Today everyone relies on credit: private individuals, companies, institutions, and also countries. And even if you do not see the need to use lending opportunities, having adequate credit is vital. Buying a house, growing your business, or continuing education can all become challenging if your credit is less than good. Besides financial fitness, your credit can also determine your ability to rent a car, sign an apartment lease, or landing a job. What is credit, and why is it important to maintain an excellent score? Read on to find out.
The banking system largely defines the concept of credit, and issued credit cards are controlled by the Department of Treasury. According to its regulations, by concluding a loan agreement, the bank undertakes to provide the borrower with a certain amount of funds for a specified period and purpose. The borrower can use this money while adhering to the terms of the contract. They are obliged to return the debt with interest and commission within the prescribed repayment timeframe.
The most important condition for the lender to grant a loan is your creditworthiness – the ability to settle your debt in a timely manner. In order to confirm your financial capacity, you, the borrower, must submit documents and information that will allow for the bank’s assessment. The creditor will use your credit history report – your financial resume – to make predictions about your ability to repay further financial obligations. If the bank decides that your creditworthiness is insufficient, you may be required to secure the loan, such as providing a blank promissory note or a pledge on goods, rights, or a mortgage.
The credit score is an assessment of credibility in repayment of the loan applicant’s obligation and estimating the repayment probability. Your credit score is expressed on a numerical scale based on the information provided within your credit history report. The three-digit number typically ranges between 300 and 850, and the higher it gets, the better your chances at landing a loan. The calculation of your credit score takes into consideration your payment history, the current debt, and the length of your credit history. A higher score represents your ability to handle various types of credit, pay off your financial obligations within a specified period, or having generally good financial behaviors.
Here’s a typical breakdown of the credit score:
Different scoring models mean different ways of utilizing data to computerize your three-digit number. Some may use your income, while others do not. For those reasons, you have more than one credit score. Essentially, despite various scoring models, it will impact your credibility by providing vital information to car dealerships, bankers, and other lenders when offering you a loan’s terms.
Why aim higher? Think about it this way: even if you receive a loan with a less than perfect credit score, chances are the terms offered by your creditor are equally less than perfect. You might end up paying twice as much compared to what you initially borrowed, which all relates to the interest rates. When you get better interest rates, you also reduce your monthly payments by a lot! Besides the obvious perks of a great credit score, it might be a lifesaver when times get tough and you find yourself in need of some serious money inflow.
Your payment history is the major player, accounting for 35% of your overall credit score. Needless to say, missing a payment can hurt you by as much as 100 points! In addition, late payments may remain on your credit report for up to seven years! At Pyramid Credit Repair, our biggest priority is making sure you understand the financial behaviors that are impacting your creditworthiness so we can quickly and efficiently work on correcting the damage.
Although making only minimum payments each month does not affect your credit score per se, the credit utilization ratio does. You might be wondering what’s the connection between the two. The credit utilization ratio is the total revolving credit contra the current balance. The lower the ratio, the higher your score! Paying the minimum amount towards your balance each month results in increased debt and credit utilization ratio, which can potentially cause a drop in your credit score. The substantial debt indicates a risk for a prospective new lender, who would prefer to see better credit management before agreeing to lend you money. Whenever possible, try to contribute a little more than your minimum so you can quickly get rid of accumulated debt, avoid paying interest rates, lower your credit utilization, and, consequently, boost your credit score. A good and often implemented approach is to create a micropayment system, where you make smaller but more frequent payments throughout the month.
Yes! In fact, that is quite common among individuals who have no time and lack patience in dealing with creditors, drafting numerous dispute letters, or possess limited knowledge of the industry. And make no mistake, credit is a highly complex industry. Reputable companies that help you improve your creditworthiness work hard to establish the damage pattern, investigate your credit history report for inaccuracies that are then formally disputed, and follow up every step of the way. You can sleep better knowing your financial affairs are in the right hands.
We know that managing to keep a good credit score is difficult. One late payment here, another misunderstanding there, and before you know it, you've got a terrible credit score that you may think is beyond repair.
But that's just not true. Credit scores can always be repaired, especially if you're in New York because we're here to help you out!
With our solid, foolproof 3-step plan, you can improve your credit score in no time.
When you reach a bumpy road, it's okay to call for help! Just when you've thought your score has hit rock bottom, it can somehow manage to slide further down, and it will continue to do so unless you make the right decision. Debt is a never-ending rabbit hole, so it's best to start working now.
Once you call us and explain your situation to us, we might be able to offer you some advice on how to better manage your credit score.
After your free consultation, the next step in an in-depth analysis of your credit history. This may include looking at bills, investments, bonds, and loans. Our experts will analyze your entire account while constantly discussing the events with you to get a clear picture of what went wrong. Sometimes, it's not just missing a payment but recurring habits that adversely affect your credit score in the long run.
Our aim is not just to improve your credit score, but also to help you maintain a good score. Our team of experts will give you personalized advice that will help you maintain your new and improved credit score.
Once we've figured out what needs to be done and fixed, we look at disputes that need to be addressed. We come up with a proper plan to help you improve your score. This game plan can include everything from personalized tips to improve credit score and decrease piling debt as well as resolving past disputes on your behalf.
We basically give you sound financial education, which is seldom found in the real world. Not just this, but we keep an out on your account, monitoring your credit scores and habit. If there is something that you'll be doing wrong even after our consultations, our experts will very candidly point it out.
