BAD CREDIT PREVENTING YOU FROM BUYING A HOME?
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WANT TO RAISE YOUR CREDIT SCORES?
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'Authorized User' also known as the "Piggyback Method" is the fastest way for someone with no credit or bad credit to establish good credit fast! Most Parents or grand parents use this method for their children especially those college students brand new to credit. Spouses and relatives could also benefit from being added as an 'Authorized User' to an existing good standing credit card account. The key is: be sure to give the credit card company the full name and Social Security Number of the person being added to the account. Further more, be sure the account has a good couple years history (the more years the better), has a balance of 30% of the credit card limit or lower, it is paid on time monthly with no late payments and be sure the credit card company reports to all three major credit bureaus (Experian, Equifax, Trans Union). Please note Authorized user's do not have to have any access to a credit card or the account, it is only for reporting purposes to help jump a credit score up fast!
Establishing New Credit
Authorized User/Piggyback Method
Statute of Limitations for Debt
Statute of Limitations for Debt in the United States
What is an Installment account vs. a Revolving account?
Home construction loan
Store Value cards
Secure Credit Cards
A secure credit card is a great way to get started establishing credit and perhaps the most popular. This could work for business or personal credit. A secure credit card is when money is deposited with a financial institution and in turn a credit card is issued with an equal amount of the deposit. A Credit Union or a well established Bank are the best choice's. The best way to establish credit is to have a personal "installment loan" and a revolving credit card. Some financial institutions will grant you a personal loan in which you could use those funds as the secure deposit for a "secured credit card." The difference is an installment loan is a loan you make monthly installment payments on or pay ahead; a revolving credit card is card you use and pay back every month. The key is to never spend more then 10% of the card card limit the first few months. In those few months, spend on the card and pay back what you spend within one week. After just a few short months credit scores will increase and credit has been established to open the doors to higher credit limits and lower interest rates.
'NEVER PUT OFF UNTIL TOMORROW WHAT CAN BE DONE TODAY'
CALL CREDIT REPAIR TODAY!
What makes up a FICO credit Score?
35% is based on your payment history. Accounts paying history (late payments or paid as agreed), number of revolving accounts, installment accounts, open accounts, etc.
30% is amounts owed. Amounts owed on a auto loan, home loan, credit cards, Installment loans, etc.
15% is Length and History. The length of time an account has been established. The longer an account is open and paid as agreed, the credit score will continue to improve.
10% is New Credit accounts. The number of inquiries to apply for new credit. If a credit report is pulled to many times in a short period of time the credit scores are affected. To many inquires indicates that the applicant may be in some type of financial trouble.
10% is the type of Credit Used. Revolving credit, installment loans, secure debt, auto loans, home loans etc. The number of loans, balance's and available credit does make a difference in affecting the score.
What is a FICO credit score?
Fair Isaac and Company is a credit score company founded by engineer Bill Fair and Mathematician Earl Isaac. Developed to determine a consumers credit score. FICO scores are provided to lenders by our three Major Credit Bureaus: Experian, Equifax and Trans Union. Credit Scores Represent the credit worthiness of a person and the likelihood that he or she will pay back debt. FICO scores range between 300- 850.
How to read a Credit Report(See table to the left 'Credit Report Codes')
Credit Report Rating Codes
Installment Revolving or Open Account Meaning
Account Option Account (30, 60, or 90-day
(Fixed number (Open-ended) account)
I0 R0 O0 Too new to rate
I1 R1 O1 Pays account as agreed
I2 R2 O2 More than 2 payments past due
I3 R3 O3 More than 3 payments past due
I4 R4 O4 More than 4 payments past due
I5 R5 O5 More than 120days or 4 payments past due
I7 R7 O7 Making regular payments under WEP
I8 R8 O8 Repossession
I9 R9 O9 Bad debt; placed for collection
IA RA OA Account is inactive
IB RB OB Lost or stolen card
IC RC OC Contact member for status
ID RD OD Refinanced or renewed
IE RE OE Consumer deceased
IF RF OF In financial counseling
IG RG OG Foreclosure process started
IH RH OH In WEP of other party
IJ RJ OJ Adjustment pending
IM RM OM Included in Chapter 13
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