final bill to the tune of $58.

Anyway, that lowered his score 150 points down to 675.  Ouch.  Not good for refinance.  And a nasty surprise when all your other credit score indications show above 800. 

Anyway, bill was paid immediately and a lesson was learned to always check your credit reports on the regular. 

But. We need to jack his score back up FAST.  What’s some ways to manufacture this ASAP.  Already thought of getting him as an authorized user on some CC, but he already had good ratios and history. 


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[Duke03]

What is the oldest Credit card you have open?  I'd say add him to any account that is 10 plus years old if you have it.  Outside of that maybe contact the original creditor and see if they'd be willing to drop it off his credit as it was such a small amount and it was just an over site on his part....

[Papa bear]

What is the oldest Credit card you have open?  I'd say add him to any account that is 10 plus years old if you have it.  Outside of that maybe contact the original creditor and see if they'd be willing to drop it off his credit as it was such a small amount and it was just an over site on his part....

Contacting the creditor will happen tomorrow during business hours.  I can add him on to some 20 year cards. Hope that will help.


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[cool7hand]

+1 on contacting the creditor. Find a way to exercise his power as a consumer, politely, and tell them that your business is going elsewhere or you're lawyering up if they won't be reasonable. Good luck!