Why would you want to take advantage of a Line of Favour and not just go with the traditional secured card? A secured card is a long drawn out process (12 Months). When I began my personal credit journey after losing my mother I needed to get things done and done quickly. I don’t know about you but I don’t have much time to waste. Going with the line of favour route I saw an 80+ score increase on all three bureaus in less than 30 days. I was able to move with a low deposit and finance a new car with $0 money down a low-interest rate.
Here is a comparison between the two. If you put $500 down for a secured card, that’s the credit limit that will reflect on your credit report. Your payment history will begin when you activate and start using the secured card. Small Limits can easily hurt your score. You also have to show consistency for a mandatory amount of time before they make your secured card unsecured and you won’t qualify for credit limit increases with most. With unsecured cards, you qualify for a credit limit increases every 6 months.
With a $500 Line of Favour, you will instantly add 5 to 10 years of payment history with a higher credit limit in less than 30 days! Boosting score 50 to100 and qualifying you for larger lines of credit in what seems like overnight (so you basically get your money right back). This is called “piggybacking” which is explained in the image above. If you ever hear someone say they need a co-signer a line of favour will assist in qualifying them.
Here’s the difference between the competitor and Financial ID. All of our Lines of Favour are in-house and never outsourced. Having everything in-house allows more flexibility (ex. leaving the Lines longer and in the report) and gives our clients a chance to earn extra income. Ask us how! Shop wisely. Like, subscribe and share xo.