Information - Fixer UP Credit

What is a credit score?

A credit score is a number generated by a mathematical formula that aims to predict credit worthiness. Credit scores range from 300-850. The higher your score, the more likely you are to get a loan. The lower your score, the less likely you are to get a loan. If you have a low credit score and get approved for a loan, your interest rate will be much higher than that of someone who has a good credit score and borrowed money. Therefore, having a high credit score can save many thousands of dollars over the life of your mortgage, car loan or credit card.

We will help you dispute negative items in your payment history.

We will show you how to maximize your debt score, even if paying by credit card is not an option.

We can also help you eliminate credit inquiries from your credit report. Most people know the three credit reporting agencies, Equifax, Experian and TransUnion. The average difference in the scores between the highest and the lowest credit score of the three agencies is 60 points. This is the result of the credit bureaus having different elements in their report, which may be correct, incorrect or not reported in full compliance with the credit law. According to a recent study, almost 80% of all credit reports have serious errors in them and this does not even include the even smaller errors we are looking for.

If you can not eliminate at least 25% of the negative credits from your three credit reports, we will reimburse 100% of your rate.

In addition to starting the credit dispute process with you, what can I do to help raise my credit score?

Pay all your bills on time, always. This includes your utility bills, mortgage and car payments, and all your revolving credit lines, such as credit cards. Check your credit report at least once a year. You can find out how to challenge the bad information on your credit report here.

Never charge more than 30% of the available balance on any of your credit cards. Banks like to see a good record of payments on time and several credit cards that are not maxed out. If you have high balances on your credit cards, then have them pay below 30% as a priority. Use your credit cards. Many people who make mistakes with their credit believe that the best way to fix things is to not use credit again. If you fear that you can not handle your credit cards correctly, then the best policy is this: just run your utility bills on your credit cards every month and then pay the balance in full before the due date. This ensures that your utility bills are paid on time automatically, and as long as you maintain the habit of paying off your credit card balance each month, your score will continue to increase. Leave credit cards in a safe or drawer at home.

Keep your accounts open as long as possible, even if you are no longer charging on the card. The best policy is to keep those unused accounts open, remove dust from your card every few months to make a small purchase and then cancel it. The time during which each of your accounts has been active is an important factor in your credit score.

Remember that all this takes time: following the above steps consistently over a long period of time will increase your credit score and allow you to qualify for better loans and lower interest rates. Repairing your credit score does not happen overnight, so if you do these things for a few months and do not see a large increase in your score, do not give up. All are habits that you will want to maintain throughout your life, as they will help you keep your finances and lines of credit under control.

How long will certain items remain in my credit file?

Delinquency (30 to 180 days): delinquency can remain on file for seven years; from the date of the initial payment not made.
Collection accounts: they can remain seven years from the date of the initial payment not made that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked as “payment paid” in the credit report.
Payment accounts: when a delinquent account is sent to a collection company. This will be maintained for seven years from the date of the initial payment not made that gave rise to the cancellation (original delinquency date), even if the payments are made later in the cancellation account.
Closed accounts: closed accounts are no longer available for later use and may or may not have a zero balance. Accounts closed with delinquency are maintained for seven years from the date they are reported closed, whether closed by the creditor or the consumer. However, the delinquency notation will be eliminated seven years after the delinquency occurs in the case of late payments. Positive closed accounts continue to be reported for ten years from the closing date.
Lost credit card: if there is no delinquency, credit cards reported as lost will continue to appear on the list for two years from the date the creditor was contacted. Late payments that occurred prior to the loss of the card are reported for seven years.
Bankruptcy: Chapters 7, 11 and 12 will remain on your credit report for ten years from the filing date. A Chapter 13 bankruptcy is declared for seven years from the filing date. The accounts included in a bankruptcy will remain for seven years from the date reported as included in the bankruptcy.
Sentences: Seven years remain from the filing date.
Tax liens of the city, county, state and federal: unpaid tax liens are maintained for fifteen years from the filing date. A tax paid will remain on the 10-year score from the date of payment.

Inquiries: Most of the queries listed in one’s credit report will remain for two years. All consultations must remain for a minimum of one year from the date the consultation was made. Some inquiries, such as employment or pre-approved credit offers, will only be shown on a personal credit report that you have checked out.

Information that can not be in a credit report:

Medical information (unless you provide your consent).
Bankruptcy notice (chapter 11) of more than ten years.
Debts (including delinquent child support payments) of more than seven years.
Age, marital status or race (if requested from a current or potential employer)?

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