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5 Steps To Success!

 STEP 1  MONITOR YOUR SCORE 

The first step is to pay attention to all 3 credit scores. Monitor your credit score, know what’s in your credit report, and make sure that you’re always on top of it.

Have you ever heard the quote... “That which is measured improves.” Peter Drucker, known as the founder of modern management brings a valid point. It stands to reason that you can’t really improve something if you’re not paying attention and measuring. So that’s why you need to constantly know where you’re at with your scores. The good news is that today, it’s easy to track your scores.

You may already be using a site like www.creditkarma.com to get free credit scores... if not, DO NOT go sign up.

The problem with Credit Karma, aside that they’re owned by TransUnion, is the site and app were designed as a tracking mechanisms. TransUnion, as you know, is a credit reporting agency. But what most are unaware of is they make money through data mining. This means they sell our information to the highest bidder. Credit Karma does give you a look at your TransUnion and Equifax reports and scores BUT at a very serious cost. By using this service you are giving them authorization to track your location and permission to sell your personal information obtained through the site to collection agencies and skip tracers.

www.CreditScoreCard.com is another site that’s sponsored by Discover, and they give you an Experian FICO score. www.creditwise.com is yet another that offers access through most national bank services for free. The only issue is that ALL of these are owned and operated by the bureaus with a single purpose of gathering our information and selling it...

If you want a safe option, check out the monitoring Approved Credit Resources uses. There are powerful tools built in as well!

 STEP 2  LOWER CREDIT UTILIZATION 

Credit utilization is a basic measure on the ratio of how much credit is utilized (used) versus the available credit limits. It’s calculated from your revolving credit lines (Credit Cards) and installment loans (Personal Loans, etc...). This is calculated simply by adding all the balances on OPEN revolving and installment accounts then dividing by the total of the initial balance/credit limits. Once this is complete you will have your Credit Utilization Ratio.

So why does credit utilization matter? It’s a MASSIVE 30% piece of your credit score, and it’s basically impossible to have a good credit score if you there are issues with your credit utilization.

To improve it, you can either lower balances (pay down debt) or you can increase the limits on revolving line items (amount of credit available on credit cards). This is the fastest way to boost your score 50 to 100+ points in as little as 30 days or less.

All right, so how can you accomplish this? There are four different ways.

  1. Pay down the balances on your OPEN accounts.

  2. Increase your available credit limits. (Increase limits on existing cards)

  3. Become an Authorized User on an established account with someone you know. (Be sure they have good payment history and the balance is no higher the 25% of their limit or you will hurt your scores by taking on their account history)

  4. Get a consolidation loan for all your revolving debt.

To learn exactly what you need to do for the largest credit score increase you can utilize the Score Simulator in the credit monitoring you set up from the last step. (Free credit reporting sites/apps do not offer this feature)

 STEP 3  PAY BILLS ON TIME

There’s no way around this guys & gals. You can’t build your credit up if you’re continually breaking it down. So, paying your bills on time is something you must do... but just paying your bills isn’t going to fix your problem. It’s not enough on it’s own to get a great credit score - you have to follow through on all 5 steps to really get big results. To see for yourself, go back into the credit monitoring Score Simulator and choose pay bills on time for 3, 6, then 12 months and see how it changes your score. If you have been late on you bills or are currently it may improve some, but not enough to make it on it's own. 

Payment history accounts for the largest percentage of our credit scores, 35%. I just want to give you one brief tip on always paying your bills on time. If I can tell you to do one thing to really make sure that this is happening for you, it’s to get your your bills set up on automatic payments. You can even get rent payments set up on automatic payments.

If setting up automated payments scares you, then breaking down your monthly budget and cutting out any extra expenses possible is mandatory. Do this by itemizing all your spending from the last quarters (3 months) bank statements. Don't leave anything out and you will be surprised at how much you can actually save.

All right, so that’s step 3. Getting control of your expenses and monthly budgeting is must do key for success here. 

 STEP 4  BUILD POSITIVE CREDIT

Let’s say you have bad credit history right now. Which means you’ve got some late payments here and there, and maybe some collection and charge-off accounts. With these sort of things on your credit report it doesn't give the credit scoring model anything good, to compare/balance against the negative, then all they have to go on is the bad stuff that’s on your credit reports. So that’s how you’ve got to think about this step. When I say a good credit line, what I mean is a credit line that you haven’t ever been late on. So if you’ve only got credit lines that you’ve been late on so far, you can start new credit lines and make sure that you don’t screw up - pay those on time. Whether that’s a new credit card or a personal loan, etc. really does matter.

Choosing the right account is critical. Some accounts will only report to one bureau and others won't report for up to 90 days. Use the Score Simulator to figure out which type of account is best for your unique situation (Credit Card or Installment Account). 

This strategy will really pay off in increments using the right accounts. You can expect to see a credit score increase in 7 to 10 business days on our Credit Building Credit Card or with our Savings Installment Account you will see it in 3 months, then in 12 months or 24 months down the road depending on the amount you choose to save monthly. So this is the kind of thing you’ve got to seed early with the Credit Building Credit Card and then with the Savings Installment Account you really get the big payoff a little bit later, months down the road on with all three credit bureaus.

