How you can fix your credit and get credit repair
How you can fix your credit and get credit repair
From http;//www.actnowcreditrepair.com
How can your credit get damaged?
Becoming a co-signer: This action carries two risks to you, the first is that the signer will default and leave you with the payments, and the second is that you won't be able to make those payments. That would leave you to default on that loan. Taking a loan under any circumstances involves a risk; your income can change, you could lose your job, or even a medical condition could stop you from paying. Co-signing on a loan can substantially increase that risk. Do the math before you do the loan.
Cutting up those cards: When you have Credit Card accounts in good standing, they add to your positive credit score. When you cut them up and close the accounts, it will show up on your credit reports as a lower overall CL (credit limit). So even if you don't use them, keep the accounts in good standing. You can charge these accounts as little as once every three months or even once every six months to keep them active.
No lines of credit: No credit equals big risk for creditors. With the possible exception of college students and recent graduates, credit card companies are very hesitant to extend new credit, especially in a tightening credit market. Try to open up at least three trade lines, even if they are secured cards.
High utilization rate: Your balance on your lines of credit (such as credit cards) should never be more than 30% of your CL (credit limit). When you go above that, your score declines. If you have cards with low balances, try to pay them as soon as you charge them. This will reduce your balance when the card reports to the credit reporting agencies.
Late Payments: This should go without saying, but when you pay late, even by a few days, your credit score will suffer. Always pay the bill on time.
How you can increase your credit score? Here are some good tips and techniques for improving your FICO and Credit Score.
Use your cards: Learn to use your cards, even those that are secured cards wisely, and below the 30 utilization rate. In other words if your total CL (credit limit) is $1000, then your balance should be no more than $300.
Stay on a "cash only" budget: Have your credit cards tied in automatically to your checking and savings account so you won't be tempted to go on splurges. This will also keep you paying on time.
Take a personal loan: At your bank apply for a personal loan, if your credit is poor or new, you may have to back it up with a CD or other cash reserves. In other words much like you can get a secured credit card you will have a secured loan. Again make sure your payments are automatic and make sure the bank reports to the major credit agencies.
Piggyback on a family member's good credit: If you can, get added to a family member's credit card. This will give you many years of good credit. Don't take physical possession of the card, and don't even take the card number. All you want is the good credit on your report.
Wait: Time heals all wounds. Let your cards become "seasoned" use them lightly, pay them on time. Good credit takes time. Fortunately it takes less time than you think.
What about purchasing "seasoned credit accounts"? Credit agencies are smarter than we wish they were. While being on a family member's credit card is logical, being on a completely unrelated credit history is not. While purchasing a "seasoned credit account" may help you for a short term, the credit agencies will quickly figure this out. This will be bad news for you when you apply for new credit.
Who we are
We are just like you. We have had good times and bad. We have good credit and bad credit, poor credit and damaged credit. We have lost our job and we know you have lost your job. We have paid our bill on time, and we have skipped a payment and been charged late fee. We can even relate to those with bankruptcy and or judgments. We've been there too. Many people ask, "how can I repair my credit?" or, "what is the best way to repair my credit?" - that is how we got started. Right here in Florida.
We know how to increase credit scores, including helping you with credit cards for bad credit, credit cards for fair credit, and credit cards for good credit. We can talk about FHA loans, secured loans and secured credit cards, equity lines of credit and other loan instruments.
We are located in sunny Palm Beach County Florida, and serve Wellington, West Palm Beach, Palm Beach, Lake Worth, Green Acres, Broward County, Miami-Dade County, the Acreage, Palm Springs, and all of south Florida.
This area is very nice, we are just a short drive away from famous Florida Beaches, and hotspots such as downtown West Palm Beach including city place and Clematis Street, we are very close to the Kravis center and the zoo, as well as Delray and Atlantic Avenue, and even Lake Worth and Lake Avenue. It's a vacation Paradise.
