Credit Repair
What
is Credit?
The credit system is based on borrowing money and paying the money back over time. Lenders would rather lend to those more likely to pay them back. Credit Reporting Agencys collect credit data and itemize it on a Credit Report. A mathematical model is then used to take the data on the credit report and give it a Credit Score. For consumers the most widely used score is the FICO Score which ranges from 300 to 850. The FICO Score measures the likelyhood a consumer will be 90 days late paying a bill within the next two years.
What we do
BUD360llc raises credit scores by legally deleting negative items and adding positive items to credit reports. We use our knowledge of scoring models and credit laws such as the FCRA to help our clients escape from the dark cloud of bad credit.
What it means for you
- Get approved for mortgages, car loans, and credit cards
- Qualify for lower interest rates, and lower insurance premiums
- Qualify for special business financing
Credit Repair
Removing negative items from credit reports is both an art and a science. At BUD360llc we have years of experience having items removed from credit reports. The most basic way to remove items is through disputing directly with the credit reporting agencys. We dispute items believed to be inaccurate, untimely, incomplete, misleading, or unverifiable. Results from one round of disputes can take between 20 and 45 days. Many times three or four rounds will be required to have most,if not all, items removed. Which is to say that repairing credit can take between three and six months. In certain cases, it can be even longer.
Benefits Of Repairing Your Credit
Lower Interest Rates
Qualify For Better Options
Approval For Higher Limits
More Negotiating Power
Examples of Credit Report Errors
Accounts That Don't Belong to You
Duplicate
Accounts
Incorrect
Inquiries
Inaccurate
Accounts
Credit Building
Building credit is the process of adding a positive credit history into your credit files. We can guide you on how to take steps to begin building or rebuilding your credit. We will begin you on a long-term upward trend in credit scores and risk profile with results beginning within weeks.
We can also guide you on how to add positive tradelines right away giving you overnight results. Opening the right guaranteed approved Merchandise Cards that report to the CRA’s can result in a significant score jump within the first month. Become an Authorized User on an established tradeline to increase your scores virtually immediately.
Scoring – To build credit effectively it’s important to understand how credit scores are determined. There are many different scores and many different scoring models. Some scores will vary only slightly while others can be completely different. The FICO scoring model uses the following categories in calculating scores:
♦ Payment History The consistency and timeliness of monthly payments
♦ Balances to Limits Lenders want consumers carrying less than a 30% balance
♦ Length of History How many years has a consumer been using credit
♦ New Credit Opening new accounts can lower score slightly for a short time
♦ Types of Credit Using different types of debt can increase score slightly
Building credit is understanding how to best increase scores in each category without lowering scores in the other categories. In some cases, it’s not as clearcut. Opening a new credit card will raise the 30% score from the balance to limit ratio and will lower the 10% score from new credit. Understanding the scoring models is key to building great credit.