YOU CAN CHANGE YOUR CREDIT SCORE

Your credit score may be lower than it should be and only you can do something about it. An estimated 80 million Americans are suffering from bad credit. They are not just deadbeat neighbors. Bad things happen to all walks of life. Medical bills, loss of jobs and business closures can crush your finances and take over your life. We can help. Call Banco Capital @ 1-800-442-1591 or 248-286-5100.

MAKE OR BREAK YOUR CREDIT SCORE

Carrying a $4,000 balance on a credit card with a $5,000 limit will damage your credit score more than a $4,000 balance on a card with a $12,000 limit. Be careful when requesting an increase to your credit limit though. Having $80,000 of available credit when you make $60,000 per year is a negative.

REBUILD YOUR CREDIT

Begin by paying your creditors on time.Get a secured credit card, preferable from a credit union, and use it instead of cash.Become authorized by a close friend or family member to add your name to their account.Get a department store credit card. They are easy to obtain, but the interest is high so pay it off every month.

How to Make or Break Your Credit Score

STEP 1: Keep your credit cards under 33%. Carrying a balance wont damage your score, it will if your debt utilization rate starts to climb above 50%. Pay your balance full every cycle if possible.

STEP 2: Pay your bills on time. With any kind of credit obligation it's really critical to always pay on time, even if you can't pay in full. Late payments will hurt your score.

STEP3: Use Different forms of credit. Holding a variety of lines:car, loan, installment loan, mortgage, store card; can improve your credit score, as long as you're mindful of the first two steps.

STEP 4: Develop a history of credit. Maintaining responsible payment habits over time will increase your score.

STEP 5: Don't Overburden your credit lines. Its best not to use more than half of any given credit line, and even better not to use more than one-third.

WHAT FOLKS WITH GOOD CREDIT DO RIGHT

Have 4 to 6 credit card accounts with an average of 10 years or more credit per account.No late payments in seven years and at least one installment loan with excellent payment history. They have no bankruptcies, foreclosures, charge-offs or collections and fewer than 3 credit inquiries in the past 6 months. The debt level is no more than 35% of over credit limit per account.

THE DISPUTE PROCESS

Anything that is incomplete, unveriable,, and outdated will be disputed. The most common errors are re-aging accounts, debts that are over the statute of limitation, unverifiable and creating more than one account for the same debt. This process alone may increase your score from 10 to 20 points per account.

BETTER CREDIT SCORE STRATEGIES

There is no secret formula for improving your credit score, but a good understanding of credit restoration strategies can help you get started. It is possible to improve your score and get negative items off your credit record, but you have to go about it the right way. If you are committed and motivated to succeed let Banco Capital help you make a new start. Call 1-800-442-1591.