We are your local West Palm Beach Florida Credit Repair company. We can get you back on track to getting your low credit score repaired and get you to A+ credit. That means you will have a higher FICO score. If you want to know how to increase your credit or FICO score, we are here to help you. Simply put we help credit scores increase, or to put it another way we can help increase your FICO and Credit score.
What are the best credit cards for you?
This depends upon your situation. Generally, outside of exact FICO Score numbers, credit scores can generally be termed as poor credit, fair credit, good credit, excellent credit. There is no exact science, however we consider poor credit to be 620 and below, fair credit to be 620-680, good credit to be 680-720, and excellent credit as 720 and above.
Credit cards for those with poor credit. If you have poor credit and a low FICO scores the chances are against you in the credit game. It will take time for you to improve your scores. The best way for you to begin to raise your FICO score is to begin with "secured" credit cards. The concept is very simple; the credit card company will deposit your funds in a "savings" account. They will then issue you a Visa or MasterCard branded card. Your CL (credit limit) will equal the amount in the savings account. Give it 6-12 months and you can see an increase of anywhere from 40-60 FICO points. The very best thing you can do is to go to your local bank, the one you have a checking account with, and start your secured credit card with them. If you belong to a credit union as well, try them first. If you are on the higher end of poor credit you can apply to some of the credit cards marketed towards riskier users. Orchard bank and Capital One are leaders this field. Before you apply for the unsecured credit cards, be sure to have at least 6 months of history with your secured card with as low a utilization rate as possible.
Credit cards for those with fair credit. If you have fair credit and fair FICO scores then you stand a good chance of being approved for lower level credit cards, with a CL (credit limit) of anywhere from $200-$1000, as long as you have a decent income. You can also apply for some store credit cards as well. Companies include Orchard bank, Household, and Capital One. Keep in mind that these companies offer several levels of credit cards. When you reach this stage you want to use your cards sparingly. If you can, carry a very small balance and/or pay them off completely each month. This is where your ride up the FICO score ladder truly begins. Always pay your bill on time.
Credit cards for those with good credit. If you have good credit and good FICO scores then you have many options, including nationally branded banks and even a few American Express branded card. The Zync card is especially marketed to those with newer credit. At this point you should have established good credit habits including always paying bills on time, watching cash flow and budgeting. Chase, Discover, higher end Capital One, and Citi are the cards you should now be applying for. You can expect, with a normal income, to have a CL (credit limit) from $1,000 $5,000. You can also do balance transfers from higher rate cards to those with 0% interest rates. If your FICO score is above or close to 700, you may investigate applying for an American Express card.
Credit cards for those with those with excellent credit. If you have excellent credit and an excellent FICO score, then congratulations, you have made it to the top! Depending upon your income, you will qualify for almost any credit card. Including Discover More, Chase Sapphire, Chase Freedom, American Express Blue, American Express Green, American Express Gold, and much more.
We can help you raise your FICO score so that you may qualify for the credit card of your choice.
How to get good credit for Car loans and/or an automobile lease, or how to improve bad credit for car loans and/or a car lease.
As you can imagine different auto manufactures have different loan programs. There is GMAC financing better known as General Motors Auto Credit, Volkswagen has a financing unit, Toyota has a financing entity, as does Chrysler, and Ford, GM, Mercedes, Volvo, Hyundai, Kia and more.
It is easier to qualify for an auto purchase as opposed to an auto lease. Although this does not make compete sense, to the average person. You have to understand that an auto lease is an unsecured loan. So only well qualified credit scores will be accepted. Generally to lease you need a credit score above 700 FICO, and usually from 740 FICO and up.
Car loans are considered to be secured by the car itself. With some money down, and the more down the more you are likely to qualify, scores ranging from the low 600 FICO range and above will get you into a new or used car loan. Each company has its own requirements, and each dealer has its own requirements too. We can help you with credit repair, get qualified to purchase or lease a new or used car or truck, for business or personal use.
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