Benefits of having a Great Credit Score: 1. Lower Interest Rates 2. Better chance of Loan Approval 3. More Negotiating Power! We Can Help! Call Banco Financial Services 734-744-8690

What Is a Good Credit-Building Time frame?

Starting over or starting from scratch with your credit? Be patient.
Building up a brand-new credit history or re-establishing credit after some credit missteps (such as late payments) takes time.
Give yourself at least a year to see some progress with your credit.

Payment history accounts for 35% of a credit score and establishing or re-establishing your credit with a solid year of on-time payments on a credit account, such as a credit card or credit builder loan, is a good way to go.

Building Credit with a Credit Card

A secured credit card is a good credit-building option. With a secured card, you make a deposit with a lender and your deposit is used as a credit line.

Make sure to choose a secured card from a lender that reports to all three major credit reporting agencies — Equifax, Experian and TransUnion.

To build credit with a secured card, make a series of on-time monthly payments and use no more than 10% of your credit line. Stick to small purchases that you can pay off with ease each month.
After a year or more of on-time payments, reach out to your lender about applying for an unsecured credit card account.
Credit Builder Loans

Another credit building option is to apply for a credit builder loan from a credit union. These loans, which have terms of six to 18 months, are good alternatives to credit cards and good credit building tools in their own right.

With a credit builder loan, the money being borrowed is placed in a savings account. And once you pay off a credit builder loan through a series of payments over the course of the six- to 18-month term, you will get access to the money in the savings account.

Loan amounts for credit builder loans can be small, just $500. So there’s no need to borrow a lot of money to build a healthy credit record.

For maximum credit-building, choose a credit builder loan that reports to all three credit reporting agencies.

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How much will Credit Restoration cost?

Our cost varies on a case by case basis. Our quotes are free with no obligation. We don't charge an enrollment fee and we offer flexible payments and specials. Call now and find out where you stand! 734.744.8690

Credit restoration is never as costly as the devastation and set backs of bad credit! Call 744.734.8690

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Does ‘good’ debt still exist?

Having experienced the Great Recession earlier this decade, we’re all familiar with the dangers of over-extended consumers maxed out on debt with little savings to speak of.

The consequences of those actions are so great, many financial experts started rethinking if there is such thing as "good" debt anymore. But the conventional wisdom remains: if managed properly and prudently, debt – for the right things -- can still add to your bottom line.

What is good debt? As opposed to credit cards with high interest rates that can be easily abused, good debt can provide long-term financial benefits. Traditionally, the two most common forms of debt that could be considered good are loans for school and buying a home.

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