Credit Consulting in Round Rock & Austin, TX

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Strengthen Credit Score Through Rock Credit Repair

Credit scores, also known as Fico Scores, range between 300 and 850, with scores over 700 being considered respectable scores, and scores below 660 would find it challenging to get approved for even small credit cards. Keep in mind that 58% of Americans have a Fico Score exceeding 700, 27% fall between 600 and 700, and the remaining 15% score below 600. Now let’s look at what affects credit score and learn how to increase credit scores dramatically using some simple techniques.
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Payment History – 35%

This is the most self-explanatory category, simply pay your bills on time and do not be more than 30 days late on any bill, as creditors start reporting late payments on your credit at that time.

If you foresee yourself being late on a bill, you are better off notifying the creditor in advance as some installment loans might allow a special 30-day forbearance without any adverse effect on your credit.

A recent late payment affects your credit more adversely than an older one, so do not be surprised to see a drop of 60 odd points on a new late you incur if you currently have a flawless credit history.

Credit Card Capacity – 30%

It is not how much money you owe but what percentage of your available credit limit you are using up. Your credit score will be lower if your combined credit card limits are $500 and you are using $400 of it compared to you using up $50,000 of $100,000 available credit.

Therefore you should carry balances on not more than a couple of credit cards and preferably keep their balances at 10% utilization of the credit limits of those accounts. Doing so can increase your credit score by over 60 points.

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Length of Credit History – 15%

The older your credit history is, the higher your credit gets propelled by this factor. You can expect someone with a 20-year-old credit profile to have a relatively higher Fico Score than someone with a credit profile for ten years, considering all other factors are similar.

Types of Credit – 10%

This factor pertains to the assortment of the credit accounts found on your credit profile. In order to satisfy this category, one is expected to have open and active at least one of each of the different credit accounts: a) Mortgage Account b) Installment Account c) Revolving/credit card account.

Of the three different types of accounts above, not having an open credit card account will affect your credit the most. So for those who do not have an open credit card, simply acquiring one will result in a Fico Score boost of up to 30 points.

New Credit – 10%

Your score is also calculated by factoring in the average length of time accounts have been open on your credit report. Opening a new account contributes negatively to this factor, also it is not wise to close old accounts as they will lower this average. Therefore you will notice as accounts become more seasoned your credit score will propel provided no new accounts have been opened.

Also factored into this category are recent requests for your credit reports made by prospective lenders and the number of recently opened accounts you have. It is advisable to keep both at a bare minimum.
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Credit Card Capacity Optimization By Paying Down Cards:

(possible score increase up to 60 pts)

Pay down all your revolving account balances to a zero balance, but do not close these accounts. (i.e., keep balances low and limits high). However, leave a balance on only one card of around 2% of the total credit limit.

If funds are limited then pay down the credit cards first that are near their limits (assuming interest rates are close to the same). You can also explore moving revolving balances to installment debt; but do not close the revolving accounts.

Length of Credit & New Credit Optimization:

(possible score increase up to 40 pts)

A) Minimize new accounts, do not open any credit accounts unless necessary or if you are looking to diversify your mix of credit accounts. If you have any concerns, feel free to reach out to one of our knowledgeable professionals here in Dallas.
B) If you are transferring balances due to an offer from a new credit card company, a better strategy than getting a new credit card is to ask your current credit card lenders if they have any existing offers. We are available to do this for you as well.
C) If you have closed some revolving accounts recently, a better strategy than opening up new accounts would be to call the lenders where he or she closed the account and see if they can re-open the same accounts and are able to keep the original open date.

Diversifying Type of Credit on Your Report:

(possible score increase up to 40 pts)

If your credit report is missing either an installment loan or a credit card, then opening up such an account will add to the diversity of your credit report.
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About Rock Credit Repair

Rock Credit is based out of Round Rock, Texas and serves the greater Dallas area. We are licensed and bonded with over 20 years of experience helping everyday people improve their credit scores by restoring their credit. Our company designed a process on repairing your credit and scores to start applying for those crucial investments that can enhance your life, whether it be buying a new home or a new car. Our staff all go through a rigorous training process to exceed the high expectations that we set. We have completely changed people’s lives with our credit consulting services. Learn more about our success stories today!
Also factored into this category are recent requests for your credit reports made by prospective lenders and the number of recently opened accounts you have. It is advisable to keep both at a bare minimum.
Success Stories

Length of Credit & New Credit Optimization:

Having a credit score that’s lower than you would like it to be can be looming presence in your life. Let us take the stress away and guide you to a better financial future with our quality tax consulting services here in the Dallas area. Call us today!


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