About your credit score

This page contains virtually all you need to know about credit scores....

With Asset Based Lending the security comes first, credit is an important second, and income is less  import. Most people deserve a better credit score. The system is unfair and error prone. The good news is that there are often very simple things that you can do that  -  if done right - can drastically improve your score, resulting in better rates, more borrowing power. You can check credit score impact on rate here.

To support our borrowers we partnered with Credit Justice Services, LLC.  The mission of CJS is to promote and teach the importance and meaning of credit worthiness.  CJS delivers advice on how to increase your score, and manages the removal of negative items that depress scores with proven, legal methods. We offer a full credit report and analysis for a mere $20.00. You'll know exactly where you stand, and what you can do. Highly recommended! You can order it here.

There is a lot of credit information out there, but really all you need to know are the basics below...

How to increase your score

 Credit Score Chart:

  • 730-850 - Excellent
  • 680-729 - Good
  • 620-679 - Fair
  • 500-619 - Poor
  • Under 500 - No Federal Funding

Credit Card Debt - This can increase credit scores quickly by adjusting balances:

  • 60% of credit limit: -30 points
  • 50% of credit limit: -20 points
  • 40% of credit limit: -10 points
  • Below 40% of credit limit: 0 points
  • For immediate improvement, make a direct payment to the credit card company to get the balance below 40%, then do a re-score with the credit report company.

How many points a negative trade line cost:

  • Tax lien: -100 points
  • Judgment: -50 points
  • Profit + Loss write off:  -30 points
  • Collections: -20 points
  • Late payments 30,60,90 days: -10 points

Chances of negative trade lines being removed:

This is based on the Date of Last Activity (DLA). All laws and chance of removal are based on this. There are no guarantees, but we do have database averages:

  • Trade Lines must be removed after 7 years from DLA
  • Less than 1 year from DLA: - 30%
  • Greater than 1 year from DLA: - 50%
  • Greater than 2 years from DLA: - 70%
  • Collection, Judgment, Tax lien if Paid off - 80% to 85%

Additional ways to increase your credit scores

  1. Local and national department store and gas company credit cards, if used wisely and paid to date monthly, can help. Use the card for at least one small purchase each month, and pay it in full promptly. This will create positive a payment history.
  2. A secured credit card is easy to acquire and can go a long way in improving credit. You must secure the available credit with a deposit of that amount. Your local bank is a good place to start. Again, make a small purchase each month and pay it in full promptly.
  3. If you have credit cards that you do not use, start using them. This will add a positive payment history to your credit report.
  4. Car loans are also a good way to establish or re-establish credit. The car acts as collateral, so these loans tend to be easier to obtain. Just make sure your loan is one that is reported to the credit bureaus.
  5. A mortgage may be difficult to get if you have low scores. However, if an assumable mortgage payment that requires no pre-authorization is found, this is a great opportunity. The credit bureaus still see this as a new loan, and this will further help your credit.

Things not to do

  1. Do not close credit accounts.
  2. Do not dispute old collections without our help. (It can result in a fresh report of an old debt).
  3. Do not apply for credit anywhere UNTIL THE LOAN IS CLOSED!
  4. Avoid frequent credit report pulls. It depresses your scores.
  5. Don't go it alone! The system is fickle. Use our service for best effect. The cost is low.

Next steps

Order your credit report and analysis below. You will receive the analyst report and good faith estimate which will include the following:

  1. Your full credit report.
  2. Credit repair: Items that can be legally challenged, and the likelihood of removal of each.
  3. Credit improvement: Specifically, what to do to increase your score.

No matter how good your credit is, you will be better informed, and know exactly where you stand.

If needed, we can help you remove inaccurate, negative items from your credit reports. The cost is $75.00 per item, flat fee, for all 3 credit bureaus. Items that can possibly be removed:

  • Late Payments
  • Collections
  • Charge Offs
  • Bankruptcies
  • Inquiries
  • Judgments/Liens
  • Repossessions
  • Foreclosures
  • Identity Theft / Fraud
  • Incorrect Personal Information

The entire process is professionally supported by our team of specialists who know the laws and reporting systems inside and out. You can monitor your progress online. Further information

There will likely be first results within a few weeks, but the entire program takes 90 days - so don't delay if you need it!   To get started, order your credit report and analysis here.