First Class Specialty Finance will lead you through our unique program and explain about each step you should take to obtain sufficient credit score at the most short period of time. We believe what was in the past should stay in the past, we all make mistakes and our clients will gain back all benefits of credit.

But how I can rebuild my Credit?
Any information about you and your credit experiences, such as the age of your accounts, the number and type of accounts you have, your bill-payment history, late payments, collection actions, outstanding debt is collected from your credit report. Your present credit is most important factor for lenders as they look at your ability to handle your bills on time and also it gives more information about your present financial stability. Poor records must be covered by sufficient payment history on your credit report to be able to gain you credit score back. A credit scoring system gives points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.

Why is credit scoring used?
Credit scoring is based on real data and statistics, so it usually is more reliable than subjective or judgmental methods. It treats all applicants objectively. Judgmental methods typically rely on criteria that are not systematically tested and can vary when applied by different individuals. The credit scoring system may not use certain characteristics like — race, sex, marital status, national origin, or religion — as factors. However, creditors are allowed to use age in properly designed scoring systems. But any scoring system that includes age must give equal treatment to elderly applicants.

What Can I do to improve my score?
Credit scoring models are complex and often vary among creditors and for different types of credit. If one-factor changes, your score may change — but improvement generally depends on how that factor relates to other factors considered by the model. We will explain what might improve your score under the particular model used to evaluate your credit application. Nevertheless, scoring models generally evaluate the following types of information in your credit report.

Have you paid your bills on time?
Payment history typically is significant factor.
It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report.

What is your outstanding debt?
Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit that is likely to have a negative effect on your score.

How long is your credit history?
Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.

Have you applied for new credit recently?
Many scoring models consider whether you have applied for credit recently by looking at “inquiries” on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not counted.

How many and what types of credit accounts do you have?
Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have.
To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, getting a secured loan and not taking on new debt by getting numerous credit cards or small loans. It’s likely to take some time to improve your score significantly.