WHAT IS CREDIT HISTORY

A history of debt is not credit history. The distinction makes a big diffrence. It means using a credit card and paying off the balance each month. It does not mean racking up a lot of credit card bills. Credit and debt are not the same thing.

ARE CREDIT PROBLEMS HOLDING YOU BACK?

If you are having credit problems and cannot get approved for credit for the things you really want and need, you could give up or put everything on hold while you wait for your credit to fix itself. But there is a better way. Call Banco Capital to find out how we can help you. 1-800-442-1591

YOUR CREDIT SCORE

A low credit score is not the end of your financial world. Discipline and responsibility can help rebuild even the lowliest of scores. Paying more than the minimum, reducing the number of cards in your wallet, negotiating a payment plan and taking advantage of the comments section on your credit report can all help boost your score and improve your odds of success the next time you need a loan.

Boost your credit score

Increase your credit score by a least 20 points or more in a single month by following these 7 rules
1.Pay recent past dues on the accounts that recently fell a month or two behind.The more recent the late payment the more it will lower your score.
2.Request good faith adjustment by contacting the creditors who report late payments on your credit report ask them to make a good faith adjustment to remove the late payment information from your credit report files.
3.Pay collection that agree to vanish:Pay off accounts where the collection agencies agree to remove all references to the accounts from the credit bureau.
4.Spread Debt evenly: Evenly spread your balances over your cards with the lowest interest rates and the highest credit limits.
5.Report credit limits: Some of your credit accounts may not report the credit limit to the credit bureaus. Ask the creditor to provide this information.
6.Keep the right credit: Major bank credit cards, held for a long time with good payment histories help boost your credit.
7.Limit new accounts Many people open new department store credit around the holiday. To receive additional money off their purchases, These accounts hurt your credit score.So after you use the card promptly pay these off and close them.

BENEFITS OF GOOD CREDIT

1)Get a mortgage at an exceptional rate, 2) Get approved for the apartment you want 3) Open a new new credit card 4) Finance big ticket items instead of paying up front 5) Save hundred of dollars by paying less interest.

ABOUT YOUR CREDIT SCORE

Paying your bills on time does not automatically raise your credit score. It is only 35% of the total points. Carrying a balance is not always good if it is more than 15% of your overall limit. HR cannot see your credit score, only your credit report. Only lenders have access to your score. Short sales and foreclosures have the same effect on your score. Bankruptcies stain your score for 7 years, but your score improves as the item gets older.

CREDIT SCORES MATTER

If you have a good credit score you were probably asked for a smaller security deposit where you currently rent. What did you borrow from your landlord? The right to live in that apartment. Don't let a late payment cost you a job. Prospective employers are allowed to use your credit history to decide whether or not to hire you.