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Vivix Credit Solutions Credit Checks

Posted by Vivix Credit Solutions | Categories: Credit Repair, Credit Report, Credit Score, Fair Credit Reporting Act, Vivix Credit Solutions | Tags: FCRA, free consultation, FTC

Vivix Credit Solutions

Why is a Credit Check Mandatory for a Credit Limit Increase?

Many of us get a little nervous when we know our credit is going to be checked for account approvals, limit increases and rental applications. Vivix Credit Solutions knows it is especially hard for those dealing with

troubled credit when much of your self-worth may be tied to your credit score. The important thing to remember is that creditors have the right to a second chance, and if your credit is on the mend you may still be eligible for an increase in your account limits. Vivix Credit Solutions offers a wide range of credit services and counseling and can help you through the process of re-establishing credit and when the time comes – asking for an increase in

the spending power you deserve.

Credit Limit Increases

As a debtor, you have the right to call your account holders and ask for an increase in your credit limit. While your creditors are not required to grant you an increase, many will consider it after a credit check. Vivix Credit Solutions understands that there are times everyone needs an increase in their spending power. This could be due to an emergency situation or a large home improvement purchase that cannot be financed any other way. Their credit solutions will help you get the additional credit you need.

Payment History Changes

Before you are approved for an increase in credit, the bank wants to be sure that you have been faithful with the credit you’ve already been given. Lenders want to know that you are not out fishing for multiple lines of credit or increases, as this would pose a bigger repayment risk for them. Vivix Credit Solutions offers services that can educate you as to what the credit card companies want to see when they request your credit report from the top three reporting bureaus. Number one is a positive payment history.

A New Contract with Your Creditor

Creditors consider an increase in your credit line as a new contract with you, as the terms of your prior agreement are now being changed. Therefore, Vivix Credit Solutions recommends that if you do get an increase in any credit line, that you also request that the repayment terms be submitted in writing. For example, if your interest rate or late fee changes with the credit increase, you have the right to be informed up front. Not informing you in a timely manner could be a violation of the Fair Credit Reporting Act.

Unrequested Inquiries for Limit Increases

The experts at Vivix Credit Solutions also recommend keeping all of your accounts in good standing at all times. This is because your creditors may routinely check your credit report without your request or knowledge. Debtors in good standing often receive unsolicited credit increases in this manner, but if your account is in bad standing you may be surprised by an interest rate hike. If you have any questions about creditors’ rights or responsibilities surrounding credit report inquiries, contact Vivix Credit Solutions for a consultation and a description of available credit and financial services.

Call Now to Speak to one of our Credit Experts 702-434-4414