The credit system is based on borrowing money and paying the money back over time. Lenders would rather lend to those more likely to pay them back. Credit Reporting Agencys collect credit data and itemize it on a Credit Report. A mathematical model is then used to take the data on the credit report and give it a Credit Score. For consumers the most widely used score is the FICO Score which ranges from 300 to 850. The FICO Score measures the likelyhood a consumer will be 90 days late paying a bill within the next two years.
What we do
What it means for you
Brooklyn Tax and Credit raises credit scores by legally deleting negative items and adding positive items to credit reports. We use our knowledge of scoring models and credit laws such as the FCRA to help our clients escape from the dark cloud of bad credit.
Get approved for mortgages, car loans, and credit cards
Qualify for lower interest rates, and lower insurance premiums
Qualify for special business financing
CREDIT SERVICES FOR INDIVIDUAL CONSUMERS
We raise consumers credit scores to get them approved for
mortgages, car lans, credit cards, and more.
Removing negative items from credit reports is both an art and a science. At Brooklyn Tax and Credit we have years of experience having items removed from credit reports. The most basic way to remove items is through disputing directly with the credit reporting agencys. We dispute items believed to be inaccurate, untimely, incomplete, misleading, or unverifiable. Results from one round of disputes can take between 20 and 45 days. Many times three or four rounds will be required to have most,if not all, items removed. Which is to say that repairing credit can take between three and six months. In certain cases, it can be even longer.
Brooklyn Tax and Credit will dispute and remove:
♦ Payment History The consistency and timeliness of monthly payments
♦ Balances to Limits Lenders want consumers carrying less than a 30% balance
♦ Length of History How many years has a consumer been using credit
♦ New Credit Opening new accounts can lower score slightly for a short time
♦ Types of Credit Using different types of debt can increase score slightly
Building credit is understanding how to best increase scores in each category without lowering scores in the other categories. In some cases, it's not as clearcut. Opening a new credit card will raise the 30% score from the balance to limit ratio and will lower the 10% score from new credit. Understanding the scoring models is key to building great credit.
Building credit is the process of adding a positive credit history into your credit files. We can guide you on how to take steps to begin building or rebuilding your credit. We will begin you on a long-term upward trend in credit scores and risk profile with results beginning within weeks.
We can also guide you on how to add positive tradelines right away giving you overnight results. Opening the right guaranteed approved Merchandise Cards that report to the CRA's can result in a significant score jump within the first month. Become an Authorized User on an established tradeline to increase your scores virtually immediately.
Scoring - To build credit effectively it's important to understand how credit scores are determined. There are many different scores and many different scoring models. Some scores will vary only slightly while others can be completely different. The FICO scoring model uses the following categories in calculating scores:
Obtaining and using your credit cards wisely is largely a matter of being informed and disciplined. Knowing your balances and limits, how much you are paying for carrying a balance, how to make the most of your rewards cards are just a few of the things to keep in mind. We can guide you on how best to use your credit cards and the can help you obtain credit cards with less than perfect credit.
How do lenders determine who is approved for a credit card, mortgage, or car loan? Find out how to obtain your credit reports, what is in your reports, how to read them, and what they means. Learn about the different credit scores and how the scores are computed. Know who can obtain copies of your credit reports and for what purpose.
Getting out of Financial Trouble
If, like thousands, maybe even millions, of others, you are having trouble paying your debts, it is important to take action. Doing nothing can lead to much larger problems in the future, such as the loss of assets like your house, accumulating even bigger debts, and a bad credit record. Learn what you can do to turn things around and get back on track.
Divorce and Your Credit
Couples having problems usually don't realize how their credit will be effected until after they are uncoupled, and have been left with a mess to clean up. Joint credit cards, car payments, and home mortgages are just a few of the things to consider. Divorced people usually don't think about it until they apply for credit, a new apartment, or job, and then they realize that something isn't right.