When you desperately need a loan for a house or a new car, your bad credit score may come back to bite you. Those late installments you pay can cause problems in your future. At Pyramid Credit Repair, we help you improve your credit score. We do so by contacting companies that have left negative reviews for your credit and getting to the root of the problem. With over 10 years of experience in the field, our team can swiftly scour your entire credit history and end credit disputes that have held you back for far too long.
Learn how we can help.
We help individuals improve their credit scores, both actively and passively. We know you're probably wondering how we're going to help you improve your credit score. To be able to answer that, we'll first need a little lesson in credit scores.
It’s just unconventional. Simple. Smarter. Better. Easier.
Call us or inquire online to learn more. If we can’t help, we’ll let you know. We’re not here to waste your time or money.
A helpful, knowledgeable Dedicated Account Manager is assigned to you and/or your significant other to formulate custom tailored strategy.
We work tirelessly with you to defend your case and optimize support to achieve favorable outcomes.
Many credit repair companies start by requesting a copy of your credit report from each of the three major consumer credit bureaus (all three) — Equifax, Experian and TransUnion – before they can start. You either pay for them, or they charge you for them.
Professional Credit Analyst who will review your reports with you and help identify the negative items hurting the overall health of your reports.
As a credit repair company, we have an obligation to ensure that we can help you, prior to starting work – hence why it’s important to have the right to request for a refund if that’s the only other option.
A stellar reputation in our industry means lower costs and a clear mission, vision and philosophy. Customers are the best local advocates to help you get a more realistic picture of which credit repair companies stand out from the crowd.
Often companies will charge “initial audit” or “discovery” fees. Sometimes, even “cancellation” fees.
Over at Pyramid Credit Repair, we offer two plans to meet every one of your needs. One of our key features is that we have no hidden costs that will spring upon you out of nowhere. Both of our plans are complete packages that come with 100% coverage.
No additional costs.
Personalized game plan.
24/7 phone support.
No contracts. Cancel anytime.
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Personalized service for two.
Finance tools for couples.
24/7 phone support.
No contracts. Cancel anytime.
We offer a free assessment of your credit dilemma over the phone. Just call us, explain your situation to get a free assessment and advice for free.
At Pyramid Credit Repair, we are confident in our work, which is why we offer you a money-back guarantee. If you don't feel like your issues were solved adequately, you reserve the right to ask for a refund.
We have two plans that are complete packages for all your needs. Unlike other companies, which profit from charging clients hidden fees, we believe in complete transparency. This means you never have to worry about incurring extra charges when working with us!
A bad credit score can lead to many problems down the road. So, don't wait until your credit score reaches a point beyond repair.
Contact Pyramid Credit Repair today!Banks and other lenders are always risking their money when they give out loans to individuals, so they create an entire borrower's entire profile. These lenders also register your case with credit bureaus, which are tasked with keeping track of all your lending and loan returns. Credit bureaus are mostly automated these days, which means instead of reading your entire loan history, lenders rely on a computer-generated number (your credit score) to make a risk analysis for that loan. Your previous payment history plays a huge role in deciding your current credit score, think 35%, which is the most significant factor credit bureaus take into account.
While these credit bureaus are supposed to be reliable, they're sometimes not and can mess up your credit history. Sometimes misunderstandings between lenders and borrowers also affect your credit score and drive down your credibility.
On average, clients can expect to see a 103 point score increase over 6 months, with an initial 10 point increase in the first month. Due to the fact every single collector has different internal processes and ways of handling our disputes, we can never be too sure how long it will take. We try one strategy, see what the results are, and go from there. We provide monthly updates to let you know what's happened along the way.
We have been able to delete most kinds of negatives that exist on credit reports, including collections, charge-offs, bankruptcies, student loans, late payments, medical bills, utility bills, repos, tax liens, foreclosures, and many more.
We dispute negatives from the major bureaus that lenders care about- TransUnion, Experian, and Equifax.
They are private corporations (like McDonalds or Walmart), not government entities, that sell your financial history in the form of credit reports to lenders like BMW or Chase Mortgage. These lenders then evaluate your report to decide if you're likely to pay them back or not. If you have one or more negatives, you're likely to get denied. The FCRA and FDCPA give you the right to dispute any negative marks harming your creditworthiness. While there is no guarantee of removal, it's always a wise decision to try because the alternative can mean waiting 7 to 10 years before anyone will approve you, that's a long time!
Yes. If we're unable to remove any negative marks after 90 days (3 disputes) of work, we will refund any and all fees. No questions asked.
We charge an initial $199 audit, signup, and letter fee only after your initial disputes are sent.
By law we're unable to guarantee results of any kind. As an alternative, we offer our guarantee that we will refund fees if we don't get any results after 90 days. Any company that promises results is in direct violation of the Credit Repair Organizations Act and probably shouldn't be trusted. Unfortunately, many of them continue to do it and that is one reason the credit repair industry has a bad reputation.
We are an innovative team with a group of dedicated, passionate, and remarkable individuals determined to help you repair financial defects from your record and help discover ways to improve credit score. READ MORE
No part of this site may be copied, distributed or reproduced without prior written permission. The services of Pyramid Credit Repair and its affiliates may not be available in all states. Pyramid Credit Repair, assists consumers with credit reports that are inaccurate, misleading, unverifiable, untimely, incomplete or that otherwise contain incorrect information. All testimonials are from actual clients. Individual results may vary.
