Category Archives: Credit

The ways to remove credit inquiries

A credit card inquiry is a record of any inquest made on your credit report by any entity. However, as per to the rules and regulations, a credit reporting agency has to maintain a record of these investigations for at least for 24 months.

The inquiries are of two types:

Soft inquiries do not hurt your credit score. It includes:

  • Investigations made through a court order or a personal level request for a copy of your report.
  • It also includes investigations made when applying for a job, home loan and auto insurance
  • Inquest with the purpose of account management

Hard inquiries

These are made by someone with permissible purpose to review your credit such as a prospective lender because you might have applied for a loan or any kind of financial assistance.

However, there will be lenders who will seek to view your credit report without any such purpose and your permission. These unauthorized investigations affect your score considerably. So, therefore, it is must to get them removed.

You can take certain measures like:

  • Send a letter to the lender requesting them to present a proof of your permission to review your credit report.
  • If they do not have a proof of it, send them a letter stating that the inquest was made erroneously.
  • If they do not take any action despite all this, explain them that they will be sued for violating the FCRA.
  • If the lender does not respond within 30 days, seek a counsel help immediately. Your lawyer will send them a forceful letter stating that if they fail to response, a strict action will be taken against them in the court.

However, if you get a positive response, make three copies of it and send them to each credit reporting agency. These agencies will verify the letter first and then remove the inquiry, and send you a copy of it.

If at any moment, you think you need professional assistance, you can resort to Credit restoration companies. You can look for them online or get their contact details from local directories. Choose the one that is experienced, reputable and reliable. Make sure you do not fall prey to fraud firms that use illicit methods to remove the inquiry.

For credit card inquiry removal services, get in touch with 700FICO Club. Get in touch with us for more details or email us your queries. We will be happy to help you.

5 strategies to improve your credit score

Your credit score is determinant of your overall financial stature. Therefore, you should repair it appropriately. The article guides you to correct your credit history in the right manner.

Check your credit history

Begin the process by checking your credit report. Ask for its copy and check it for any errors that are affecting your score. Make sure there are no incorrectly listed late payments. If you find any error, immediately raise a dispute with the credit bureau.

Do not delay your payments

Timely pay your debts and installments. It contributes significantly in improving the score. Some financing institutes send email or text to the borrowers to ensure the payments are made on time. Consider setting reminders for installments on your phone. It will make sure you do not miss a deadline.

 Limit the use of credit cards

Limit the use of credit cards. Check all your accounts to consider how much you owe and interest rates each account charges you. Allocate your funds accordingly. Do not spend more than what you can pay for.

Some more tips

  • Make sure your delinquent payments are made on time. If you had late payments once, ensure it does not happen again; otherwise it will impact the FICO score negatively. Also, remember that even if you pay off a collection account, it remains on the report for around seven years. If you are in financial crisis, ask your creditors to restructure your installments to suit your lower income comfortably.
  • Debts contribute to 30% of your score calculation. For a clean history, you have to make sure that your credit cards and revolving debt balances are low.
  • You should not open new accounts too rapidly. Opening a new account lowers your average account age that significantly lowers the score.

Take professional help

If none of your effort showing results, find a professional to offer you credit repair services. On the internet, you will find many companies that offer these services. They work towards increasing your FICO score in a month’s time.

Start your search online or in local directories. Make sure the agency you choose is licensed, reputable and experienced. Ensure you do not fall prey to dubious firms. So therefore, check their credentials and read their reviews on third party sites to avoid this.

For credit repair services, get in touch with 700 FICO Club. Call us for more details or email us your queries. We will be happy to help you.

Ways to improve your credit score- Tradelines and other relevant information

Ways to improve your credit score- Tradelines and other relevant information

The credit score is a written record of your financial transactions, including the details of your current debt and how well you are repaying it. It also includes the record of past debts and their repayment. It also holds information regarding foreclosures, judgments and bankruptcies.

Based on this report, you are given a numerical score that reflects your potential to repay. The score is based on:

  • The number and types of accounts you have open
  • How long you have held the accounts?
  • List of late payments you have made
  • Current debt
  • Any attempts made to open a new account.
  • Number of inquiries made by the lenders.

When you apply for a loan, the lender or financial company examines this score, to determine your potential to repay the money

How to improve your credit score?

Your report reflects every entry made. However, if your score is bad, you can improve it by following these steps:

Examine the report thoroughly

If your report still shows an outstanding debt after you have paid it, you can challenge that item in it. The company you challenge has up to 90 days to respond to the complaint.

Close old credit card accounts

Old accounts that remain open add up to your total amount of credit available.

Tradelines

Tradelines can help boost your credit score. You can improve the score by making sure the debts you are paying now or in the past are listed in the report.

Car Loans

Consider adding present and past car loans in your report. Add a former that the debt from the vehicle was repaid. It will add to your overall score.

If you have bought household things like refrigerator, washer and jewelry on installments, include all these in the report as well.

Mortgage

However, the current mortgage would be listed already. If it is not your first mortgage, make sure you list the previous one if it is paid on time.

Utility bills

Make sure you pay off your monthly bills on time. This also reflects on your score.

However, there is no better way to improve your credit score than paying off your debts on time.

For credit restoration, credit repair and tradeline services, trust on 700 FICO Club.  For more details on our services, call us. You can also send us your queries online. We will be happy to help you.

Improving FICO score- credit inquiry removal services

Having a good credit score is very relevant, especially for auto financing and home loans. However, sometimes you try on everything in your power to maintain a good score, but still your FICO score does not add up. Inquiries on your credit report may be one of the many reasons why your score ratings remain low, no matter how timely you are paying off your bills.

Here are the few tips using which you can remove inquiries from your credit.

Know the difference between soft and hard inquiry

After you have received the copy of your credit report, identify which inquires you should have removed.  Inquiries may have come from many different people for varying reasons.  So, therefore, you need to understand the difference between soft and hard inquiry.  Soft investigations do not damage your score, while hard inquiry does so.

The latter includes those from lenders and debt collectors who wish to peek in your payment history. Make sure such queries are always attached with your approval letter. Also, ask for the addresses of the lenders from the credit bureau as they will be used to follow up on removal requests.

Ask for documentation for hard inquires

Not all inquisitions have your permission, so therefore, ask for documentation.  If you are presented a paper with your signature, write to your lender and ask them to remove inquisition from the report.  The credit bureau considers all the investigations as personal and authorized. So, make sure there are no inquisitions made from your account without your permission.

Legal action

If the lender does not remove the investigation, within 30 days, and is not able to give you proper proof of authorization, you may take a legal action against them. If they fail to comply with rules, they can be fined thousand dollars.

If you fail to understand the intricacies of the procedure, you can seek professional help. There are many firms that offer credit inquiry removal services. You can locate such agencies online or in local directories. Make sure you choose a licensed, reputable and experienced firm to handle this issue. If handled well, your FICO score can swell up considerably.

For credit removal inquiry services, get in touch with 700 FICO Club. We can help you remove hard inquisitions from your report. Call us for more details on our services. You can email us your queries. We will be happy to help you.