Having no credit is not bad but it’s also not good because you can find yourself struggling tremendously for a creditor to approve you for credit. When you have no credit, it means that you do not have anything reporting on your credit report at all, negative or positive. In the attempt to build credit, some people take out small loans. However, due to not having any credit most creditors will do not even work with starter loans since there is no information on your credit profile they can see confirming that you would be a reliable approval. Meaning they do not trust that you would make your payments or repay the loan. And if qualified for a starter loan you would be looking at a very high interest rate, meaning you will mostly likely pay almost double of what the loan was for in most cases. For example you may get approved for a starter loan of $300 but with the high interest rate you may very well be looking at a total of $200 in interest meaning you are looking at paying back the creditor a total of $500.
Here at Credit Services of America we can help you to start building your credit as part of our services include credit trade lines. The trade lines we work with are perfect lines of credit. They are accounts that have been open for over a year, have flawless payment history and have debt ratios of 10% or lower. This trade line can boost your credit score on average 10 to 60 points, although we have seen trade lines boost your credit score boost up to 180 points. This all depends on your specific situation as no credit profile is the same.
The reason those 3 factors our trade lines include are so important is that they help you in at least 80% of what your credit score is made of. 35% of your entire credit score is based on your payment history, whether your payments are made on time or not. 30% of your entire credit score is based on your debt ratios, how much of you credit limit are you utilizing. In this specific section, we recommend never carrying a balance over 10% of your overall credit limit. 15% of your credit score is your credit history, how long have your accounts been open for. Accounts truly start helping your credit score when they have been open for at least 12 months.
At Credit Services of America we sit down with you and review your credit profile with you as no 2 credit reports are the same. We not only help repair credit but also help build credit for those individuals that have no credit at all. Once we review your credit profile with you, we customize a package for you that will get you the optimal results to ensure you complete our services with the absolute highest credit score we are able to give you. We also sit down with you and give you any recommendations on anything you can also do you on your end to boost your own score during the process as well. We want to make sure we also educate you on how credit works so that once you have a good credit score you are able to maintain it. All it takes is a little bit of your time to sit with us by scheduling a completely FREE credit consultation and review your own specific situation and goals.
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for details and to discuss your own individual situation.