This article is the last in a series of 3 articles for the FREE Course: 3 Steps To Better Credit.
Merchandise Cards are by far the single most cost-effective and powerful tool for consumers to increase their high credit limit and decrease their debt to income ratio and to add a primary account to their credit profiles. Unfortunately, despite their immense benefits, Merchandise cards are highly misunderstood and misjudged by most of the credit community. Basically, you pay a small membership fee, in this case ($99 annually) a small price to pay to get instant access to a $5,000 credit limit (in most cases will take you several years of good credit history to accomplish) and reports to all three major credit bureaus (a huge plus for credit building). As a member, you’re able to buy merchandise only from the card issuer on credit, in this case (online only).
The Power of Merchandise Cards
The card issuer reports the account to the three credit bureaus, and it looks just like a credit card. It’s not a Visa or Mastercard, but who cares! It helps your score, which in turn helps to attract additional lenders for more credit. That’s the beauty! We have thousands of clients who have used merchandise cards and increased their credit scores. Remember, the card will do three extremely important things for you.
- It will increase your current “High Credit Limit” by $5,000 almost overnight as the account “looks” like any other unsecured revolving account.
- By carrying a small outstanding balance, it will positively impact your credit reports by building and showing potential lenders your creditworthiness.
- With a good payment history, you are virtually guaranteed to receive “legitimate” pre-approved credit offers in the future due to other lenders renting your name from the credit bureaus.
Develop An Advanced Credit Profile
This technique is hard to beat for both the cost and effectiveness. Of course, the whole key is knowing exactly which cards report to the three major credit reporting agencies and offer the best rates. The only thing more effective is getting primary accounts with Visa/Mastercard/Amex/Discover in your own name. That’s the end game and that’s why you’re working with InCreditable Advisors, to help develop an “Advanced Credit Profile”. This is a strategy, while not complex, can be taken to very complex levels. Even in its’ most basic form, it’s taken advantage of by very, very few. It involves intentionally building your credit report in a way that creates a “profile” that closely fits the criteria of most lenders (as well as the overall credit scoring system). Again, this is a technique that can be used in a myriad of complex ways, but for simplicity “Schedule your 20 minutes Credit Strategy Session”, so you know EXACTLY the steps you need to take to make the changes that lead to an “Advanced Credit Profile”.
Start Improving Your Credit
“Are you sick and tired of being rejected and embarrassed because of bad credit? Are you fed up with paying more for credit cards and insurance premiums because of your score? Do you want to buy a house and get the best possible rate and terms? Do you want your credit report to reflect a good image of yourself and to honor your good name? Are you frustrated with errors and false information on your credit report? If your answer is yes to any one of these, then GOOD FOR YOU! Now is the time to take control of your credit, improve your score, and reach your goals.”
Welcome to InCreditable Advisors – Going from Rejection to Approval in Less Than 9 months. Schedule your 20 minutes Credit Strategy Session to let us help you continue to take the exact step you need to improve your credit.