0
You can reestablish your credit rating by first understanding the credit scoring system. There are great information online about this matter. 1. You can obtain a secure credit card. 2. Build Your Credit With Sub-Prime Merchandise Cards: Here is more detail regarding Merchandise cards. The single most cost effective and powerful tool for consumers to increase their high credit limit and decrease their debt to credit ratio, is the use of Sub-Prime Merchandise Cards. These types of cards report to one of more of the major credit bureaus. To their dismay, despite their immense benefits, these are the most misunderstood cards in the credit industry. A large portion of the misunderstanding is due mostly to marketers misrepresenting the cards and the growing number of companies promoting them. When you learn how they work -- one quickly understands why they have been the subject of much misrepresentation. A Sub-Prime Merchandise Card is nothing more than a card attached to a line of credit which allows you to buy merchandise from a specific vendor (more than likely the company that sold you the card). The merchandise will be purchased through a catalog or online mall. Where the problem arises is that the cards are marketed almost exclusively to the sub-prime market via email, telemarketing and direct mail, etc. The reason for this is they can advertise almost irresistible offers like "$5,000 Credit Card... GUARANTEED! No Credit Check! NO Cosigner! You cannot be turned down!" or "Unsecured $10,000 Credit Line! Everyone Approved!" You get the idea... While there are many companies which do this and aren't necessarily on the "up and up," there are a few which do it legitimately and it's the best kept secret to build your credit and build it fast. Here's how it works. The company approves anyone with a pulse (literally) and gives them a card for $2,500 to $12,500 with NO credit check and NO cosigner. However, the card is only good for merchandise through their website or catalogs and the consumer is required to put down a deposit on whatever they purchase. After the deposit is paid, the remaining balance is financed on the card. For example, a person buys $1,500 worth of merchandise. Their deposit is $500 so they then finance $1000 on their merchandise card and make payments. Sound like a scam? If you say "Yes" like most people then you're missing the point... big time. With a legitimate Sub-Prime Merchandise Card your credit line WILL be reported to at least one major credit bureau or even more. This means if you get a $5,000 card and you finance $1,000, on your credit report it will look like any other credit card and will do three extremely important things for you: 1.) It will increase your current "High Credit Limit" by $5,000 almost overnight as the account "looks" like any other unsecured revolving account. 2.) By carrying a small outstanding balance it will have a positive impact your credit report by building and showing potential lenders your credit worthiness. 3.) With a good payment history you are virtually guaranteed to receive "legitimate" pre-approved credit offers in the future due to other lenders renting your name from the credit bureaus. This technique is hard to beat for both cost and effectiveness. Of course, the whole key is knowing exactly which cards report to the credit bureau and offer the best rates.
Add your answer:
Earn +20 pts
What does the bond credit rating assess?
Bond credit rating is used to assess the credit worthiness of a corporation or government's debt issues. A bond credit rating is similar to a credit rating that an individual person receives.
What is the difference between credit score and credit rating?
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
What is the purpose of a credit rating?
The purpose of a credit rating is to determine a person's creditworthiness.
Can your credit rating or score improve without using your credit card?
Yes, your credit rating is based upon all forms of credit, not just your credit card. For example if you have a telephone on a plan, this is a form of credit and that will add to your credit history which increases your credit rating.
What is the key purpose of credit rating agencies?
The key purpose of credit rating agencies is to assign a rating to businesses and entities that issue certain types of debt. These rating help to determine the credit worthiness of these establishments.
Can you buy a home after bankruptcy?
Yes, as soon as you reestablish your credit to the lender's satisfaction.
Which among these is a credit rating agency?
Which among these is a credit rating ?
What does the bond credit rating assess?
Bond credit rating is used to assess the credit worthiness of a corporation or government's debt issues. A bond credit rating is similar to a credit rating that an individual person receives.
What is a poor credit rating?
a poor credit rating would be 0
Where can I find a credit Counselor?
A credit counselor can be found at any major bank. They will often work with you to figure out how you can reestablish your credit and put you back on financial track.
What is a credit ratingvgggjgggg?
A credit rating is a rating of how well a person pays their bills. If bills are paid on time the credit rating goes up.
What is the difference between credit score and credit rating?
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
When was Pacific Credit Rating created?
Pacific Credit Rating was created in 1993.
What is the purpose of a credit rating?
The purpose of a credit rating is to determine a person's creditworthiness.
Can your credit rating or score improve without using your credit card?
Yes, your credit rating is based upon all forms of credit, not just your credit card. For example if you have a telephone on a plan, this is a form of credit and that will add to your credit history which increases your credit rating.
How many credit rating agency in India?
there are 7 credit rating agencies in INDIA
When bad credit expires does the credit rating go up?
No. Your credit rating will remain the same long after the bad credit has expired. In order to get a better credit rating, you'll have to obtain a credit card or loan of some sort. Making monthly payments and staying within the credit limit will gradually improve your credit rating over time.
