Our Loan Officer knew exactly how to meet our needs. We were approved for our loan in 24 hours. This short term loan allowed us to grow and we’re launching new products.
I used to help fix credit reports for free people to qualify borrowers for home loans. After getting burned several times, now just explain what they have to do on your own. It makes practical sense for a person to learn the steps, because they learn to not make the same mistakes that caused the reason why your credit is low. The importance of having good credit cannot be over-emphasized. In today’s society high credit is no longer a luxury. It is essential for growth and prosperity. A study by the Federal Trade Commission found that 5% percent of U.S. consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance. Identifying and disputing credit report errors is one of the easiest ways to improve your credit score.
Repairing credit yourself for free will need an updated version of (3) credit reports from each of the three credit bureaus below. The reason is some creditors may report to one agency but not another. This is why it is important to get a copy from each. You are entitled to a free copy of your credit report once a year from each agency. Also noting your free credit report will not show your FICA score, it will only show your credit history. (It you want to see your actual score, you will need to pay $10-$20 for a full report).
When you have copies of your credit reports, check all personal information (name, address, etc.) to make sure it is accurate. Understand that recent address changes, or changes in employer may result in being turned down for credit. Review every item on your report so that it is correct. List the items (names and account numbers) of every derogatory (incorrect) item on your report, even if it is valid and true. Write a letter using these guidelines:
After your credit report has been updated, you want to learn how to manipulate your score higher. The best and fastest way we have seen to increase a credit score. Paying more than the agreed upon payment with secured debt (like a home, car, boat, or secured loan). A secured loan has a fixed payment and a known end date. Payment history is another influential factor in determining credit scores. Make sure all your payments are on time. Send your payments so it is received a few days prior to the due date. Again sending extra over time gets you reported as more responsible and your credit score dramatically goes up!
Keep your credit card balance as low as possible, relative to your credit limit. Credit utilization has a major impact on your credit score. Keep your balances at least 50% of the credit limit, 25% is even better. If you have credit card you don’t use, don’t close them out! When an account is closed, you’re lowering the amount of credit that’s available to you. If you carry balances on any other cards, your credit utilization will go up and your credit score can go down. You can also try using a cosigner (also called piggybacking) with someone else credit. Asking a family member or close friend with excellent credit, to add you as an authorized user to one of their credit cards.
Limit the number of hard pulls of your credit being ran. Anytime you actively seek credit and fill out an application and a 3rd party runs your credit it is considered as a hard pull. I have seen after three hard pull’s in one week, a credit score being reduced 25 points. Because applying for multiple accounts is viewed as a credit risk, it will negatively impact your credit score. If you personally run your own credit report. This is considered as a soft pull that has no effect on your score.
Having good credit is the most valuable tools in the world today, cash doesn’t even come in a close second (but credit knowledge does). With high credit you can obtain just about anything, including investments that will create even greater wealth. Knowledge allows you to make the right choices. An example for just a few thousand dollars down you can take advantage of the appreciation and tax advantages of owning a business. Achieving wealth has nothing to do with collecting dollars, nor is it connected to how much you earn.
In closing – all that matters to succeed in life is how you use what you have.