How To Create A New Credit Profile

By The Credit Specialists

Learn the proven method for creating a new credit profile that passes the credit bureau verification tests.

• Language: English
• Publisher: Lulu.com
• Release date: Dec 27, 2023
• ISBN: 9781304776570

Book preview

How To Create A New Credit Profile

The Credit Specialists

Copyright © 2023 The Credit Specialists. All rights reserved.

Published by The Credit Specialists

ISBN: 9781304776570

LuLu ISBN 978-1-304-77657-0 (ebook)

TABLE OF CONTENTS

Why We Wrote This Book

How This Book Can Help You

Establish a new credit profile that passes the credit bureau verification tests

Obtain new credit using your new profile

Build a credit score of 700 or higher in 12 months

Minimize creditor harassment

The 3 Steps to Success

Establish new personal information

Apply for secured credit cards

After one year, convert secured cards to unsecured

Old Credit Profile vs. New Credit Profile

Your new information must be different from your old information

Never mix your old and new information

Managing Old Credit Problems

Forwarding mail to a PO box

Establishing a new phone number

Updating lender accounts online

Establishing Your New Information

Obtain copies of your existing credit reports

How to establish a new residence address

How to establish a new email address

Establishing a Slight Variation of Your Name

Review the names on your old credit reports.

How to modify your first name

How to modify your middle name

Do not modify your last name

How to pay new credit cards with an old bank account

Should I use an SSN, an EIN or a TIN/ITIN?

What is a CPN?

Creating a Virtual SSN

First 3 digits (State)

Middle 2 digits (Group)

Last 4 digits (Serial)

Determining your age

Generating your new virtual SSN

Establishing your birthday

Establishing Your Salary and Expenses

Look like a recent college graduate

Understand the DTI ratio

Do you rent or do you own?

How long have you lived at your current address?

What kind of car do you have?

Determine your profession and salary

Determine other sources of income

Determine your employer name

Applying For Your First Credit Card

Apply for a secured credit card from a big bank

No-fee cards preferred

Avoid credit unions

Apply for cards that include free FICO scores

Only use your new profile when you apply

You have both a checking and saving account

You rent instead of own

You have lived at your address for more than two years

You have very low or no monthly debt payments

You are currently employed

You have no other sources of income

Security deposit amount

What happens if my application is declined?

Managing Your New Profile

Give as little information as possible to creditors

When to never use your new profile

Convert secured cards to unsecured after one year

Pay off each card in full each month

Understand how FICO scores work

Wait 6 months between credit applications

Give yourself a pay raise every year

Don’t ask for an annual credit limit increase

Put a security freeze on your credit reports

Closing an account

Managing Your Old Profile

Other Items

Should I update my information with government agencies and bank accounts?

What about car loans and apartment rentals?

The 7 year limit on negative