Secrets Of Credit Repair
Did you know that there are some tricks of the trade that can help raise your credit score up to 60 points in thirty days with one phone call or letter? That's right, this is not a scam, there really are free things to do out there that can do this and i have personally used these techniques with 100's of clients.
When you buy a home, the bank lenders give you the option to use a gift of money from a family member as your down payment to put down at closing. Well instead of having family members gift you money, have them gift you some credit history to better your situation and give you more buying power. I want to make this clear right off the bat that you can only want to use the technique Im about to share with you with individuals that have a 700 credit score or higher! If a family member does not have this score then use a friend, but it does not matter. The technique is called mirroring a trade line and i have seen huge amounts of success with this.
The very first thing to mirroring a trade line is to first of all find the person you require to mirror. Again only use someone who has a 700 mid credit score or higher. If you have found this person you can safely say that if they help you with this process that there is not a thing you can do to hurt their credit scores or history. Let the individual know that they will be gifting you some of their credit score history that will help you make the home purchase you require to make. Also let them know that they can remove you from their credit accounts at any time.
The way that this credit fixing secret works is that you are essentially having some ones good credit history attached to your name and social. For example, if my wife didnt have credit history and i had 10 years worth of good credit history, i could add her to a few of my credit accounts. If i added her to a master card that i have had for 7 years, it would copy 7 years of excellent credit history to her account. So how exactly do you mirror?
Have the person you have selected to help you, call one or two of their creditors. Credit card accounts are the easiest to add an individual to. Have the family member or friend tell their credit company that they want to make you a joint applicant. Make sure that the credit company asks for your social as this is the only way credit is associated to you. Too often people get made joint user's instead of joint applicants instead which do nothing to help your credit.
There is one major warning to using this credit secret. If you mirror someones credit cards and that person does something to mess up their accounts it will effect your credit score. If you know that someone is about to go through a financial hard time, make sure you get taken off their credit accounts to ensure that your credit score doesnt go down with the ship.
When you buy a home, the bank lenders give you the option to use a gift of money from a family member as your down payment to put down at closing. Well instead of having family members gift you money, have them gift you some credit history to better your situation and give you more buying power. I want to make this clear right off the bat that you can only want to use the technique Im about to share with you with individuals that have a 700 credit score or higher! If a family member does not have this score then use a friend, but it does not matter. The technique is called mirroring a trade line and i have seen huge amounts of success with this.
The very first thing to mirroring a trade line is to first of all find the person you require to mirror. Again only use someone who has a 700 mid credit score or higher. If you have found this person you can safely say that if they help you with this process that there is not a thing you can do to hurt their credit scores or history. Let the individual know that they will be gifting you some of their credit score history that will help you make the home purchase you require to make. Also let them know that they can remove you from their credit accounts at any time.
The way that this credit fixing secret works is that you are essentially having some ones good credit history attached to your name and social. For example, if my wife didnt have credit history and i had 10 years worth of good credit history, i could add her to a few of my credit accounts. If i added her to a master card that i have had for 7 years, it would copy 7 years of excellent credit history to her account. So how exactly do you mirror?
Have the person you have selected to help you, call one or two of their creditors. Credit card accounts are the easiest to add an individual to. Have the family member or friend tell their credit company that they want to make you a joint applicant. Make sure that the credit company asks for your social as this is the only way credit is associated to you. Too often people get made joint user's instead of joint applicants instead which do nothing to help your credit.
There is one major warning to using this credit secret. If you mirror someones credit cards and that person does something to mess up their accounts it will effect your credit score. If you know that someone is about to go through a financial hard time, make sure you get taken off their credit accounts to ensure that your credit score doesnt go down with the ship.