Credit Rebuilding

Uncloak The Mystery Of Credit Rebuilding

by Tim Beachum

You are well on your way to understanding the credit rebuilding process. The goal of this article is to make everything as easy as humanly possible for you.

I am going to pull back the curtains and reveal some powerful secrets that I had only revealed to my students.

Forget about all of the mumbo jumbo that the credit repair experts tell you. The truth is the credit repair process is not complicated. I will give you the exact same advice that I give to my students. Start at the root of the process which is your credit score. You must first understand the job of the credit score. This number gives lenders a birds eye view of the negative and positive aspects of your credit report. Most credit repair systems that you find on the market today only focus on the negative aspects of the credit repair process and they totally neglect the positives.

Meet the judge, and the witness. The credit lenders are the ones who will judge us based on what our witness has to say. The witness is our credit score, which is suppose to give the lender a bias opinion on weather or not we can repay a loan.

The majority of credit repair experts will advise you to rid yourself of all credit cards. I advise against this when lecturing my students. This is a huge mistake and as a credit repairing strategy you should have one to two revolving accounts. This is the fastest way to boost your credit score 150 points. The goal is to keep your credit card accounts balances at 20% or below.

No need to fear if you do not have any credit cards and your credit may be to bad at present for you to get one. You can always request a secured credit card, it is easy to apply for and it will serve the purpose. You cannot use department story type credit cards. They are worthless and do nothing but damage your credit report.

Most individuals with credit cards end up ruining their credit because they do not understand the five ratios that effect their credit scores. Those ratios are based on usage and are as follows – 20, 40, 60, 80, 100 percent. If you were to use your credit card(s) with the usage of sixty percent you will have a neutral affect on your credit score. The two tiers below sixty will increase your credit score and the two tiers above sixty will decrease your credit score. For example if you were to keep a new credit card at a 20% usage you could raise your credit score by 150 points.

Credit repair is a battle and before you go into battle you should always prepare. In this situation I recommend that you arm yourself with knowledge of the process before you begin. The credit repair battle is unique because it is a two pronged battle. The first prong is to establish a new line of credit. The second prong is to remove any negative marks on your credit report. By following the second prong and eliminating all negative marks from your credit report you could increase your credit score by 300 points or more.

I recommend that you lead of your credit repair battle by establishing a new line of credit first since it is the easiest. You can accomplish this task in about a week or two. The process of removing errors from your credit report can be a little trickier and may require a good credit repair kit depending on your level of experience.  There are a ton of credit repair systems that you can choose from, however I am proud to say that the credit repair system that I developed is number one for a reason… It works! You owe it to yourself to at least check it out.

Read More on how to repair your credit yourself.

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