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1140 Empire Central Drive, Suite 530, Dallas, TX 75247
214-232-4300
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915-234-8779
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575-323-1811
IT'S TIME TO INCREASE YOUR CREDIT SCORE.
LEARN MORE WITH OUR BLOGS BELOW
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I have said before that credit repair is like unlocking the Da Vinci Code. But it doesn’t have to be that hard. As a matter of fact, with some credit awareness, you might never need credit repair. Though your credit report may appear baffling at times, the most important thing to know is that there are five main factors that make up a FICO credit score – payment history, amounts owed, credit history length, new credit and types of credit used.
In the sometimes bizarre world of credit, it’s significant to note that there are two main types of financial loans: revolving and installment. Installment loans consist of things like auto loans and student loans — money that is loaded with the expectation that it will be paid back in a relatively short period of time. Revolving loans, which are things like credit cards and bank cards, involve debt that is accrued and, ideally, paid off on a monthly basis (i.e. debt management). For the best possible credit score, it’s recommended that consumers try to establish a good balance between installment and revolving loans. But to compound the situation, there’s one other type of loan that can greatly aid your credit score for the better in the long-term; a mortgage.
Mortgages—this is the loan we all know about—the one most of us need if we want a new home. When you’re first approved for your mortgage, it’s likely that your credit will take a hit in the near-term. But a mortgage is good for your credit score in the long run for two big reasons. One, it qualifies as a type of credit used. And two, if you make on-time mortgage payments, it will reflect well on the payment history portion of your credit score, which makes up 35 percent of your FICO score.
However, in this Era of the Credit Dark Ages, it’s also worth mentioning that just because you have a variety of installment, revolving and real estate loans to your name won’t mean you’ll have a pristine credit score. Like I mentioned above, on-time payments are key. And it’s also key that you don’t have any unpaid loans that are taken on by collection agencies, as it’s hard to repair credit when you have something that could stay on your record — and influence it in a negative way — for up to 7.5 years. So while diversifying your credit is important, it’s important not to overlook other factors that go into the makeup of your overall score as well.
Start your own Credit Renaissance through diligent credit awareness, such as making your full payments on time and narrowing your debt-to-income ratio as much as you can. This will keep the Credit Monsters (collection agencies) and Unholy Trinity (credit bureaus) at bay and toothless.
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Having a good credit score is the most important thing. It used to be an apple a day, four glasses of milk, or eight glasses of water, wrong! Sure that’s important for your health, but your creditworthiness is just as important. Not having good credit makes it virtually impossible to attain homeownership, a car or anything that requires long-term repayment. And, choosing the right credit repair company is also vital. Can I tell you a secret? You CAN repair your credit yourself, but I will share why it’s best to seek professional help.
The best thing to do before you endeavor on the gargantuan task of repairing your credit is to understand the intricacies of your credit report. And when you see it, it’ll look like an engineering chart of the Star Trek Enterprise. So it’s smart to find a credit restoration specialist to help you understand the numerous hard inquiries, stale accounts, and any inaccuracies posted on your credit report.
You also want to keep your balances low. This is the primary thing mortgage lenders look at. This is known as the debt-to-income ratio. Also, don’t close any credit card accounts once you paid them off! Showing an older account actually improves your score, whereas closing accounts will narrow and damage your debt to income ratio. Keep using your credit cards to make everyday purchases (e.g., groceries, gasoline, etc.) and pay the full balance when you get your statement. This basic strategy will help significantly as you’re restoring your credit.
As I noted before, you can repair your credit yourself, but there is a great risk or possibility of being ignored by your creditors and the credit bureaus. Choosing the right credit repair solution then becomes paramount, but most credit repair companies just send letters on your behalf—having the same minimal impact. So keep it real and find the credit repair consultant, credit counselor, or credit restoration specialist that works closely with you. Having a professional representing your creditworthy interests will be the secret to your credit repair success.
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It seems like maintaining a good credit score these days is like some unforeseen natural disaster. Like a comet hurtling toward the Earth with its pending doom. You’re moving along with your job just fine and your family is growing. So you decide it’s time to find a new home and meet with a Realtor who tells you that you need your credit reviewed to be sure you qualify. What’s this? Some financial bureaucratic conspiracy? Qualified? What is the Realtor talking about? You’ve heard all of this before from your friends and you understand the basics of credit scores, but you didn’t think it would happen to you. You have a good job, so you think maybe it was the way you dressed when you met with the Realtor. Who knows?
To approve financing for your home purchase, mortgage bankers need to know they can trust you will make your payments. So they judge you on your credit report. Every time you apply for a credit card or other lines of credit, that is, looking for a new car, house, furniture, etc. is listed on this report. These are called hard inquiries like it’s your fault for just looking for credit.
Specifically, your credit report contains information on accounts regarding lines of credit you have established such as credit cards, loans, medical payments, etc. On top of that, any judgments, liens, including a bankruptcy, would be listed on this report. To top of this surreal financial monstrosity are recorded late payments. If this doesn’t leave you jaded enough, it is reported that 79% of credit reports contain inaccuracies. Seriously? This is enough to knock anyone off their economic equilibrium and, jolt them off their axis of hope.
Your credit report notes your FICO score or your “middle” score based on the scores of the three primary credit bureaus—TransUnion, Equifax, and Experian—which I call the Unholy Trinity. The ability for you to get a new job, buy a car, furniture or house, is quantified, stored, reported and controlled by them.
So knowing what’s on your credit report and its accuracy has now become a transcendent experience. Just as it’s important to have a family doctor, lawyer, or an accountant, you must now find a trusted credit restoration specialist to help you repair your credit as needed and to provide you with invaluable financial counsel.
Don’t become overwhelmed with your credit report or ever surrender to creditors, collection agencies, and especially, the credit bureaus.
Find it in you to fight back and, become creditworthy; find a professional credit restoration specialist and live a happy life.
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