Credit Repair Blog

Are you struggling with how to build credit? Do you have thin credit , bad credit , or a recent bankruptcy hurting your chances of getting approved?

What if there was a way you could establish your credit score in as little as 45 days and it had nothing to do with credit repair? Credit Repair Cards are the secret weapon in a credit repair expert’s arsenal. Other than eliminating unverifiable data from your credit report, they are probably the single most effective tool for fixing, your credit score.

Before I can tell you the proper way to implement this little known industry strategy, you first need a fast lesson on how credit scoring works, so you can understand why its so effective. This is a vital part of knowing how to build credit.

Your credit score is made from five main elements..

1. Amount owed 30% – Otherwise known as your debt ratio, this is the amount of credit you are using divided by the amount of credit extended to you. If you have a $1500 credit card with a $1500 balance, your score will go down because you are using 100% of the credit extended to you. If you pay it off, your score will go up because your debt ratio has decreased.
2. Mix of credit 10% – you should have a mix of credit cards, loans, and mortgages for the highest score possible. This ties in to your past history, amount owed, and length of history. It shows you’re credit savvy.
3. Payment history 35% – that means whether or not you make your payments on time. The presence of late payments, charge offs, collections, judgments or bankruptcy or any other negative remarks will cause your score to drop.
4. Length of history 15% – this is how long you’ve had credit. You know how you would prefer an experienced dentist over a new dentist to work on your cavity? Well, lenders prefer an experienced borrower over a new one.
5. New credit 10% – when you apply for new credit your score comes down. lenders only want to lend when you don’t need money. If they see you’ve been applying for credit with several lenders, this is a warning sign that you may need the money more than they want to lend it.

As I demonstrated, your payment history makes up thirty five percent of your score and is the single biggest variable in making up your score. The only way to improve this part is to delete the obsolete data from your credit history. This is generally the area credit repair services target and is the hardest to do.

The second biggest variable in figuring out your credit score is your debt proportion, which accounts for as much as thirty percent of your score. To sum up, you can guess your debt proportion by dividing your total balances by the total debt extended to you. Hence if you have 3 visa cards with $1500 limits, and they’re tapped out, then your debt proportion is one hundred percent. If your balances are $750 on each, then your debt proportion is fifty percent. The lower your debt proportion the higher your score.

There are only 3 ways for reducing your debt proportion. Let’s use the same person – 3 cards with $1500 credit limits to explain each example.

First, you can pay off your present balances. This is only a choice if you have the money and already have some established accounts with high balances. Just pull out your check book and send them a check. This is not a choice if you do not have established accounts or lack the money to pay down your balances.

2nd, you might increase your current credit limits. Again, if you’ve got good credit and established accounts, than this is easy to do. Just call your banks and ask for a credit limit increase. They can approve you right there and then. If you do not have any open accounts or you already have a number of blemishes on your credit history, then this possibly isn’t a good option for you.

Ultimately, your 3rd option is to add new trade line. If you have good credit, than all you would need to do is apply for a new card.

Working out how to build credit by opening a new account if you have thin credit, blemished credit, or no credit can be very tricky. The difficulty is that no lender wants to be the first to gamble on offering you credit.

Even if you were authorised, you would probably have to pay application costs of $350 or even more, then they’d give you some ludicrously high interest rate and a credit arrangement of about $300 to start. After a year or longer, after you have proved yourself to be a responsible borrower, you might request a borrowing limit increase, at which time they’d increase you to say… A $500 limit. Not awfully practical if you need to achieve results quickly .

But hey, what choice have you got? You’ve got to start someplace, right? Wrong!

What if there had been a way you might add an unsecured trade line for $5,000 without reference to your credit report? Would you be excited or skeptical? I’m guessing skeptical.

You’d likely guess that any bank ready to offer you $5k would doubtless charge you some enormous application fee, a ludicrously high interest rate, hundreds of dollars in yearly membership fees… And you’d still have to get authorized, right?

If that was the case, truthfully, it might still be worth it. When you think about how your credit report effects your ability to purchase your perfect home, drive a new automobile, get a better job… Not to mention save you thousands of dollars in lower loan payments and rates, you’d quickly recover your investment in no time at all . That is the reason why they call them Credit Repair Cards cards, right?

The good news is that is not the case. Not this time.

I know you are used to folks making an attempt to milk your situation by this point. You have virtually started to expect it. That’s why you’re not going to believe me when I tell you I know an internet site where you can get a $5,000 unsecured Credit Repair Cards card with…No interest charges, No application fees, No membership fees, and No security deposit. What’s more is they guarantee approval!

So what’s the catch? You can only use it at one store and all they sell are ebooks and mp3s. They’re secure in offering you the credit because they figure nobody is going to spend $5,000 on $27 ebooks and music downloads.

They will require you to make an advanced purchase on some ebooks or music downloads, but who cares? There’s probably some books and mp3′s you want there anyway.

So where are you able to get your magical Credit Repair Cards and all of the perks that comes with them? Just go to www.Build-Credit.net to get yours now.

Tags: credit repair cards, how to build credit, how to build credit after bankruptcy, how to build credit fast