Credit Repair Providers
Sources to Establish or Reestablish Credit
Revolving Trade Lines
- Capital One Bank www.capitalone.com
- Credit One Bank www.creditonebank.com
- Open Sky Visa www.openskycc.com
- Discover® Secured Credit Card – www.discovercard.com
Installment Trade Lines
- Acceptance Now – Max 3 Tradelines www.acceptancenow.com
- Santander Bank – Secured Loans – www.santanderbank.com (min $1000)
- Do use the cards a soon as you get them, but pay the entire balance off immediately.
- Do open a bank account. This shows creditors a sign of stability.
- Do maintain a savings account and deposit a set amount monthly. This shows a pattern of savings, even if you only save $20.00 per month.
- Do use the same address on all accounts and credit.
- Do use your name in the same fashion on all accounts. For example, if you use your middle initial, use it all the time.
- Do start opening accounts as advised immediately.
- (If credit repair is suggested) Do consider the benefits of credit repair vs. the cost.
- Don’t focus on the terms when trying to reestablish. If your credit history is poor, the creditor is taking a big risk in issuing you credit. The terms will probably reflect the risk.
- Don’t borrower large amounts under bad terms. A $500 tradeline has a similar impact as a $5000 purchase.
- Don’t tell creditors that you are following a credit building plan. No one wants to feel that they are simply a means to an end.
- Don’t max out credit cards. Keep balances below 34% of the limit.
- Don’t pay anything late.
- Don’t borrow what you can’t pay in cash on the spot. Credit is for convenience, not need.
- Don’t open more accounts than suggested. More new accounts could be damaging to your credit.
- Don’t apply for or open any new credit outside of what is suggested.
- Don’t guess at things or trust sources you don’t know. If you have questions, call us.
For more resources, visit www.simplehomebuyingguide.com.
Please note that these are third-party providers. Please perform your own due diligence before retaining services.
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