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CREDIT REPAIR: info from the credit secrets bible
Rebuild Credit: Insider Credit Repair Techniques to Improve Credit Score Fast!
What's the fastest way to raise your credit score? To quote the classic magazine salesman from the movie Office Space "That all depends"...
While the removal of negative items from your credit report will almost always result in an increase in your credit score, there is a method that works better.
Here's why. Adding positive accounts is actually more effective at improving your credit score (in the short term) than removing negative one. Unfortunately, few consumers or credit repair companies know this.
One of the biggest problems with trying to get approved for new credit is that you need to "have" credit in order to be approved. This causes a sort of catch 22.
How does one "get" credit if no one will give them credit because they don't have any credit to begin with? A vicious cycle indeed, but a real one. However, if you have someone you can use a cosigner this is NOT a problem. Simply have them cosign on the new credit application for you. If you don't have a cosigner, read on.
Contrary to popular belief (or what myfico and credit repair companies would like you to believe), the largest factor in building a solid foundation for your credit score comes down to two credit scoring factors:
1.) The "High Credit Limit"
and
2.) Your "Debt to Credit" Ratio
Your high credit limit is simply the total amount of primary unsecured revolving credit lines you have (i.e. three credit cards at $5,000 each equals a high credit limit of $15,000).
Get it? Good.
Your debt to credit ratio is simply the amount owed on these cards in relation to your high credit limit (i.e. if your high credit limit was $15,000 and you owed $7500 your debt to credit ratio would be %50).
Keep in mind, your high credit limit is comprise ONLY of your total amount of unsecured revolving lines of credit. Home mortgages, auto loans, student loans, equipment leases and debit cards do NOT count towards your high credit limit.
A debt to credit ratio of 25% or less is ideal. Of course, there are many other factors which come into play, but keeping it simple, how does one improve credit score via increasing their high credit limit and lowering their debt to credit ratio?
That is the question....
The fastest way we have found is by adding primary user unsecured revolving lines of credit which are guaranteed approval (note: these are NOT authorized user accounts!).
These are unsecured lines of credit which appear on your report just like a visa card, mastercard or department store card etc.
We have found that while unsecured credit is the most difficult to obtain, it has proven to be the highest scoring on ones credit report. To find out the fastest we've found to add primary unsecured revolving lines of credit to your credit report, please visit:
http://www.CSBCards.com
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