Credit Repair

The solowealth Plan to Build or Repair Credit

Your credit score is like the Sun in your financial universe and a world of financial opportunities revolve around it. Benefits of having good credit include:

Save more money with better loan rates & terms
Qualify for mortgages and leases with higher approval rates and more negotiating power to finance or lease a home, vehicle, or our personal favourite – borrowing to invest and grow your wealth.
All in all, to live a comfortable life.

Whether you need to BUILD, IMPROVE, or REPAIR your credit score, the strategy remains the same. You don't need to hire a credit repair agency for something you can do yourself. Simply apply the following 3-step strategy:

STEP 1: Review your 3 bureau credit report monthly and dispute any negative accounts.

The solowealth DIY Credit Repair service makes it easy to repair your credit yourself for FREE, without the need to hire a credit repair agency. The only cost is your 3 bureau credit report subscription. You can easily cancel it once you have achieved your credit score goal. How it works:

Enroll and purchase your credit reports
Select the negative accounts you wish to dispute
Negative accounts will be automatically identified on your credit report and you will be provided with recommended dispute options based on the account type and other account details.

*You will be able to upload collection letters, credit reports, and other documents for free review by an attorney.

Go to DIY credit repair

STEP 2: Know what factors affect your credit score and use them to your advantage.

The factors impacting your credit score are weighted differently as noted below:

35%, History of Payment - Pay your bills and any other financial obligations ON-TIME, no matter how big or small the bill. Your history of payments is tracked. If you’re forgetful, automate your payments with pre-authorized payments.

30%, Credit Utilization Ratio - This is the percentage of your available credit that you’re using. If you use too much of your available credit, it can actually hurt your credit score since it places you in a higher credit-risk profile. Try not to use more than 30% of your available credit. For example, if you have a $5000 credit limit, try not to use more than $1500 (30% of $5000) to maintain an optimal score.

15%, Length of Credit - A longer history of credit plays to your advantage to establish your credit score. Therefore, don't close any open credit accounts as long as the annual fees or account fees are zero. For example, don't close a "no-fee" credit card account, even if you don't use it. If you have to pay to keep an account open, you might want to consider closing it.

10%, Mix of Credit - Besides credit cards, having other forms of credit such as a small personal loan can build your credit but only if you’re 100% sure that you can meet your payment obligations as proof of your creditworthiness.

10%, Credit Inquiry - your credit score can take a temporary hit when a financial institution makes a “hard check” to access your credit report when making a lending decision, such as a credit card, mortgage or loan applications. This is unlike a “soft check” such as checking your own credit score, which does NOT impact your score.

*Factors affecting your credit score may vary depending on the source.

STEP 3: One of the easiest ways to build credit is with a credit card.

One of the easiest ways to build credit is with a credit card. On the flipside, one of the easiest ways to destroy your credit, is also with a credit card. The Credit Builder Card is specifically designed to help you build credit:

No credit check required
Reports to all 3 credit bureaus
The low limit ensures you won't go into debt.

Once you achieve a great credit score, you can then apply for a standard, unsecured credit card of your choice. To help you maintain the credit you build, use the solowealth credit card strategy to build credit, without credit card debt, forever!

The solowealth Credit Card Strategy:

So, how do you establish good credit using a credit card, but without going into credit card debt?

Answer:

Let’s assume your credit card limit is $5000. Let’s also assume your budget for monthly credit card expenses is $2000.
Every month, “overpay” your credit card by $2000, so that your available credit becomes $7000 (even though your credit limit is $5000).
Keep track of your spending using your credit card app and when your available credit drops down to the $5000 credit limit, stop spending on your credit card. At this point, if you still need to spend more, then use cash/debit instead. This way, you complete the month of spending with your entire $5000 credit limit still open and available.
The benefits of this strategy:

You have no balance owing at the end of the month since you haven’t technically spent any of your available ‘credit.’ You only spent your ‘overpayment.’
You still collect credit card points since you spent using your credit card.
You still build and maintain good credit since spending on your credit card shows “credit activity,” while keeping your credit utilization ratio below 30%.

go to Credit Builder card

Credit Repair

The solowealth Plan to Build or Repair Credit

Your credit score is like the Sun in your financial universe and a world of financial opportunities revolve around it. Benefits of having good credit include:

Save more money with better loan rates & terms

Qualify for mortgages and leases with higher approval rates and more negotiating power to finance or lease a home, vehicle, or our personal favourite – borrowing to invest and grow your wealth.

All in all, to live a comfortable life.

Whether you need to BUILD, IMPROVE, or REPAIR your credit score, the strategy remains the same. You don't need to hire a credit repair agency for something you can do yourself. Simply apply the following 3-step strategy:

STEP 1: Review your 3 bureau credit report monthly and dispute any negative accounts.

The solowealth DIY Credit Repair service makes it easy to repair your credit yourself for FREE, without the need to hire a credit repair agency. The only cost is your 3 bureau credit report subscription. You can easily cancel it once you have achieved your credit score goal. How it works:

Enroll and purchase your credit reports

Select the negative accounts you wish to dispute

Negative accounts will be automatically identified on your credit report and you will be provided with recommended dispute options based on the account type and other account details.

*You will be able to upload collection letters, credit reports, and other documents for free review by an attorney.

STEP 2: Know what factors affect your credit score and use them to your advantage.

The factors impacting your credit score are weighted differently as noted below:

35%, History of Payment - Pay your bills and any other financial obligations ON-TIME, no matter how big or small the bill. Your history of payments is tracked. If you’re forgetful, automate your payments with pre-authorized payments.

10%, Mix of Credit - Besides credit cards, having other forms of credit such as a small personal loan can build your credit but only if you’re 100% sure that you can meet your payment obligations as proof of your creditworthiness.

STEP 3: One of the easiest ways to build credit is with a credit card.

One of the easiest ways to build credit is with a credit card. On the flipside, one of the easiest ways to destroy your credit, is also with a credit card. The Credit Builder Card is specifically designed to help you build credit:

No credit check required

Reports to all 3 credit bureaus

The low limit ensures you won't go into debt.

Once you achieve a great credit score, you can then apply for a standard, unsecured credit card of your choice. To help you maintain the credit you build, use the solowealth credit card strategy to build credit, without credit card debt, forever!

The solowealth Credit Card Strategy:

So, how do you establish good credit using a credit card, but without going into credit card debt?

Answer:

Let’s assume your credit card limit is $5000. Let’s also assume your budget for monthly credit card expenses is $2000.

Every month, “overpay” your credit card by $2000, so that your available credit becomes $7000 (even though your credit limit is $5000).

The benefits of this strategy:

You have no balance owing at the end of the month since you haven’t technically spent any of your available ‘credit.’ You only spent your ‘overpayment.’

You still collect credit card points since you spent using your credit card.

You still build and maintain good credit since spending on your credit card shows “credit activity,” while keeping your credit utilization ratio below 30%.