What Is a Good Credit-Building Time frame?

Starting over or starting from scratch with your credit? Be patient. Building up a brand-new credit history or re-establishing credit after some credit missteps (such as late payments) takes time. Give yourself at least a year to see some progress with your credit. Payment history accounts for 35% of a credit score and establishing or re-establishing your credit with a solid year of on-time payments on a credit account, such as a credit card or credit builder loan, is a good way to go. Building Credit with a Credit Card A secured credit card is a good credit-building option. With a secured card, you make a deposit with a lender and your deposit is used as a credit line. Make sure to choose a secured card from a lender that reports to all three major credit reporting agencies — Equifax, Experian and TransUnion. To build credit with a secured card, make a series of on-time monthly payments and use no more than 10% of your credit line. Stick to small purchases that you can pay off with ease each month. After a year or more of on-time payments, reach out to your lender about applying for an unsecured credit card account. Credit Builder Loans Another credit building option is to apply for a credit builder loan from a credit union. These loans, which have terms of six to 18 months, are good alternatives to credit cards and good credit building tools in their own right. With a credit builder loan, the money being borrowed is placed in a savings account. And once you pay off a credit builder loan through a series of payments over the course of the six- to 18-month term, you will get access to the money in the savings account. Loan amounts for credit builder loans can be small, just $500. So there’s no need to borrow a lot of money to build a healthy credit record. For maximum credit-building, choose a credit builder loan that reports to all three credit reporting agencies. 1

5 TOP REASONS TO HAVE GOOD CREDIT

IT AFFECTS WHERE YOU LIVE AND HOW MUCH YOU PAY IT AFFECTS WHAT YOU DRIVE AND YOUR CAR PAYMENT IT CAN AFFECT YOUR JOB SEARCH IT AFFECTS YOUR ABILITY TO START A BUSINESS IT AFFECTS OTHER MONTHLY BILLS LET US HELP YOU BANCO FINANCIAL SERVICES 17199 N Laurel Park Dr. Ste #310, LIVONIA, MI 48152 PHONE: 734-744-8690 1-800-442-1591 FAX: 734-744-8674 E-MAIL: bancocapitalcorpation@gmail.com Call today and get a jump start on your future, we FIX credit!

How To Establish A Credit History

How To Establish A Credit History Building a Good Credit History Should Be Free One somewhat poor piece of advice often given to those with no credit history is to take out a small loan from the bank and pay it back on time. This is a bad idea because it is a waste of money. You'll have to pay interest on that loan, and no matter how good the interest rate is, why pay to borrow money that you don't even need? It isn't necessary to pay interest to establish good credit, and the only debt you should incur to establish credit is the very temporary kind that occurs between the time you charge a purchase to a credit card and a couple of weeks later when you pay the bill in full.

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About Checking Your Credit Report When you apply for a new credit card, loan or extension of credit, the potential lender will most likely check your credit report before making a decision. You should too. Check your credit report several weeks or even months prior to making a large credit purchase. View your credit accounts and total debt — both existing balances and available limits. Budget and plan for the future. Ensure the accuracy of the information reported about your credit. This is especially important when you’re getting ready to buy an expensive item such as a car or a new home. Correcting Errors on Your Credit Report Federal law allows consumers to challenge inaccuracies and correct their credit files, and Experian® encourages consumers to dispute any information they believe is incorrect. There is no fee. If you believe there is an error on your report, dispute it online for fast resolution. We will verify your dispute with the source of the data and receive a response within 30 days. Once we receive the response, Experian will send you the results of our investigation.

About Checking Your Credit Report When you apply for a new credit card, loan or extension of credit, the potential lender will most likely check your credit report before making a decision. You should too. Check your credit report several weeks or even months prior to making a large credit purchase. View your credit accounts and total debt — both existing balances and available limits. Budget and plan for the future. Ensure the accuracy of the information reported about your credit. This is especially important when you’re getting ready to buy an expensive item such as a car or a new home. Correcting Errors on Your Credit Report Federal law allows consumers to challenge inaccuracies and correct their credit files, and Experian® encourages consumers to dispute any information they believe is incorrect. There is no fee. If you believe there is an error on your report, dispute it online for fast resolution. We will verify your dispute with the source of the data and receive a response within 30 days. Once we receive the response, Experian will send you the results of our investigation.

Do you have a bankruptcy on your credit report? Although a bankruptcy will remain on your credit reports for 10 years, it’s impact will fade with time. You can help the process by offsetting the negative information on your credit report with something more positive. Allow Banco Financial Services to assist you! We can help get you back on the right track for the new year and the rest of your life! Please give us a call at 734-744-8690