Get credit ready with Loan Preparation.

We will evaluate what can be done to improve and change the information on your credit profile that is reducing your credit scores. Even the smallest changes can make the difference and bring better pricing on financing depending on the individual or business credit profile.

The cost of the Personal Preparation plan is $1,350.

Most credit scoring models use five basic factors to calculate consumer credit scores. Each factor carries a different “weight” for how much it impacts your score. -Credit history 35% -Utilization 30% -Length of use 15% -New applications 15% -Types of credit in use 10%

There is no set number of points that will be deducted from your score for a single inquiry. The same inquiry from the same lender at the same minute can affect two people’s credit reports differently. In general, inquiries are a small part of your credit score (Roughly 10%), and the stronger your score, the less likely one or two inquiries are to have an effect on your score. Be very careful about applying for new credit, a cell phone, insurance, or anything that might result in a credit check if you are in the process of getting a mortgage or Business loan. Sometimes a score drop of just a few points can drop your score below the range for the rate you are trying to get.

Before a late payment can be reported on your credit reports, two things must occur: First, a lender must choose to communicate the information about your late payment to the credit reporting agencies, or CRAs. Second, the CRAs must accept that information. Credit reporting is a voluntary process. Lenders do not have to furnish your account information to the CRAs. Even if a lender does opt to report your accounts, it is under no legal obligation to report late payments as soon as they occur. So while many lenders do report late payments to the CRAs as soon as they’re allowed to, other lenders may wait until a customer is 60 or even 90 days past due before reporting the delinquency.

If your account is at least 30 days late and you have one of these late payments on your credit report, it can report for as long as seven years.

Two is a good number, though you can have many more and still maintain a strong credit rating. Generally, it’s a good idea to have at least four credit accounts of different types (for example, a mortgage, car loan, a major credit card and a retail card). Keep your credit cards active by using them periodically. It’s good to pay your bill in full each month to avoid finance charges. If you have a lot of credit cards already, don’t close them in the hopes that it will boost your credit score. Your score will actually drop if you close old accounts.

The short answer is yes. A friend or family member can add you as an authorized user on their credit card account and you will receive a card of your own connected to theirs. This is a great option if you don’t have much of a credit history because you can start using credit without having to go through an approval process. Remember, an authorized user is not the same thing as a cosigner or a joint account holder.