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Credit Repair Tips how to repair and improve credit score bad credit repair help and advice
For proper credit repair help, Vitesse Financial wants you to understand the basics behind the credit repair advice we'll be giving you. Only when you understand how your score is calculated can you understand how having a professional repair your credit report works. To keep you informed, we've gone ahead and made the following background information available for your consideration before credit repair begins. It is our goal to educate our customers in addition to providing credit help.
Improve Your Credit Score
How much you spend, how often you spend and if you are a responsible handler of money all go into an analysis of your credit score. This score represents the degree of your creditworthiness; that is, how likely you are to pay your bills and not default on payments if you're granted a loan. Lenders like to know the level of risk they're taking when an application for a loan is submitted. They use credit scores to determine who qualifies for a loan as well as what interest rate and what credit limit is to be granted. But many people don't know what is a good credit score, how they are calculated, or how bad credit repair will help them.
For consumers in the United States, one's credit score is a number that typically falls between 300 and 850 (depending on what this score is, you may be in need of bad credit repair). This number is determined using one of a number of credit reporting agencies which use their own models to generate this number. The most well-known model for credit reporting is that of Fair Isaac Corporation (FICO), so you may be more in the habit of seeing your credit score come to you as a FICO score. FICO scores typically are the ones referred to for determining credit eligibility in the banking and credit card industries, so these scores and slight variants of them are used to gauge eligibility for mortgages, auto loans and consumer credit. If you want to know if you need to repair your credit score, you might also obtain your credit score from one of three other well-known sources: Equifax, Experian and TransUnion. These agencies compile credit reports based on their own models and each is geared to reflect and put more of an emphasis on consumer repayment behavior.
What Exactly Makes Up Your Credit Score?
The following is a rough breakdown of the factors considered for determining your credit score.
- Past payment punctuality (for payments later than 30 days past due).
- Amount of current debt (expressed as the ratio of current credit card balances to total credit limits).
- Length of credit history.
- Types of credit used (e.g. installment, revolving, or consumer finance).
- The number of recent applications for credit and/or the amount of credit obtained recently.
Besides the above, other considerations might come into play as well such as:
- FICO scores may not be the only ones used. Many lenders use their own sources.
- Your score will be different depending on which credit reporting agency you requested a report from.
- FICO scores have a tendency to change over time.
Just like credit reporting agencies, Vitesse Financial takes the aforementioned factors into consideration when determining how to repair credit score ratings for our clients. In addition, we survey clients' credit histories, financial goals, and budgets. (The steps are the same for clients in all geographical regions, whether they need Chicago credit repair or they're calling from Hawaii--every city and state uses the same credit bureaus for reports.) This information helps us then begin to improve credit score reports for our clients.
Vitesse Financial can help you improve your credit score in as little as 45 to 60 days. We offer a quick and easy credit repair process, leaving the heavy workload up to us. Once you complete the agreement paperwork, we will go over your credit report scores and then offer a free consultation to assess your unique situation. After your free consultation, we begin the credit repair process that very day.
While we help clients learn how to improve credit score, we also provide financial consultation to ensure that you maintain a good score for the rest of your life. That is why along with our credit repair services, Vitesse Financial offers credit consulting services. Our professional agents offer one-on-one counseling that includes advice concerning loans, bill payments and credit cards. We believe that along with good credit scores, long-term goals are important for proper financial management.
Enjoy the peace of mind that comes with Vitesse Financial. We will teach you how to raise credit score and so much more.