Use the links below to open two new positive trade lines.

 STEP 5  CORRECT NEGATIVE ACCOUNTS

Most people with a credit score in the 300 to 690 range have some combination of these problems with their credit report:

  • Collection Accounts

  • Medical Bills

  • Tax Liens

  • Student loans

  • Late payments

  • Judgments

  • Too many Inquiries

So why are these negatives such a big deal? These things are about not paying a bill correctly or can easily be errors that are unknown to you at all. They are some of the biggest problems for your credit report. Step number five is THE BIGGEST, as far as getting massive improvement on your scores because it affects 35% of their calculation. You should use every means available to get anything negative off your credit report that doesn’t need to be there, legally. The way I would look at this, is this is a game... and one you only play to win.

There are 2 consumer protection laws that limit what can happen as far as your credit reports go.

1. FCRA (Fair Credit Reporting Act)
2. FDCPA (Fair Debt Collection Practices Act)

They’re both long legal documents. You are welcome to read them if you want, but I don’t recommend it because it’s hard to make sense out of without legal verbiage training. Bottom line is, you use these laws in your favor to make sure that only the stuff that absolutely has to be on your credit report is showing up there. And you can often get things removed from your credit report by leveraging these laws, with specific case laws (court cases that have been won against the bureaus), to your benefit.

You are welcome to work on this for yourself or use our credit teams expertise to have this portion completed within three to six months on average. I'll show you more on both options below...

The Consumer Financial Protection Bureau has a summary of your FCRA rights here if you need them to do this yourself.

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 NEXT STEPS  HOW TO LEARN MORE

If you don't have time to do this on your own and want to retain our credit team to use these 5 steps and improve your scores in 3 - 7 months, then I recommend you give us a call or sign up online today!

arrow_drop_down_circle
Divider Text

Only $89 w/credit monitoring

Will this be your year?
Speak with one of our agents to secure your path to home ownership.
Call our agents
(214) 385-4445

Control Your Future Credit Score
It's time to take the first step to financial freedom.
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SIGN UP

Only $89 w/credit monitoring

609 S. Goliad St, Suite 1120
Rockwall, TX 75087
(214) 432-7577

HOME BUYERS INFORMATION
Would you like information on how to become a home owner? 
settings
Affiliates
(214) 432-7577

Only $89 w/credit monitoring

Credit tips and no credit check builder accounts.
5 Steps To Success!
arrow_drop_down_circle
Divider Text

 STEP 1  MONITOR YOUR SCORE 

The first step is to pay attention to all 3 credit scores. Monitor your credit score, know what’s in your credit report, and make sure that you’re always on top of it.

Have you ever heard the quote... “That which is measured improves.” Peter Drucker, known as the founder of modern management brings a valid point. It stands to reason that you can’t really improve something if you’re not paying attention and measuring. So that’s why you need to constantly know where you’re at with your scores. The good news is that today, it’s easy to track your scores.

You may already be using a site like www.creditkarma.com to get free credit scores... if not, DO NOT go sign up.

The problem with Credit Karma, aside that they’re owned by TransUnion, is the site and app were designed as a tracking mechanisms. TransUnion, as you know, is a credit reporting agency. But what most are unaware of is they make money through data mining. This means they sell our information to the highest bidder. Credit Karma does give you a look at your TransUnion and Equifax reports and scores BUT at a very serious cost. By using this service you are giving them authorization to track your location and permission to sell your personal information obtained through the site to collection agencies and skip tracers.

www.CreditScoreCard.com is another site that’s sponsored by Discover, and they give you an Experian FICO score. www.creditwise.com is yet another that offers access through most national bank services for free. The only issue is that ALL of these are owned and operated by the bureaus with a single purpose of gathering our information and selling it...

If you want a safe option, check out the monitoring Approved Credit Resources uses. There are powerful tools built in as well!

 STEP 2  LOWER CREDIT UTILIZATION 

Credit utilization is a basic measure on the ratio of how much credit is utilized (used) versus the available credit limits. It’s calculated from your revolving credit lines (Credit Cards) and installment loans (Personal Loans, etc...). This is calculated simply by adding all the balances on OPEN revolving and installment accounts then dividing by the total of the initial balance/credit limits. Once this is complete you will have your Credit Utilization Ratio.

So why does credit utilization matter? It’s a MASSIVE 30% piece of your credit score, and it’s basically impossible to have a good credit score if you there are issues with your credit utilization.

To improve it, you can either lower balances (pay down debt) or you can increase the limits on revolving line items (amount of credit available on credit cards). This is the fastest way to boost your score 50 to 100+ points in as little as 30 days or less.

All right, so how can you accomplish this? There are four different ways.

