Credit Information

What is a Credit Score?

A credit score is a three digit number, derived from an automated scoring system created by Engineer Bill Fair, and Mathematician Earl Isaac. That three digit number predicts your credit worthiness. Credit scores range anywhere from 300-850. The higher your score, the more likely lenders will extend credit to you. The lower your score, the less likely lenders will extend credit to you.

What affects your Credit Score?

 

35% - Payment History

30% - Comparing the Amount You Owe, to the Amount of Credit You Have Available

15% - Length of Credit History

10% - Number of New Credit Accounts

10% -Types of Credit You Use

 

We will dispute negative items in your payment history on your behalf.

  • We will show you how to decrease your debt to income ratio, even when paying off credit cards is not an option at the time.

  • We can also remove credit inquiries from your credit report. 

  • If we cannot remove any negative items from all three of your credit reports, we will refund 100% of your monthly fees.

How long will certain items remain on my credit file?

  • Delinquencies (30- 180 days): A delinquency may remain on file for seven years; after the date of the first missed payment.

  • Collection Accounts: May remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked as a "paid collection" on the credit report which is still negative unless a "pay for deletion" has occurred. They should not be listed as "open", "closed", "late" or anything of that nature while reporting. If so, they must be removed. 

  • Charge-off Accounts:  This will remain for seven years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charge-off account. If payment are made after account becomes a charge-off, that resets the seven year time frame.

  • Bankruptcy: Chapters 7, 11, and 12 will remain on your credit report for ten years after the filing date. A Chapter 13 bankruptcy is reported for seven years after the filing date. 

  • Judgments: Remain seven years after the date filed.

  • Inquiries: Hard inquiries listed on the credit report will remain for two years. Some inquiries, such as employment or pre-approved offers of credit, will only show on a personal credit report.