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Personal Loans to Rebuild Your Credit and Improve Your Rating or Fico Score
We educate our customers and one thing that they learn is how to use the other sources to help rebuild or even build credit. When determining your credit score the credit bureaus use an advanced algorhtym and one of these algos is how well you have paid your laons and credit cards, especially over the past couple of years.
The problem comes in when customers cannot get any credit at all as to start paying it back and show steady payments. These steady payments can increase your credit score drastically when each payment is made on time. It shows responsibility on your part as a responsible buyer. We have partnered with several companies that are willing to give you loans to help you to rebuild your credit status and ultimately your score.
For everyone that takes a loan and pays it back on time your credit report will show that you are now making repsonisble payments. After this is done a few times the limits on the loans will be raised. There are several types of loans that can be offered for you to start tyring to build up or rebuild your credit. Personal loans can be either secured or unsecured. Loans can be as small as $100 dollars. The application fee for the loan is usually around $15 and the interest rate is usually around 12%.
These loans are paid back in about 4 months. At the end of 4 months it is wise to again establish another loan of a larger amount and then make the steady payments on that one as well. For some there will also be a line of credit that is much higher than the amount that you have. Remeber that the reporting agencies (transunion, equifax, and experian) also look into how much open credit that you have. So if you have a $1,000 line of credit and are only using $1 then you have a large amount of open credit and this increases your credit score. Contact us for more info on these loan programs to improve your credit scores.
MAKE SURE TO GET THE CORRECT INFORMATION on these programs before you start one as with any product or service there are good and there are bad programs available.
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