Fast Credit Repair Secrets
When I got looking into how to repair my credit I was told I ought to always pay my bills in full This was one of the best credit repair secrets I was given. This I was told from a number of people. This is not the truth. I found that my debt to credit ratio was really important and then found a simple process to repair your credit score.
First you must understand your debt to credit ratio as it is the most ignored factor in credit scoring. In essense it is what you HAVE borrowed against what you CAN borrow.
For example:
Your available credit = $10000
Your current debt = $2500
Your debt/credit ratio = 25%
Why is it lenders prefer you don’t pay off your bills in full? For one they make a bigger profit from interest, and by maintaining a balance you show discipline.
So let me give you just one fast credit repair secret making use of the debt to credit ratio and maintaining a balance.
The easiest way is to use a sub-prime store card that has a report with a major bureau. The problem is the cards are misunderstood as they are often pushed by email and the Web. They are often seen by the public as untrustworthy because they make claims like “$5000 credit No Checks!”, but some of them are genuine.
How does it work?
You need to apply for a card that is good for purchases from just one place, like a catalogue or online store.
The company approves absolutely anyone and gives you a card with a $5000 limit for use at their store only. When you make a purchase you will need to give a deposit and then finance the rest. So, for example you buy $1000 of stuff, put $300 down and make payments on the $700 balance.
The fast credit repair secret is that the credit bureau sees it like any other credit card. So, overnight you have improved you debt to credit ratio and are now holding a balance. You will then receive pre-approved offers from other lenders who have got your details from the credit bureau. So you can do credit repair yourself.
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