Credit improvement verses credit repair – PART II
Credit improvement verses credit repair for the most part, in a month or two, can make a huge difference in your credit score, but remember it is not always as easy as it looks and its best to get the opinion of someone knowledgeable in the business of credit or credit improvement.
The balance verses the credit limit, and how new the account is, affects your credit. The new suggested guideline is a maximum 30% balance verses the limit, the suggestion here is to get you balances in line, if you are maxed out it will hurt or reduce your score. No, you can’t run them up in the middle of the month and pay them down at the end. Credit reports are a snapshot for a specific day in time. If your balance is up, then the score is down. Just because you might have sent or applied a payment does not mean it will reflect on the credit report the same day. Credit card companies electronically report the balances for all card holders on the same day of the month. Getting your balances down can take time and preparation. Do not close any accounts and make sure you document payment of your rent by check. Your rent check is the biggest payment you make and goes a long way demonstrating the ability to handle a larger payment. Disputed accounts can affect lending if you have over a $500 balance and must be resolved, or paid for the loan process. For some of you, if the “self service’ efforts above cannot be done, Credit Repair may be the answer if you have a large number of collections and negative entries. Credit repair is a 5 to 6 month journey and the cost, which is available as monthly payments, is about $350+. We have experience with a Law firm specializing in credit repair for over 15 years with 600 employees and that’s all they do. With your participation, it’s affordable and effective.
Call today for the minor cost of the credit report (or supply yours). One of our credit counselors will help you better understand the process and direct you to the most affordable route specific to your needs, budget and situation. Start the process now. Improve your credit and make your home purchase possible- Kara Holleran 239-246-6000.