Building Credit

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Credit refers to getting goods and services before paying for them. You can do this by using a credit card or by getting a loan. However, in order to get a credit card or a loan, you need to build your credit or repair it. You will need a high credit score so that lenders and credit card companies will approve your application.

There are several companies that provide assistance to people who want to improve their credit rating. We are one of those companies, and we assure you that your welfare is always our priority. We know that rebuilding credit can be a challenge, but we are here to help. Here are some steps to increase your credit score so that you can apply for credit cards, home and car loans and other types of loan services.

Consult with one of our financial planners and learn how we can help you realize your goals when it comes to your finances. Our credit building professional can give you advice on how to build credit or establish credit fast and guide you on the path to financial freedom.

Building Credit in Orlando FL

Building credit is all about hard work. If you have never used a credit card before, it will be difficult to apply for loans or credit. Luckily there are a number of ways in which you can improve your credit score. Whether you are an individual or a business, a financial advisor in Orlando can help you to determine the best methods for building your specific credit profile. Some methods of improving credit include secured credit cards, credit building loans, and becoming an authorized user on someone else’s credit card account.

Come Into Our Nearest Orlando Office And Let Us Show You How To Build Credit Fast With The Best Credit Cards For Bad Or No Credit.

One of the best credit cards to build credit is a secured credit card. You will be required to make a cash deposit with the bank or credit union and your credit line on the card will usually be the amount of the deposit. After you open the account and make the deposit, you will be able to make purchases and use it as you would other credit cards. If you fail to pay for your purchases on the scheduled date, your deposit serves as collateral in case of default. However, paying on time for what you owe and keeping your outstanding balances low is the fastest way to build credit.

Is a credit builder loan from a Orlando bank the best way to build credit to increase your score?

Applying for this type of loan is one way to increase, raise and improve a credit score fast. When you apply for the loan, the lending firm will not release the funds right away. Instead, you pay for the amount first. Once you have paid the whole amount, you will receive the proceeds of the loan. Through credit builder loans, you can actually save money while building your credit.

Another way of building your credit is including rental receipts on your credit report. If you are renting a house or an apartment, you can include the proof of rental payments on your credit report. The receipts can help you get a loan or a credit card. However, be aware that not all rental agencies are going to allow you to use on time rental payments to improve your credit. Talk to your rental agency to see if they will allow you to track your rental payments through a third party system in order to build your credit score.

We have helped other Orlando residents increase their FICO score from below a 600 credit score to above a 700 credit score!

FICO, also referred to as First Isaac Corporation, is one of the companies that take your credit history and assigns a score to it that represents a person’s creditworthiness. The range is from 300 to 850. Individuals who get a score of 650 are considered as having a fair credit record while those getting a score of 620 or below may be considered as having a bad credit record. If you are applying for a car loan, a excellent score of 781 to 850 will let you get the loan and at a lower interest rate.

There are several tips on how to build credit or how to establish credit fast. First and foremost, you must clean errors, reduce debt or utilization ratio, increase credit lines, open new credit and make sure you do not close credit cards since this will reduce your credit history’s age.

You have the right to get a copy of your credit report when a credit card or lending company refuses your application. This way, you can have your credit report reviewed by a qualified and experienced credit consultant who can help you get back on a plan to rebuild your credit and increase your score to maximize your opportunities to be approved for loans and other financing.

Is a 650 credit score good enough to get an auto loan, home loan or mortgage in Orlando FL?

Absolutely! Some FHA lenders accept credit scores as low as 580 when applying for home loans. In the US, the minimum credit score to buy a home for most lenders is 640. However, that 640 credit score is a far cry from a score of 680 or 720. While a score of 640 might be just good enough to apply for a home loan, it doesn’t define a quality credit score to lenders in the Orlando area. Improving your credit score will not only give you a better chance at getting a loan for your dream home, it can improve the interest rates that you pay on your new home loan.

If you are an Orlando business owner, we can show you how to build business credit the fastest way

If you started a new business, we will be happy to help you learn how to build business credit. You can do this using vendor accounts, gas cards, trade lines, and lines of credit, to name a few. It is important to have a separate personal credit rating and business credit rating. When your business goes down, its credit standing will not affect you personally and vice versa. If ever you encounter serious financial problems, your credit reputation will not affect your business.

In order to start building business creditworthiness, you should first incorporate your business with Florida and register in Orlando, if necessary. By incorporating, you will be able to separate the company finances from that of the business owner. The forming of a business entity will help establish a separate business and credit identity that can shield your personal credit and finances. After establishing a business entity, you must apply for an EIN or Employer Identification Number. You will use your EIN to open a company bank account, for payroll and taxes.

Then, you can use your Employee Identification Number to start building your business credit report, get a Dun and Bradstreet number and obtain their Paydex score. One of the quickest way is to obtain vendor accounts and to establish and open credit lines with the suppliers. Most businesses have credit arrangements with the suppliers. Try to open at least five lines of credit for your business. Make sure that you are prompt in making the payments. You can ask your suppliers to give a report of your credit performance. As the credit reputation of your business grows, you will enjoy lower interest rates and fast approval when you apply for a business loan or a business credit card.

In order for to understand the best way to build credit, we define the common terms that you will encounter:

Building Credit - Common Terms and Definitions