A third way to help your ratios is to consider invisible debts. Some
lenders don’t report your debt to the three major credit bureaus. Since
the debt doesn’t appear on your credit report, it won’t affect your credit
score. If you can move a balance from a reporting debt to a non-
reporting debt, this new invisible debt will improve your capacity as
calculated by your credit reporting records.
Lines of credit at local stores, personal notes and other sources of non-
reporting debt can help you by making your overall ratios smaller when
your credit report is the chief method the lender uses to determine your
financial worthiness. Obviously, if a more detailed balance sheet is
requested, those debts should appear there.
However, the danger with this strategy is building up too many debts
and becoming over-indebted. Remember what the credit report doesn’t
know can still hurt you. When you accumulate invisible debts, use
them wisely. By paying these debts on time you will improve your
character, your reputation for paying your debts and you gain a source
for meaningful referrals.
Monday, December 04, 2006
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2 comments:
Great blog, thanks for the info.
There are credit card companies that do not require any credit. So they are perfect for people with no credit and can be used to quickly build your credit.
My personal favorite way to build credit is thru the use of secured credit cards. Here are credit building credit cards you can apply for online for a credit card. Many of them offer instant approval. Keep in mind with a secured credit card you are expected to put down a security deposit.
Hope this resource may be useful to your blog too!
have a super day!
Good day, nice blog, good info!
When choosing a secured credit card its very important to make sure the bank reports your card to the major credit bureaus. Not all secured credit cards do this. The secured credit cards offered on this page do.
You should also make sure that your new secured credit card offers periodic credit increases. Often times these are unsecured credit increases.
Also, even if you have very bad credit or even no credit, a bad credit credit card guarantees approval. No credit check, No income requirements, no credit history required! You are still guaranteed approval.
There are Secured Credit Cards For People With Bad Credit and list of bad credit credit cards that best address troubled credit situations.
Hope this resource will be useful for your blog and your many readers.
Have a super day!
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