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When you’re aiming for a better credit score, the last thing you want is to have your credit score take a hit. Unfortunately, little errors and mishaps can lower your score. One common reason for this is the “unauthorized credit inquiry”.
Essentially what happens, is that some unknown party does a credit pull and reviews your profile for an application that you may be unaware of. As strange and devious as it may seem, unauthorized credit inquiries happen more than most realize. Fortunately, you can prevent these mischievous little acts from affecting you. Who’s Fault is it Anyway? It’s one thing to accept a credit limit on an existing card or to ask for a loan. You know that a hard inquiry will follow. But what if you haven’t applied for any of the sort in months or years? How does a credit inquiry just appear on your profile? There are a number of parties that can cause these problems including:
The list goes on. However, the ones mentioned above tend to be the most common sources of problems. There are two issues that occur with these unknown credit pulls. First, the other party doesn’t openly inform you that they will pull your credit. Because of this, you may see no harm in agreeing to upgrade or accept an offer, especially if it seems to have some obvious benefits. Second, it’s easy to forget that you applied for these accounts in the first place. Many of these accounts won’t affect your finances in any major way, so you might hastily accept an offer, perhaps, while lined up at a store or talking over the phone. The Resulting Issues of Unauthorized Credit Inquiries There’s one major problem that comes with unauthorized credit pulls: a lower score. And as mentioned from the start, that’s the complete opposite of what you want if you’re looking to rebuild or maintain good credit. There is a trickle-down effect of course. The points that a series of unauthorized hard inquiries take off are usually low (around five or so). Nevertheless, they take you further away from the numbers that will get you approved for the best loans. And if you’re on the edge of loan approval, just a small deduction in points can mean that you no longer qualify. Serious indeed! Tips to Fight Unauthorized Credit Pulls and Avoid Them in the Future So how do you keep the hands of unwanted lenders and companies away from your credit profile? You have to stay ahead of them to beat them at their own game. To put it simply, everytime someone offers you an upgrade, store account or card, remind yourself that they could pull your credit without you knowing. That alone may help you decide whether you want to proceed or back off. It isn’t always this simple, however, and that means you might have to take things a bit further.
An unauthorized credit inquiry is frustrating to anyone, but even more so to the person who’s looking to improve their score. If it’s happened to you, don’t let it bring you too much stress. The number of points that they knock off is fairly small, and if you didn’t authorize the credit extension, you will likely have no issue proving that it’s fraudulent. More importantly, leave no stone unturned. Be diligent in your search for errors and ask as many questions as possible to get the info you need. In doing so, you will build a much stronger case for yourself. visit us at www.qualitytradelines.com if you have any credit questions Generally, loan applicants with good credit qualify for larger loan amounts with lower interest rates. ... Fewer lenders will work with you if you have bad credit and those that do will charge a much higher interest rate on your auto loan. A higher interest rate means a higher car note to pay each month.
It Affects Where You Live and How Much You Pay Before you can buy a house, mortgage lenders want to know that you won’t default on your mortgage. If you don’t have good credit, the lender will consider it risky to give you a mortgage loan. If you're approved for a mortgage, your credit affects your interest rate which directly impacts your monthly mortgage payment. Bad credit could mean a higher mortgage payment. Worse than that, your mortgage application could be turned down because of your bad credit. Don't think that because you're not looking to buy a house right now that your credit isn't important. Landlords also use your credit to decide whether to rent to you. Landlords consider your lease as a loan. You’re being loaned a place to live and the landlord wants to know you’ll pay back this loan. If you don't have good credit, you can get denied for an apartment. It Affects What You Drive and Your Car Payment Unless you have the cash to purchase a car, you’ll have to get a loan. Your credit not only affects whether or not you qualify for a loan, but also the amount and interest rate of the loan. Generally, loan applicants with good credit qualify for larger loan amounts with lower interest rates. Bad credit limits your options. Fewer lenders will work with you if you have bad credit and those that do will charge a much higher interest rate on your auto loan. A higher interest rate means a higher car note to pay each month. It Can Affect Your Job Search Many employers conduct credit checks as a part of the hiring process. (Note that employers check credit reports not credit scores.) If you haven’t demonstrated financial responsibility, a prospective employer might be hesitant to hire you. For example, the employer might believe your level of debt is too high for the salary offered. It Affects Your Ability to Start a Business Many people have dreams of starting their own business. Most business startups require a sizable amount of cash that you might not have available. In that case, you’ll need to obtain a small business loan. Among other things, you need to have good credit to qualify for the business loan. It Affects Other Monthly Bills It might be somewhat shocking to learn that your credit is needed to establish utility service. Your electric company contends that you’re borrowing one month of electric service. So, before turning on your electricity, the company will check to see if you have good credit. This applies to most utility services including cable, telephone, water, and even cell phone. Since your credit is defined by how you’ve paid (or not paid) your bills in the past, many businesses — landlords, mortgage lenders, utility providers, and even employers — use your credit to predict your future financial responsibility. Anytime you need to borrow money, or even services, your credit is called into question. This is why maintaining good credit is so important. We can help you get your credit where it needs to be, give us a call or visit www.qualitytradelines.com 323-776-6424 |
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June 2019
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