Credit Repair Services for a Higher Credit Score | Newport Beach, CA

Do you have horrible credit? Do you keep getting turned down for charge cards and credit cards? Are you trying to buy a house or make another type of large investment and you’re hoping for ultra-low interest rates? If so, it sounds like you could use one or more credit repair recommendations.

What is a Credit Recommendation?

When you contact Spearhead Credit Solutions for credit repair help in Newport Beach, California, you will first meet with our credit assistance experts during your initial consultation. The purpose of this meeting is to assess your needs and determine if you are the right candidate for our credit repair services. The next step is to conduct an in-depth credit analysis

Whether you are merely trying to fix your credit, or you are attempting to apply for some type of credit account, be it an installment loan, mortgage loan, automobile loan, or credit card, your credit professional may make one or more recommendations for making that possible. 

A credit recommendation is a suggestion for how to fix your credit based on knowledge of how the credit system works. A credit repair professional with tons of experience in this area will know more about the process of repairing credit and raising your FICO score than the average consumer. Therefore, it pays to get these recommendations and put them into practice for potentially fast results.

What Does Your Credit Report Say?

During the in-depth credit analysis, your credit repair expert will pull your credit report from the three primary bureaus, Experian, Transunion, and Equifax. The listings on your report and your overall score will be analyzed so that a personalized plan of action can be developed. This plan could include one or more recommendations for not only fixing your credit now but ensuring you maintain positive credit well into the future. 

Know Your Credit Score

One of the primary goals of credit repair is education. The credit professional wants to ensure you understand how the credit system works and how you can use the suggestions to enrich your financial future. First, you will learn about your FICO (Fair Isaac’s Company) score and how it is calculated. 

The number is based on a number of factors, including your payment history, credit utilization, length of credit history, the types of credit you hold, and the number of credit inquiries. 

Both humans and artificial intelligence are responsible for calculating your scores. If you want to raise them, you’ll have to pay attention to those elements that comprise your score to see where improvements can be made. This is where your credit repair suggestions come in.

Payment History

Creditors are going to want to know that you pay your debts on-time, as payment history makes up 35% of your credit score. Any derivation from your due dates and you’ll receive negative remarks on your credit report, which can lower your FICO score

A suggestion to pay your bills on time may not be helpful if you cannot physically do so. However, there are some tips that can help in this regard, such as switching your due date, which some creditors will allow. In some cases, your monthly payment amounts can be negotiated, or negative marks like overdue payments can be taken off your report completely. Speak to your credit help expert for details. 

Credit Utilization

Creditors are going to be very interested to see how many revolving credit accounts you have, but also how much you spend on those accounts. How often and how much you use your revolving lines of credit make up 30% of your FICO score. For example, if you get approved for a $50,000 limit credit card, spending all of that money in a single go will look poorly on your credit history, effectively decreasing your FICO score. 

Creditors would much rather see you spend as little as possible, as in no more than 30% of your available credit. Keeping your spending on credit lines low can help to boost your score. Your credit repair expert can help you devise a strategy for lowering your spending on any revolving credit lines, if possible. 

Length of Credit History

How long you have maintained positive credit makes up 15% of your FICO score. If you don’t have many accounts, your credit repair professional may recommend that you open more accounts so that the time can start ticking. The more time that elapses from your opening of the account, the better your credit score will be. 

Another credit recommendation you may hear from your credit expert is that closing accounts can hurt your credit score. Take care when closing any accounts and really considering if doing so is absolutely necessary.

Types of Credit

If you only have a student loan and automobile loan on your credit history, that’s something, but it’s lacking as far as credit diversity is concerned. Creditors want to see a steady mix of accounts on your credit reports, as the various types of credit you hold makeup 10% of your overall score. If you don’t have a wide mix of creditor names listed, the professional you’re working with may recommend opening more accounts. Examples can include a car loan, mortgage, credit card accounts, and others. 

Credit Inquiries

10% of your credit score is dedicated to hard inquiries on your credit report. Every time you apply for credit, whether it’s for a home, car, phone, or credit card, an inquiry gets listed on your report. Having too many of these in rapid fashion can harm your score. As with length of credit history, the more time that elapses from your last inquiry, the higher your FICO score will rise. 

Fixing Errors on Your Credit Report

The above credit repair recommendations can help you fix your credit now and will teach you excellent habits to maintain a good credit score in the future. However, now comes the time to look at your credit report to determine if there are any errors present. Fixing and mitigating those errors can help you boost your score even more. 

All Three Credit Reports

Read your credit reports by all three credit reporting bureaus and look for any errors, no matter how minor. From aliases and previous addresses to credit accounts, their dates, and balances, every item should be scanned thoroughly. 

Dispute Mistakes

If you notice mistakes on your credit reports, your credit repair specialist may recommend that you dispute these. Online disputes are possible and can be completed by any consumer. However, your credit repair specialist has experience with sending out mistake disputes to creditors of all types and may have an excellent success rate that you can then take advantage of. With those errors gone from your reports, whether the accounts were erroneous, balances were incorrect, or the accounts were complete fraudulent (as in, you were a victim of identity theft), you should see your FICO score rise.

Build Healthier Credit

A common credit recommendation to improve your credit is to obtain a secured credit card. You will open the account with an investment that you can then pay off regularly. If you have no credit or bad credit, using this card and then paying off the balance can help you boost your credit fairly rapidly. It’s no quick fix for a horrible situation, but secured credit cards can help your credit score immensely in the right situations. 

Credit Monitoring

If you want to keep improving your credit, you might want to be vigilant of all changes that occur on your credit reports. Credit monitoring will help you keep a closer eye on your accounts and all activity as it relates to your credit history. If anyone tries to open an account in your name, committing identity theft, your credit monitoring system will alert you. Credit monitoring gives you full control over your credit accounts in exchange for low fees, but the investment is worth it, particularly if you plan to buy a home or make another large purchase sometime in the near future. 

Get Credit Recommendations from Trained Professionals

You never want to take credit repair recommendations from just anyone. Instead, you will want to trust your credit to the professionals. Spearhead Credit Solutions in Newport Beach, California, can educate you on how credit works, analyze your credit report and scores and make effective recommendations for fixing your credit fast. 

If you’re having trouble getting approved for credit or you are tired of high-interest rates, these recommendations can cleanse your credit report and increase your FICO score, opening yourself up to more credit approvals, lower interest rates, and a potentially more lucrative financial future. 

The process begins with a free initial consultation. Call us today throughout Southern California to schedule. 

Get your free consultation and credit analysis

CALL US NOW: 949-220-2515