Credit Repair Service
Offering The Best Credit Repair, Credit Education, & Credit Management On The Net!

  Credit scores are very difficult to understand and sometimes they just don’t make since. The purpose of the credit scores is to give the lenders a way to judge the risk factor of lending money to a person. The reason I say that sometimes they don’t make since is because I have seen a person with only one or two lines of credit (that was paid very well) and have a higher credit score than a person who has a very extensive credit profile (that also was paid very well), but has lower credit scores because they have more open accounts and just simply uses their credit a lot more. This is why the use of credit repair services, such as mine can be very helpful.

  Lenders use the credit scores to determine if they are going to approve the loan at all, but they also use them to determine the terms of the loan (interest rate, amount of the loan, length of loan, and more). Each lender has their own credit score requirements for lending, as well as different score requirements for different types of loans. In the last few years all the lenders changed their credit score requirements. In the mortgage industry you were able to obtain a mortgage with scores under 500. Now most lenders will not approve a mortgage loan with credit scores under 620. So again this is where my credit repair service will be very useful to a lot of people. If you have credit scores over 720 you will be able to get the best interest rates and terms available for a mortgage loan. The auto industry has also toughened up, but not as much as the mortgage industry. There are still a lot of secondary lenders in the auto industry. Secondary lenders are lenders that give loans to people with very low credit scores, even scores under 500. There are so many lenders, and so many different requirements that it would be very difficult for me to try and cover all of them in this post, so if you need help with a loan you are applying for my credit repair service also entails helping you with any information that I can give you to help you obtain the loan with the best terms. Just email me at admin@creditbureaurepairs.com.

   In the mortgage industry lenders use your middle score to determine what you qualify for. By middle score I mean, they eliminate the highest of your 3 scores and the lowest of your 3 scores and use the middle score for qualifying purposes. So being able to raise any of your scores can be very helpful. With my credit repair service we try to improve all 3 of your credit scores. Everything you do in regards to your credit bureau affects your credit scores all the way down to inquiries. In most cases one or two inquiries will not lower your credit scores, but any more than that will start to lower them (this is for the loan you are applying for, not overall). In most cases inquiries only lower your credit scores by a few points (1 to 5), but things like paying late on an account (30 days or more) will lower your credit scores significantly, and things like charge offs, suits, judgments, bankruptcies, foreclosures really damage your credit scores. This is why when I am able to get one of those things off your credit with my credit repair service it really helps to raise your credit scores significantly.    

  There is a lot to know about credit scores, and because of that this topic will be broken into several different lessons. There are 3 credit scores you need to be aware of, and know what they mean and how they work. Your credit scores are called FICO scores (Fair Isaac & Company). FICO developed the software that determines your credit scores. There are 3 major credit bureaus which are Experian, Trans Union, and Equifax. Each one of the 3 credit bureaus has their own name for the FICO scores. Experian is your Experian/Fair Isaac Risk Model. Trans Union is your Empirica score, and Equifax is your Beacon score. The scores range from 300 to 850, and the higher the better, and that is why credit repair services, such as mine try to increase your scores as much as possible. For each one of the credit bureaus to be able to give you a score you have to have had an account open for 6 months or longer, and the account has to have been updated within the last 6 months. If you don’t have an account with one of the credit bureaus that has been open for 6 months or longer, or an account that has been updated in the last 6 months you will not have a score for that credit bureau. So depending on how many accounts you have, and the age of the accounts, it is possible to have no credit scores, or up to 3 credit scores.

  Credit repair services such as mine help you to improve your credit scores, because lenders put a lot of importance on your credit scores in the process of determining if they are going to approve your loan, as well as what terms (interest rate, length of loan, amount of loan, and more) they will give you. You will see a lot of credit repair services, such as mine, talk about how much they can increase your credit score, but that is not all. Credit repair service helps to improve each account on your credit bureau, which then improves your credit scores.

  In the next lesson we will go more into your credit scores. We will cover what affects your credit scores, and how much of an affect that different accounts have on your credit scores. We will also cover where your credit scores need to be to obtain different types of loans. Please remember that if you need to improve your credit scores I can help you with my credit repair service. Just email me at admin@creditbureaurepairs.com.

  Throughout your life you might find yourself in a financial hardship at some point, and it is important to know how to protect your credit as much as possible. The one payment you should always pay first is your mortgage. Being late on your mortgage will impact your credit more than anything else on your credit. Your auto loan(s) would be the next payment you should pay, assuming you don’t have a second mortgage or any investment properties. Next in line would be any personal loans or any other installment loans. Then lastly would be your revolving accounts (credit cards). The bills that do not affect your credit report if you are late on paying are your utilities, insurances, taxes, or anything you did not take a loan out for, or fill out a loan application for. However, the exception to this is if you let any of these bills go into collections, and then more than likely it will be reported to your credit report. Then you will need credit repair services.

  You should also know how late you have to be before it is reported to your credit report. Late payments are reported in 30 day increments. Nothing is reported to your credit report until you are 30 days past due, or more. If you go 30 days past due you will have a 30 day late reported to your credit report. The next late will not be reported until you are 60 days past due, and the next being 90 days. If you go 30 days past due and then pay the account you will have a 30 day late on your credit report, and if you go 30 days past due again the following month you will have another 30 day late, and so on. Every time this happens you are damaging your credit and your credit scores. As long as you do not go 30 days past due it will not affect your credit. It is easy to keep track and know when the 30 day point is for your mortgages, auto loans, and personal loans, however your revolving accounts may not be as easy to know what point they consider you to be 30 days past due, because their billing is different than installment loans. I recommend for you to call and find out when they consider you to be 30 days past due for all your revolving accounts, that is if you find yourself in a financial hardship and you think you might have to pay these accounts late. Credit repair services can sometimes help remove these negative marks.

  This is just some basic information about late payments and how they affect your credit report and credit scores, but we will go into this more later. Hopefully you never find yourself in the position to have to deal with this, but if you do there are some very important things you need to know, and there are some strategic moves you can make depending on how bad your situation is at the time, and how bad you think it will get overall. Always remember that if the worst happens and you damage your credit, you do have credit repair services as an option, and we can help you with that.