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Establishing Credit


Did you know that there are 3 types of credit? These are Revolving, Installments, and Open Lines of Credit.


Revolving Account

Revolving credit accounts sets a credit limit. It has a maximum amount you can spend on that account. You can choose to either pay off your whole balance at the end of each billing cycle or have the remaining balance be carried forward.


It is important to remember that when you are handling this type of account, you need to be very careful because a poorly managed revolving credit account could give you a high credit utilization which would wreck your credit score. Please also take note that revolving accounts particularly credit cards have sky-high interest rates so carrying a balance can be expensive. 


Installment Loans

An installment account is a type of loan or credit you take out that has to be paid off over time with a fixed number of scheduled payments. Just like its namesake, the principal and interest are crossed out little by little on a regular monthly schedule. Some examples of installment loans would be mortgages, auto loans, student loans, and personal loans.

Open Accounts

Unlike the others, an open account has no credit limit, and other than that, you also have to pay back the complete balance you have at the end of each month, and unless you have let one of these accounts default into collections, they usually don't report to any of the three credit bureaus though there might be a few cases where it shows up as positive payment history. Here are a few examples of open accounts: utility bills such as electric, water, gas, phone bills, and cable.

It is highly recommended for you to always verify with your creditors or lenders if they communicate to all three bureaus. For example, some major companies report only to one bureau and if that happens, you will only receive credit for that bureau. You will not benefit from the other two. If you have further questions, give us a call, and our team of experts will be there to help!


Building and keeping good credit is essential for the credit rehabilitation process

It is of utmost importance that proper lines of credit are set as needed and managed correctly to ensure the best results from the credit repair process. Our dedicated team of specialists will walk you through the steps of how to establish and maintain lines of credit. 


As a client, you should know that 35 percent of your credit score comes from your credit history. Meaning, when the payment for an open line of credit is settled on time,  it sets positive credit. It should also be noted that you should have at least one open credit card that reports to all three credit bureaus.


Maximize our connections

We have been a stepping stone for a lot of people and we are proud to say that they walked out of our program with satisfaction and that is primarily because we are not afraid to utilize our connections to financial institutions that can further help you establish and develop your credit.


Not all of it is from us though, it’s the combined effort of our team and our client’s cooperation that makes the process of achieving an optimal credit score increase a lot easier.


We only recommend products and services that will help you 

You deserve the best so we only recommend you products or services we deem worthy of your time and effort! However, please be advised that all of the affiliated links above have a material connection with us.

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