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How is my credit score calculated?
Your credit score is made up from a few factors. Your payment history, The length of your credit history. Your mix of credit. Your most recent new credit line and the amount owed relative to your limits.
How can I improve my credit score?
There are some obvious ways to improve your credit score like making repayments on time, avoiding new lines of credit where possible and maintaining your credit history and oldest lines of credit. The not so obvious ways are to increase your current credit limits so that any balances are smaller overall.
How can I increase my credit limits?
For some people, it can be as easy as requesting an increase online. To improve your chances of getting an increase to your limits, you should have enough income to meet the monthly payment but also be using your credit limit enough to justify needing an increase.
How do I increase my credit usage?
The usual way to increase your credit usage is to buy things with your credit card. But Credit Pro Quo wants to offer you an alternative. We will take a charge from your credit card and when you complete the form details to qualify for a rebate, we will repay it before your next credit card payment date (less the usual processing fee).
How does this work?
You select one of our products such as the $100 Credit Stress Test. Fill in your credit card Closing Date and Payment Date. We will take $100 from your card at the start of your billing cycle and provided that you complete the details, send a rebate back (less 2.9% + 30c credit card processing fee) $96.80 before your next credit card payment date.
How does this help my credit score?
You are getting the benefit, in the above example, of your card using $100 worth of transactions for a cost of only $3.20 which is the credit card processing fee. This should help you to apply for an increased credit card limit over time, which will bring your utilization % of all your balances lower and therefor improve your credit score.
Will I get my funds back before my credit card payment is due?
We make every effort to ensure that there is enough time between our sending your funds back and your payment due date. We will keep you advised of all transactions when they occur to help you track them.
What information is needed for my rebate?
In order to provide your rebate, we need your credit card closing date and payment date. We also need proof that you own both the credit card and the bank account for the rebate to be sent to. We will contact you by email to request statements from both accounts and a form of ID.