Month: February 2018

Tips to Raise Credit Score

Tips to Raise Credit Score

Many people when needing or wanting to raise credit score immediately find someone else to do it for them. They call a credit repair company and assume that is the best they can to do increase their credit score. Enlisting the help of a credit repair company to raise credit score is a good idea in most cases. But there are other steps people can take as well to increase their credit score.

What is Credit Repair?

Credit repair is using federal law to remove derogatory items from credit reports that are erroneous, obsolete or unverified by a creditor. It can be very effective but in most cases will not remove every negative item from a credit report. Why? Let’s consider a negative item that is not an error and the date of the last activity on the account is within the last 7 years. The only way that item is going to be removed by the credit bureaus is if the creditor does not respond to a dispute of that item. If the creditor continually responds stating that item is accurate, it’s not coming off until the 7 years is up.

So then why is credit repair effective? Because many creditors don’t respond to the dispute sent to them by them credit bureaus. It’s as simple as that.

Tips to Raise Credit Score

Credit repair is one step that someone should take but there are other steps as well.

Balances on Revolving Accounts

Many people think that if they simply make their minimum payment every month on their credit cards they are doing their best to maintain or raise credit score. That’s not true if the balance on the credit card is higher than 30% of the credit card limit. So, pay down your balances to under 30% of the limit.

Late Payments

Late payments are one of the worst enemies to a high credit score. As we work with clients sometimes we are removing negative items and they call us upset that their credit score has gone down. After investigating we find that they have made a recent payment late such as a car payment. Late payments can reduce credit score by as much as 60 points. By making future payments on time the score will increase again. But if someone is trying to raise credit score don’t make late payments.

Positive Accounts

Many people don’t realize that even if they have very few or no negative item on their reports they are not going to have an excellent credit score unless they have positive accounts as well. The more positive accounts the easier to raise credit score. Find ways to add positive accounts to your credit reports. Don’t spend money you can’t pay back on time. But find a company that reports to all 3 credit bureaus and open an account. Make a small purchase and pay it down to 30% of the credit limit given to you immediately. Depending on current credit score perhaps go to a bank or credit union that has credit builder loans. Even if it’s just $500. They will put the money in a savings account and you can pay back the loan from the savings account. It will cost you some interest but will raise credit score.

To clarify, we are credit repair experts. Credit repair is a very positive step. But we also educate our clients on what I’ve shared above and other things depending on their personal circumstances. We also provide other tools for our clients to raise credit score at no extra charge that other companies don’t. Click “Book a Phone Appointment” below  or visit the Credit Repair Page on our website.

Certified Credit Repair Tampa

Consumer Information

When trying to rectify issues with your credit report it may be advantageous to reach out to a credit repair company. Here is some information to help consumers understand why it’s important to work with a company that is certified credit repair Tampa.

Unlike many industries such as real estate and mortgage, there is no state or other government licensing necessary to get into the credit repair business. There are no courses or testing issued by the state. Therefore anyone could start a credit repair business and begin taking on clients. People may or may not be knowledgeable and/or be able to give advice to consumers regarding their credit reports. Each state does have its own registration process and it may be necessary to acquire a surety bond. But this does not guarantee that the individual knows anything about credit repair and credit repair law.

As an example, I spoke last night to a gentleman who had recent financial difficulty and had late payments on his mortgage, credit cards, and auto payments. He was working with Lexington Law, one of the biggest names in the credit repair business. They had been working on his credit report for 8 months with no results. He was calling me to determine if he should switch to working with us. I told him to stop credit repair altogether as it was premature. The late payments were too recent to have any reasonable possibility of getting them removed. This is not the advice he was expecting but it was the best advice he could receive. We are going to revisit his situation in a few months and determine what the best course of action is at that time.

certified credit repair Tampa
accredited credit repair Tampa

Certified Credit Repair Tampa

When looking for certified credit repair Tampa or anywhere, look for two key factors. Is the company or individual rated by the Better Business Bureau and are they certified by the National Association of Credit Services Organizations (NACSO)?

If the company does not have a Better Business Bureau rating it may mean they haven’t been in business long enough to acquire a rating by the BBB. That’s simply a clue into the experience of the individual or company whose hands you are contemplating putting your financial history into.

NACSO  does a thorough check on each company they certify. There are very few companies certified by NACSO in relation to the number of people and companies claiming to do credit repair. There is a good reason for that as most would not qualify for this certification.

Our company, ERA Credit Services is an Independent Agent for United Credit Education Services which is certified by NACSO, is accredited by the BBB and has an A+ rating. Based on this certification and rating you can be sure you are working with a company that has the experience and knowledge to advise you on issues regarding your credit reports. And, can help you in many ways to increase your credit score and help you maintain that credit score.

For certified credit repair Tampa give us a call at (727) 222-0120 or visit http://eracreditservices.com/credit-repair/

Certified Credit Repair Tampa
Buy Seasoned Tradelines

Buy Seasoned Tradelines

Become an Authorized User on a Positive and Seasoned Tradeline

An effective way to increase your perceived credit worthiness is to buy seasoned tradelines and be added as an authorized user on a positive and seasoned revolving account or tradeline. There is a lot to know about the best way to do this. And, there are steps to take before you do this.

Before You Buy Seasoned Tradelines

You should first make sure you have taken steps to remove as many derogatory items from your credit report as possible. If you purchase a tradeline and still have negative items on your credit report you may not get the effect on your credit score that you desire.

We are experts in this field and are backed by over 14 years of experience. Visit http://eracreditservices.com/credit-repair/

Buy Seasoned Tradelines

Once you have cleaned up your credit report as much as possible you may want to buy seasoned tradelines which will be listed on your credit report. But here’s what you need to know before you do.

  • Seasoned tradelines are revolving accounts meaning they are credit card accounts.
  • When you buy seasoned tradelines you are:
    • Adding positive payment history
    • Showing a longer time of having established credit (seasoned)
    • Showing responsible use of credit by having an account with a low debt ratio.
  • Because of what is stated above we see 30 to 60 point increases on average.
  • A seasoned tradeline may give you a new highest credit amount. This will also show more credit worthiness.
  • The tradeline may show up on less than all 3 credit reports. Make sure you get a guarantee when you buy seasoned tradelines. We guarantee it will report on 2 out of 3 of the major credit bureau reports.
  • You will NOT be able to use that credit line. It will simply show up on your credit report.
  • This item will show as an open account on your credit reports for a very short period of time. Most companies that you purchase tradelines from will give you 30 days. We give you 60 days.
  • After the stated time you will be taken off the tradeline. The credit bureaus may remove that tradeline from your credit report or leave it on your report. It will usually remain for 3 to 6 months.

The key then is to be ready to use the positive effect when you buy seasoned tradelines when it is present on your credit report.

For more information and to buy seasoned tradelines call us at 727-222-0120 or visit http://eracreditservices.com/personal-business-funding/