@MS750FICO, FICO Pro
Credit is your ability to make payments over time. Banks want to see how you have dealt with borrowed money and payments in the past. Instead of taking your word, they pull your credit report. Your credit report should show your borrowing history completely and accurately. Lenders get your credit report from one or all three of the Big 3 credit reporting agencies (CRAs for short). Equifax, TransUnion and Experian are the Big 3 CRAs.
Having no credit is just as bad (and sometimes worst) than having bad credit (or a s lenders call it, a poor credit history). No credit or a thin credit file shows the lender that you have little or no experience with repaying debts. You may have been paying rent for years, light bill, gas bill and cellphone too. However, these accounts do not appear on your credit report UNLESS you fall behind (become delinquent) and the account goes to collections (gets sold or transferred as a bad/outstanding debt). You can request that the CRAs report the payment history of these accounts. The accounts that appear on your credit report are car loans, mortgages, accounts in collections, judgments, liens, credit cards (secured and unsecured) and loans (secured and unsecured), .
Secured credit cards and loans are a great way to build your credit history. If you have no credit, limited credit history or want to raise your credit score try this..
Go to any bank or credit union with a few hundred dollars in cash. Tell the banker you want to open a secured loan or credit card and you have $500 or $1000 (you can open these accounts with as little as $100 at some banks). The banks will take your cash money and put it in an interest bearing CD (certificate of deposit). Then they will give you a credit card (or check in the case of a secured loan) with a limit of the exact amount you gave them.
Secured credit cards and loans are reported to the Big 3 CRAs. Do not take that secured credit card and max it out. If the limit is $300 then divide by 3 and stay below that $100 amount. That $100 is your new limit. And make your payments on time! Now for secured loans, once the bank gives you that check, deposit it into your account and pay off half of the secured loan. Then make your monthly payments on time.
Using secured credit cards and secured loans are a great way to build up your credit history. At ms750fico.com, the Better Credit Boutique, we help you get approved for houses, cars, jewelry whatever your American Dream is, we make it affordable. @ms750Fico analyzes your credit files personally. Using federal laws and proven effective methods we get negative, inaccurate and unverifiable information removed from credit reports. Contact @ms750fico via text with your credit questions 6468947796. Or firstname.lastname@example.org or use the Contact Us form on the website ms750fico.com.