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Our 3 Year Action Plan
Part of our action plan is to help you understand how credit works and what you need to change in order to have good credit.
What is credit?
Credit is the term used to describe a transaction in which a person receives merchandise, money or services for little or no money up front, but promises to pay an agreed upon amount of money, in an agreed upon amount of time in the future. Usually, the person or company that gives credit to a person charges a fee for providing the service.
Without credit, you would need a full cash payment to buy an $800 refrigerator, a $25,000 car, or even a $150,000 house!
There are a few facts that you must also understand:
FACT # 1
You can not erase your negative credit history , no matter what people say or do this will not change. Only time can erase that history and it takes about 6 years for it to drop off your credit score. We will help you start a new credit history and show potential creditors you have started a new page.
FACT # 2
You need to review your score and correct mistakes. Your credit score is only as good as what shows up in your credit report. Review your reports from all credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late -- can take 30 days to three months, sometimes longer.
FACT # 3
You need to develop an action plan to improve your credit. The problems that contribute to your negative credit score should dictate how you decide to boost your credit score. We work with you to develop a checklist of things you can do that would help your credit situation improve. This is where our 3 year action plan comes into play.
FACT # 4
This is probably the most important of them all. You need to establish new credit. But how if I got bad credit? Believe it or not there are companies out there who will lend money to people with derogatory credit. We work with them. This is not forever, usually after a year of good payment history we can then transfer your loan to a regular bank.
To find find out more about our 3 year action plan click here
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