  1. Pay down the balances on your OPEN accounts.

  2. Increase your available credit limits. (Increase limits on existing cards)

  3. Become an Authorized User on an established account with someone you know. (Be sure they have good payment history and the balance is no higher the 25% of their limit or you will hurt your scores by taking on their account history)

  4. Get a consolidation loan for all your revolving debt.

To learn exactly what you need to do for the largest credit score increase you can utilize the Score Simulator in the credit monitoring you set up from the last step. (Free credit reporting sites/apps do not offer this feature)

 STEP 3  PAY BILLS ON TIME

There’s no way around this guys & gals. You can’t build your credit up if you’re continually breaking it down. So, paying your bills on time is something you must do... but just paying your bills isn’t going to fix your problem. It’s not enough on it’s own to get a great credit score - you have to follow through on all 5 steps to really get big results. To see for yourself, go back into the credit monitoring Score Simulator and choose pay bills on time for 3, 6, then 12 months and see how it changes your score. If you have been late on you bills or are currently it may improve some, but not enough to make it on it's own. 

Payment history accounts for the largest percentage of our credit scores, 35%. I just want to give you one brief tip on always paying your bills on time. If I can tell you to do one thing to really make sure that this is happening for you, it’s to get your your bills set up on automatic payments. You can even get rent payments set up on automatic payments.

If setting up automated payments scares you, then breaking down your monthly budget and cutting out any extra expenses possible is mandatory. Do this by itemizing all your spending from the last quarters (3 months) bank statements. Don't leave anything out and you will be surprised at how much you can actually save.

All right, so that’s step 3. Getting control of your expenses and monthly budgeting is must do key for success here. 

 STEP 4  BUILD POSITIVE CREDIT

Let’s say you have bad credit history right now. Which means you’ve got some late payments here and there, and maybe some collection and charge-off accounts. With these sort of things on your credit report it doesn't give the credit scoring model anything good, to compare/balance against the negative, then all they have to go on is the bad stuff that’s on your credit reports. So that’s how you’ve got to think about this step. When I say a good credit line, what I mean is a credit line that you haven’t ever been late on. So if you’ve only got credit lines that you’ve been late on so far, you can start new credit lines and make sure that you don’t screw up - pay those on time. Whether that’s a new credit card or a personal loan, etc. really does matter.

Choosing the right account is critical. Some accounts will only report to one bureau and others won't report for up to 90 days. Use the Score Simulator to figure out which type of account is best for your unique situation (Credit Card or Installment Account). 

This strategy will really pay off in increments using the right accounts. You can expect to see a credit score increase in 7 to 10 business days on our Credit Building Credit Card or with our Savings Installment Account you will see it in 3 months, then in 12 months or 24 months down the road depending on the amount you choose to save monthly. So this is the kind of thing you’ve got to seed early with the Credit Building Credit Card and then with the Savings Installment Account you really get the big payoff a little bit later, months down the road on with all three credit bureaus.

Use the links below to open two new positive trade lines.

 STEP 5  CORRECT NEGATIVE ACCOUNTS

Most people with a credit score in the 300 to 690 range have some combination of these problems with their credit report:

  • Collection Accounts

  • Medical Bills

  • Tax Liens

  • Student loans

  • Late payments

  • Judgments

  • Too many Inquiries

So why are these negatives such a big deal? These things are about not paying a bill correctly or can easily be errors that are unknown to you at all. They are some of the biggest problems for your credit report. Step number five is THE BIGGEST, as far as getting massive improvement on your scores because it affects 35% of their calculation. You should use every means available to get anything negative off your credit report that doesn’t need to be there, legally. The way I would look at this, is this is a game... and one you only play to win.

There are 2 consumer protection laws that limit what can happen as far as your credit reports go.

1. FCRA (Fair Credit Reporting Act)
2. FDCPA (Fair Debt Collection Practices Act)

They’re both long legal documents. You are welcome to read them if you want, but I don’t recommend it because it’s hard to make sense out of without legal verbiage training. Bottom line is, you use these laws in your favor to make sure that only the stuff that absolutely has to be on your credit report is showing up there. And you can often get things removed from your credit report by leveraging these laws, with specific case laws (court cases that have been won against the bureaus), to your benefit.

You are welcome to work on this for yourself or use our credit teams expertise to have this portion completed within three to six months on average. I'll show you more on both options below...

The Consumer Financial Protection Bureau has a summary of your FCRA rights here if you need them to do this yourself.

arrow_drop_down_circle
Divider Text
 NEXT STEPS  HOW TO LEARN MORE

If you don't have time to do this on your own and want to retain our credit team to use these 5 steps and improve your scores in 3 - 7 months, then I recommend you give us a call or sign up online today!

Only $89 w/credit monitoring

Will this be your year?
Speak with one of our agents to secure your path to home ownership.
Call our agents
(214) 385-4445
Control Your Future Credit Score!

Only $89 w/credit monitoring

609 S. Goliad St
Suite 1120
Rockwall, TX 75087
(214) 432-7577
HOME BUYERS INFORMATION
Would you like information on how to become a home owner?
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