No Credit Check

Category: Finance, Credit.

If you wish to increase your score from 580 to 650 then your strategy will be very different from someone wanting to go from 670 to 72Why? Also, while the removal of negative items from a report will almost always lead to an increase in score, it s a basic concept at best.

Because you starting point is different which requires a different approach. Therefore, within this article, we ll discuss somewhat inside techniques known by very few( since this is what our company specializes in publishing) . We ll start with the most overlooked strategy first and that s your. In relation to just removing negative items, these are techniques which you can use even if you have NO derogatory information on your credit report. DEBT to CREDIT RATIO: The most fraudulent belief I ve been hearing for over 15 years is" I have excellent credit, I pay all my bills off in full every month! " This is a false belief for one to buy into and understanding your debt to credit ratio holds the key to getting your" credit mindset" right. For example. Your debt to credit ratio is your ratio of debt to total available credit you have been extended( revolving accounts only) .

If you have$ 10, 000 in total unsecured revolving credit accounts and you re currently in debt$ 2500, then your debt to credit ratio is 25% . This shows your true( long term) credit worthiness which is most profitable to lenders since they make money primarily via interest and not annual fees. Since the main way lenders make money is by charging interest, one of the elements of the credit scoring model is driven by your ability to maintain balances and pay over time. Over the years we ve discovered without question that carrying the proper debt to credit ratio will boost your score faster than paying off your bills in full each month. MyFico. com the organization which invented the credit scoring software used by credit bureaus) . I have argued with the Better Business Bureau on this topic for and they still disagree( despite my sending them proof from Fair Isaacs own website www.

Of course, what do you do if you re like most Americans and your debt to credit ratio is too high? You have$ 10, 000 in unsecured revolving accounts but you owe$ 8500, thereby giving you an 85% debt to credit ratio. For example. How can you bring it down without selling everything you own? SUB- PRIME MERCHANDISE CARDS: The single most cost effective( and powerful) tool for consumers to increase their high credit limit and decrease their debt to credit ratio is the use of Sub- Prime Merchandise Cards which report to one of more of the major credit bureaus. The answer is simple and takes us to the next technique which is.

Unfortunately, despite their immense benefits, these are the most misunderstood cards in the credit industry. When you learn how they work one quickly understands why they have been the subject of much misrepresentation. A large portion of the misunderstanding is due to marketers misrepresenting the cards and the growing number of companies promoting them. A Sub- Prime Merchandise Card is nothing more than a card attached to a line of credit which allows you to buy merchandise from a specific vendor( usually the company that sold you the card) . Where the problem arises is that the cards are marketed almost exclusively to the sub prime market via email, telemarketing and direct mail etc. The merchandise( in most cases) will be purchased through a catalog or online mall.

The reason for this is they can advertise almost irresistible offers like" $5, 000 Credit Card. No Credit Check! GUARANTEED! NO Cosigner! Everyone Approved! ". You cannot be turned down! " or" Unsecured$ 10, 000 Credit Line!

I m sure you get the idea. Here s how it works: the company approves anyone with a pulse( literally) and gives them a card for$ 2, 500 to$ 12, 500 with NO credit check and NO cosigner. While there are many companies which do this and are a" shady at best" , there are a few which do it legitimately and it s the best kept secret to build your credit and build it fast. However, the card is only good for merchandise through their website or catalogs and the consumer is required to put down a deposit on whatever they purchase. For example. After the deposit is paid, the remaining balance is financed on the card. A person buys$ 1, 000 worth of merchandise.

Sound like a scam? Their deposit is$ 300 so they then finance$ 700 on their merchandise card and make payments. If you say" Yes" like most people then you re missing the point. big time. This means if you get a$ 5, 000 card and you finance$ 500, on your credit report it will look like any other credit card and will do three extremely important things for you. ) It will increase your current" High Credit Limit" by$ 5, 000 almost overnight as the account" looks" like any other unsecured revolving account. ) By carrying a small outstanding balance it will positively impact your credit report by building and showing potential lenders your credit worthiness. ) With a good payment history you are virtually guaranteed to receive" legitimate" pre- approved credit offers in the future due to other lenders renting your name from the credit bureaus. With a legitimate Sub- Prime Merchandise Card your credit line WILL be reported to at least one major credit bureau( or more) . This technique is hard to beat for both cost and effectiveness. The only thing more effective is.

