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Poor Credit Assistance
 We
are one of the very few companies that have a full service "in-house" credit
assistance center. While you loan is being submitted or credit center will review
your file and give you ways to immediately improve your score.
There are allot of scams out there but our center is directly tied to us. If
they don't help you raise your score during the process we don't get to do a
deal so its imperative that we found a system that works.
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5 steps to better
credit
Correct blatant mistakes.
Your credit score is only as good as what shows up in your credit report.
Review your reports from all three credit bureaus for accuracy once a year
as well as several months before applying for a loan. Changing a mistake on
your report - such as a payment that is wrongly labeled as late -- can take
30 days to three months, sometimes longer.
Pay your bills on time. This is always a good practice, and it's especially critical
that you make prompt payments close to the time you need a loan. That's
because a late or missed payment in the last few months is likely to lower
your score much more than an isolated late payment five years ago.
Reduce your credit card balances. A heavily weighted factor in your FICO score is how much money you
owe on your credit cards relative to your total credit limit. Generally,
it's good to keep your balances at or below 25 percent of your credit card
limit.
Pay off debt rather than moving it around.
Since the ratio of your credit card balance to your credit limit is
key, closing out an account and transferring the balance simply means you
increase that ratio, which is likely to lower your score. In other words,
say you owe a total of $2,000 on four credit cards, each of which has a
$2,000 limit. Your total credit limit is $8,000, of which your total
balance ($2,000) accounts for 25 percent. If you transfer all your balances
to two cards and cancel the other two, your total credit limit is reduced to
$4,000, and your $2,000 balance now accounts for 50 percent of that limit.
Don't close unused credit card accounts near
loan time. If you have several credit card accounts but are only
using a few of them, you'll only raise your balance-to-limit ratio if you
close the unused ones. You also shouldn't open new accounts when applying
for a loan if possible. If you have a short credit history or very few
accounts, opening a new credit line may lower your score since you don't
have a proven track record, said an executive at TransUnion. What's more, a
new account will lower the average age of your accounts, another factor in
your FICO score. |
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Where can I get my score?
To find out specifically what you must do to raise your score, you can order
your score report from all three national credit bureaus. In addition to your
score, you'll get your credit report, an indication of how your score ranks
nationally and an explanation of how you can boost your standing.
There are two reasons to get your score from all three bureaus: First, each
bureau may have slightly different information about you depending on which
companies have reported to them on your accounts -- reporting is not mandatory
and many companies will report more regularly to the bureau based in their
region. Second, mortgage lenders often look at all three of the bureaus' FICO
scores and take the middle score - not the average -- to assess your
eligibility. So it's in your interest to know what that middle score is and
make it the best it can be.
You may obtain you FREE Credit Report and score by by using our easy online form
and clicking 'FREE Credit Report' on our
main pages. This is an excellent place and way to begin.
If you were denied credit, you're entitled to a FREE Credit Report from the
bureau supplying the information that was the basis for denial. Some states
also entitle residents to a FREE Credit Report at least once a year. There is,
however, no requirement that credit scores be offered free, although with
TransUnion your score is automatically included in your report, whether you get
it free or not.
Additionally, please use our link to
'Personal Debt Consolidation' on our main pages if you
need credit card help or debt consolidation. |
