You are about to discover how to use the tools of financial institutions to your advantage !
Before we start into the background of how to prepare your credit for the future, please ask yourself:
Do you want a higher credit rating ?
Are you concerned how you would finance a personal catastrophe ?
If you answered NO to either of the above, please accept our apologies for wasting your time. You may click here to go check your portfolio.
For the rest of us, the next 10 minutes could prove to be very fruitful. Rest assured, this web site is entirely free. You will not be asked for your email address or any personal information. SpareCredit.com is a one-way street, we give out the information, and you decide whether or not to act upon it.
The Benefits
Credit. An over-used, boring word. Although it is an essential part of everyone's life and life-style, most consumers don't fully understand the impact of having better credit.
As examples, here are a few savings you could enjoy with a better credit rating:
- $3000 saved with a 1/8 point decrease on a $100,000 mortgage.
- $250 saved with a 1/4 point decrease on an average car purchase.
- $100 per year saved with a 1 point decrease on an average credit card.
Furthermore, with good habits, a credit score improvement
is permanent. Through many mortgage re-finances, car loans and years. As you can see, it adds up. And the innovative SpareCredit process can help you acquire these benefits by enhancing your credit score.
Credit Report Scoring
In order to understand the SpareCredit process described later, you should know a few things about the credit reporting process.
Reporting Agency procedures:
- The credit-reporting agencies track how many times your report is requested and how much credit has been extended.
- Your credit score is enhanced by having old, high quality lines of credit.
- Your credit score is enhanced by having open, available amounts of credit.
- Many separate credit checks over time can adversely impact your credit, BUT:
- The effects dissipate over time and are removed after 12 months.
- Multiple checks in a short time frame generally do not have a negative impact.
Lending Institution procedures:
- Lending Institutions will request your credit report ONCE when applying for new credit.
- Lending Institutions will not request your report for small increases in your line of credit.
Thus .. Good Credit Building procedures:
- Establish many high quality lines of credit.
- Secure these lines of credit at one time to start the 12 month clock on queries to your credit report.
- Get credit early and hold as long as possible.
- Start with lower levels of credit and raise over time thereby preventing additional hits on your credit report.
The Dilemma
If you ask for many lines of credit, each request will show any previous credit established and each request will temporarily reduce your credit score. In other words, each additional request will be more and more likely to be rejected or have a reduced limit.
How can I establish many lines of quality credit ?
So simple you will blush.
Get them all at the same time.
What ? Huh ? How !
Here is where you use the financial institution's tools to your own advantage. |
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Computerized Communications
Lending Institutions all have computer access to the Credit-Reporting Agencies. When you apply for credit they pull your report instantly. Their computer then evaluates your credit, based on the report, and grants or denies the application. This happens in seconds. Even when it takes weeks to complete the approval process, your credit report is accessed once, immediately upon application.
Unfortunately for the Lenders, the reverse is not true. When a loan is granted, the Lender may take from hours to days before reporting the loan back to the credit agencies. This is the window of opportunity.
In years past, it would have been almost impossible to time your applications to hit the approval process all at the same time.
But not today.
Simultaneous Applications
To entice more consumers to apply for credit cards online, most quality Lenders have an "Instant" or "60 second" approval process. Built to reduce the cost of processing application manually, this system enables us to submit applications to all the high quality lenders at one time.
The resulting credit applications will all be based on the same credit report. No credit reduction for additional loans and no negative hits for too many inquiries.
There is indeed a down-side though. If you are planning on securing a home mortgage in the next 6 months or so, make sure the credit limits on all approved cards is low and each has a zero balance. On the other hand, if a mortgage or refinance is in your future more than 12 months from now, this should have a very positive effect on your credit score and interest rates.
Selecting the Issuers
Finding all those applications could be a daunting task. So we provide them all for you.
We have amassed a database of literally hundreds of credit cards. Each one has an online application and represents a quality line of credit.
Below, you can select the the category of your credit level. We will then scan our database and present a list of issuers that offer cards meeting your criteria.
Choose an issuer then select a card that matches your needs. Each application will pop-up in a separate window. Repeat this for each card you want to receive.
Then simply complete and submit each application. Each card should be approved in about a minute.
A Final Note: Be Responsible
If your intentions are to max out all the cards, please do not use this site. Find your cards elsewhere.
When used properly, a set of high quality cards with little or no balances can improve your credit dramatically over time. And also provide some assurances that should you need some cash in a hurry, you have reserves to drawn upon.
- Don't forget to have the limits increased every year or two. (Remind me.)
- Use the cards sporadically, don't just let them sit. (Remind me.)
- Of course pay them off whenever possible.
- Check your credit report every year. (Remind me.)
Let's Do It:
Click the link that best represents your current credit level.
Please allow around 3-5 minutes to complete each application.
They should all be done together to insure the credit report requests will be very close to each other.
If you do not have the time right now,
you can Bookmark This Page and return later.
Or we can send you a reminder to come back and finish.
Not Convinced ?
You may want to browse our examples of the benefits you could enjoy, visit our FAQ, or discover a few credit improvement strategies.
Otherwise, thank you for stopping by. Hopefully we provided at least a little insight.
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