Of course, the whole key is knowing exactly which cards report to the credit bureau and offer the best rates. PIGGYBACKING: Despite its virtually unlimited potential, piggybacking is not used by nearly as many consumers as it should be. Unfortunately, it s mostly used among parents and siblings while those who can really benefit stay in the dark. It s easy, and extremely fast, effective. How it works. In most cases, when this is done, the entire account history( retroactively) gets posted to the authorized users credit report regardless of their current age or credit history!

Almost every credit card or credit account will allow the primary account holder to add on( at a later date) what s known as an" Authorized User" or" Secondary Account Holder" . For example. I once saw a clients credit report who used this technique with his mother. If it s a credit card with a$ 10, 000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to the authorized users credit report. He was only 24 at the time and he had a$ 15, 000 Gold credit card on his report with history going back 11 years! As you can see, this strategy is usually only used by parents and their children and in most cases with no regard to the benefits the children are reaping credit wise!

I laughed as I thought to myself that this kid would have had to be approved when he was 13 years old for this account to be his! In fact, due to its, in recent years effectiveness, this technique has led individuals with excellent credit scores to" rent out" authorized user accounts on one or even multiple credit cards in return for a fee! Like most good credit loopholes, I m sure this methods days are numbered much like what may be the case with. I once recall seeing an ad in USA TODAY for just such an opportunity. ADVANCED CREDIT PROFILING: This is a strategy while not complex, can be taken to very complex levels. It involves intentionally building your credit report in a way which creates a" profile" that closely fits the criteria of most lenders( as well as the overall credit scoring system) .

Even in its most basic form, it s taken advantage of by very, very few. Again, this is a technique which can be used in a myriad of complex ways, but for simplicity I will explain it in its most basic form. These other forms of credit create a much more well rounded credit profile for the consumer. While many consumers will boast when they have 10, 20, 30 or even 50 thousand dollars worth of credit cards on their report, many of these same people do NOT have even one mortgage, automotive loan or lease, equipment loan or a even a line of credit with a local bank or credit union. This is achieved by showing greater credit account diversity and experience with multiple types of credit due to the various lines held. A person with$ 50K in credit cards does not represent near the credit experience as a person with the same$ 50K along with a mortgage, an automotive loan and an equipment lease.

For example. We have clients who have financed vehicles not because they had to( or even wanted to) but because they" needed to" in order to create a credit profile that would position them in the future to secure the lowest possible rate on a mortgage when they applied and needed it. These would include magazines, trade journals and, newsletters national associations. More complex forms of Advance Credit Profiling involve one subscribing to affluent or semi- affluent business and professional publications and organizations. The goal is to get ones name into the databases of these publications and organizations. To get on highly targeted lists in order to receive select credit offers. Why?

Marketers of credit offers have found that simply renting names of consumers from the credit bureaus does not provide enough information about the person as a credit risk anymore. By crossing the two lists together the marketers find the names contained on both lists. Therefore, it is speculated that many will rent a list from the credit bureau and then cross- reference this list against another list they have secured from a consumer source such as an affluent business or professional publication, trade journal or organization. This in turn provides them with one highly refined and targeted list to mail their offer to. When a consumer learns how to intentionally put themselves into these databases to wind up on these refined lists, the credit building process is sped up exponentially. This results in shortening the process of securing a new quality account holder thus lower the overall account acquisition cost of new accounts. Of course, many would call this" highly speculative" but we have undeniable experience that it works.

It allows the consumer( or business) to have a$ 25, 000 to$ 250, 000 loan appear on their credit report as" Paid as Agreed" by way of very creative financing. DEPOSIT LOAN PROGRAMS: This is a technique so unbelievable that I myself proclaimed it had to be a scam before researching the facts. This method is extremely effective and not within the budget of most( $750 to$ 7, 500 upfront) . This method can be used with consumer credit files on SSN s as well as business and corporate credit files done on TIN s as well as Dunn and Bradstreet. Also, because this technique takes advantage of certain banking laws, I have reason to believe it could be made unavailable at any time if those banking laws were to change. In the end, all of us need to remember that today our credit score is more important than it has ever been in the history of the credit reporting system. Before you know it, you re a proud member of the 700 Club.

While credit miracles don t happen overnight, you can create your own credit miracles by applying simple insider strategies consistently over time. The" 700 Plus Credit Score" club that is!

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