Credit Repair FAQs: Discover How to Repair Your Own Credit
The amount of time it takes to repair your credit is different in every circumstance. Many of our clients see tremendous results within the first 30 – 45 days. Of course items like a bankruptcy or repossession could take longer but any derogatory item can be removed. The progress of your case will also depend on you forwarding all correspondence to us as soon as you receive it.
Each credit profile has a unique footprint. The specific number may vary but our goal is to bring your credit score up to 700+ within a lendable range.
Initially, a low credit score may seem like a small road bump that keeps you from receiving a new credit card or a loan. But left unchecked, a lower credit score can develop into a larger problem that impacts many avenues of your life. For example, the lowers your credit score is, the higher interest rates you will be charged on your credit cards. This is money that can be in your pocket. Not repairing your credit means you will pay more in interest instead of keeping that equity for yourself.
Everyone has a unique credit footprint. We have an aggressive 4 dispute process that fights against bankruptcies, charge-offs, credit inquiries, delinquencies, collections, and so much more.
A good credit score is between 670 and 739.
A very good score is between 740-799.
An excellent score is between 800-850.
A tradeline is a specific account from a credit agency. It comes with information that includes the lender or creditor’s name, the credit limit or loan amount, amount of last payment, current balance, the date the account was opened, and much more.
Two kinds of tradelines exist revolving and installment.
Revolving tradelines: a line of credit on a card that lets them borrow use credit as needed.
Installment tradelines: has a set amount that is paid back in installments such as student loans, mortgages, or auto loans.
A charge-off takes place when the lender anticipates that he will never be able to recover a certain debt. As a result, they remove that amount from their books of account and document it as a bad debt.
The debt is not canceled by the creditor- the borrower is still liable to say back the money. If the cardholder fails to pay the minimum amount due for a period of 180 days, the issuer may charge-off the account.