Understanding the Credit Score 911 Loan
Categories: Blog Posts
If you’re struggling with a low credit score, a 911 loan could help you get back on track!
A Credit Score 911 Usage Loan is essentially a non-reporting loan that pays off all credit cards, allowing your credit score to shoot upwards.
These loans act as a fast-acting antidote to your credit score usage problems. The next time your credit report generates, you should see significant improvement.
Essentially, it’s a quick fix for people who pay their bills on time.
Who Should Use a 911 Loan?
If your credit score is weighed down by a long history of late payments, this loan is not going to help you very effectively.
These loans are perfect for people whose credit has been plagued by high usage, who need to fix their credit score FAST.
In short, here’s what you should know about a 911 Usage Loan:
- 911 loans pay down debt that accumulates through usage issues, not late payments.
- We’re an asset-based lender, so make sure you have some real estate to secure your loan.
- You need an exit strategy. We want to make sure you have a way of paying that loan back.
Real estate investing is a fast-moving business. It’s important to have a quick solution for an issue that could otherwise cost you thousands of dollars in higher payments or declined deals.
How Long Before it Pays Down my Debt?
We call this a “Credit Score 911” because we understand that a low credit score can be an emergency need.
It can take as little as 2 weeks (or up to 30 days) to get this loan and see results in your credit score. The timing depends simply on when your credit cards report and when your statements come out.
You still owe the money, but now you owe it to a non-reporting entity.
Although it can be daunting to take out an unexpected usage loan, a delay of a month is far better than a long term delay where you can’t refinance or buy.
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