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Well the mortgage is what most of you are after. It’s generally tougher to get a mortgage than credit cards or a personal loan. So it’s a stair step process.
As an example, we’re going to assume everyone watching has a score less than 550. With a score that low, it’s best to start with a secured card or an account such as Finger Hut. There are also credit card providers that will give you a non-secured card, but charge you a monthly fee.
A secured card is when you send in a deposit of $200 or more and that’s your credit limit. A secured card scores the same as a non-secured card. Even though you paid a deposit, you still want to keep your balance less than 20% of the limit.
We have found several offers that will approve you at this stage in your process. Click the link below to see them.
Different offers are good for different situations. If $200 – $300 isn’t a problem for you to send in, go with a secured card. There’s a great offer on the page provided.
If shelling out the money for a secured card isn’t an option right now, go with one of the offers that will approve you for a monthly fee.
Here’s the thing, you only need one of these at this point, BUT it’s extremely important that you get one now. Why right now? Because building credit and creating a stable profile is VITAL to your credit repair success. There are several steps to the process and the longer you take to get started, the longer it will take for you to reach your credit goals.
So do yourself a favor, click the link below and pick an option that fits your current situation.
You only need one for now. Generally, by the time the account reports, you will have received your first round of responses and you will most likely qualify for better offers.
It generally takes 30 – 45 days for your first round of responses to come back. It takes about same for your new account to report. Now it’s time to check your credit scores to see where you stand. Hopefully you’ll see a nice increase, but if not don’t worry. Credit repair is a marathon, not a sprint.
If your credit score is over 600, your next card will be a better offer. Meaning less fees, better terms, etc… Click the link below to check out some great options. Again, it’s important to take action now and not put this off.
Now comes the next step in the process. Getting an installment loan. You’ve learned that an installment loan has a predetermined number of payments. Good examples are personal and auto loans. I DO NOT recommend buying a car right now!!! Especially if your goal is to buy a home soon.
Buying a car can change your debt to income for the worse and disqualify you for your home loan.
The best option here is a small personal loan. With the personal loan, it’s best to get a loan between $500 and $1,000. Here, you’re trying to build a strong payment history. Having open credit cards (revolving accounts) and an installment loan being paid on time, is like jet fuel for your credit score.
Again, don’t just go anywhere to apply. I’ve found a couple great resources that are likely to approve you IF you have completed step 1 and 2. If you haven’t opened your 2 credit cards and your credit score isn’t over 580, go back and complete the first two steps. Then come back to this step.
Click here to view these offers and get started.
Let’s look at what’s going to change in the next 90 – 120 days if you follow through. You will have had a couple rounds of correspondence sent out by our team of credit ninjas. You will and 2 open credit cards with balances less than 20% of the limit and you will have an open installment loan that you’re paying on time.
It just makes sense that you’ll see a dramatic increase in your credit score doesn’t it?
There’s no mystery to legitimate credit repair. Remove as much inaccurate / unverifiable information from your credit report. Have several good accounts reporting to prove that you can pay your bills on time and whala…. You’re heading toward good credit quickly.
But none of this happens until you take action! So open your first card now if you don’t have one open.
If you do have one, make sure you have 3 minimum reporting and work to pay your balances down below 20% of the limit as quickly as possible. Then and only then, open your personal loan that will improve your mix of credit.
Pay your bills on time, forward your responses to support as soon as you get them. Pay your bills on time and keep inquiries to a minimum. You’ll be heading in the right direction.
We can’t wait to see you reach your credit goals!