Instant Credit SolutionsInstant Credit FAQs
Welcome to our frequently asked question section. We have the most frequently asked questions posted here on one page. If you do not find the question you were looking for or need more information on a particular question please feel free to contact us or use our online form to send us your comments or concerns.
- Doesn't good credit just happen?
- Do utility bills count as credit?
- Once credit goes bad how long does it take to fix?
- Do I need an attorney to repair my credit?
- What is a credit score?
- What is a credit report?
- What is bankruptcy?
Doesn't good credit just happen? No, it does not. Good credit just like anything else worth having, you must work hard to get it. Making payments on time, filling out loan forms, and proving your financial position to lenders and bankers is not easy work.
Do Utility bills count as credit? No. Even though you pay them every month on time, and even though some of them are pretty big, they still do not build credit.
Once credit goes bad how long does it take to fix? The answer here is difficult. The bad credit will remain on your report for 7 years. During that time however, you might be able to start small and rebuild your credit. It's up to the lender to determine if your history is bad enough to deny a loan.
Do I need an attorney to repair my credit? Although an attorney is good to have in any situation, you do not need one to repair your credit. It can all be handled by the individual.
What is a credit score? A credit score is a mathematical formula which determines your score based on past and current loan repayment history, job status, living situation, banking situation, and a host of other factors.
What is a credit report? A credit report is a history of all the loans you have ever taken and the repayment situation involved with each loan.
What is bankruptcy? Bankruptcy is the legal name for relieving one of his debt through various legal remedies. This form of debt relief is usually does the most damage to your credit but will allow you to recover over time. Debt reduction is always the preferred method to get yourself back on track and does the least damage to your credit.