I come across people who simply have no credit – they pay for everything with cash and have a debit card for everything else. Then all of a sudden they need a huge influx of cash and they have no credit to acquire said capital. Well, here is how we jump-start your credit to make you appealing to lenders.
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Most people who know nothing about credit are not aware that the simple act of applying for loans put “hard inquiries” on your credit. Of the 5 factors that affect your credit score, New Credit accounts for 10%. And New Credit is credit that you obtained or credit that you applied for (and failed to get).
So in some cases you may need a bit of credit clean up. The best service and price that I have found is with CreditRepairCo.
A primary tradeline is what you get when you apply for funding and receive the funding. One (slow!) way to acquire primary tradelines is to get a secured credit card or pay something like Self Lender for 12 months. We get the job done in 2-3 weeks by buying primary tradelines. Each line will run you $1800 to $2000.
In addition to primary tradelines, being added as an authorized user (AU) on someone else’s credit card, improves several of the 5 factors that affect credit score. They only cost about $500 per AU.
For less than $3500, your credit profile has been enhanced to look active and responsibile, you are off to funding. Bon voyage!