Credit Information
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Credit Restoration Background
Are Credit Problems Affecting Your Personal or Business Life?
Credit restoration programs will be tailored to
meet the needs of varying credit challenges such as restoring or
enhancing damaged credit, rebuilding credit or establishing new credit.
From the times of the Florentines who did business at a desk covered with a green tablecloth, to Fair Isaac delivering the first credit scoring system in 1970, personal credit care and maintenance has been paramount in successful borrowing leverage both for you personally and for your business.
Credit problems and the resulting low credit scores can interfere with your major purchase requirements, whether personal or business, and cause needless frustration. Our Consultants will be able to refer you to a Credit Specialist to help you solve your credit problems and educate you on how to use, protect and build your credit.
Importance of Your Credit History
The credit reporting agencies, or credit bureaus, play an important role in our financial lives. Experian, TransUnion, Equifax, and several other minor credit bureaus maintain extensive credit files on virtually any U.S. consumer who has ever utilized or attempted to utilize credit.
The credit histories, or your credit habits determine the credit score that you are assigned by the credit reporting agencies. The higher the credit score, the better chance you have of obtaining a new car, home loan, insurance on your home, car or business, credit cards, or loans or lines of credit for your business. Bottom line: Over the course of your lifetime, your credit score can cost you or save you tens of thousands of dollars. For this reason, credit reporting or credit scoring should be taken very seriously.
Credit Advice
1) Pay your bills in a timely manner
Your credit record can help or haunt you. When you pay your bills on time, you establish yourself as a responsible, creditworthy individual. When you don’t pay your bills on time, you will to“pay the price!” Those late payments will appear on your credit record as derogatory items and will probably work against you when you apply for living accommodations, employment, financing, or for auto, home or business insurance.
2) Pay at least the minimum amount due
Not paying the minimum amount due can be deemed to be a late payment and once again be reported as a derogatory item.
3) Pay your bills online
Paying your bills online will ensure timely payments. Timely payments will not only build a great credit history, but will also avoid costly late fees.
4) Don't "max out" your credit lines
Do not to use the total credit limit on any one of your revolving accounts. Set a maximum usage of 25-30% and have some credit available for emergencies, such as unexpected medical bills or car repairs. Minimizing your credit card usage will reduce your minimum monthly payments. In addition prospective lenders do not like to see more than 30-35% usage.
5) Limit yourself to a few credit cards
Tracking purchases and balances is easier. Three major credit cards should be adequate for most households. An excess of credit cards can result in excessive and unnecessary spending.
6) Complete a financial checkup
Make the effort to determine your financial status. Educate yourself on the warning signs of having too much debt, such as borrowing from one credit card to pay another, too many skipped or late payments, or insufficient funds to cover an emergency. Find out where you stand and take control.
7) Prepare a budget
To avoid impulse spending have a realistic plan in place. It should include all your revenues and necessary expenses. Include a reserve to cover the unexpected events.
8) Set financial goals
Include funds for your children’s education, your retirement, and possibly that dream vacation!
9) Treat your credit accounts like your bank accounts
Always monitor your credit lines. Always know your account balances, what your available credit is, and when your next payments are due.
10) Obtain your credit reports at least twice a year
Maintaining a respectable credit history is essential to securing future credit, and on favorable terms. Even if you think your credit history is problem-free, make sure. Undetected errors occur more often than you may think and could cause major problems. Examining your credit report regularly allows you to verify the accuracy of the information being reported to the credit bureaus.
Their credit restoration programs will be tailored to meet the needs of varying credit challenges such as restoring or enhancing damaged credit, rebuilding credit or establishing new credit.