Frequent Questions

What is a good credit score?

Credit bureaus generally consider a good credit score to be anything above 650. 

What is a bad credit score?

Credit bureaus typically consider anything below 580 to be a bad credit score. 

How many credit scores are there?

Your FICO® Score is used in 90% of all lending decisions, but each of the three credit bureaus also has a customized credit score based on your credit information.

What is the range for credit scores?

The main credit scores range from 300 – 850.

How many credit bureaus are there?

Equifax, TransUnion and Experian are the three main credit reporting bureaus.

What is a credit bureau?

A credit bureau is a company that collects information relating to your financial habits, and makes this information available to lending institutions and credit card companies. 

What is a creditor?

A creditor is someone who provides credit. This includes, but is not limited to, banks, collection agencies and even car dealerships. They report your repayment progress to the credit bureaus, who then use that information to build your credit profile.

How can I find out what my credit score is?

There are plenty of paid services that will provide you with your credit score, but at Cobra Credit, we’ll do it for free. Just call us Toll Free at 1-833-MYCOBRA to get started.

Is my credit report the same thing as my credit score?

No, your credit score is just one component of your credit report. Your credit report also includes your identifying information, trade lines, credit history, credit inquiries, public records, collections and other late payment information. 

What affects my credit score?

There are five main contributors to your credit score—payment history, credit usage, credit age, credit mix and recent credit. The most important of these factors is your payment history, which can be directly influenced by credit repair. 

What’s on my credit report?

Your credit report contains things like your identifying information, trade lines, credit limits, account names, credit history, credit inquiries, public records, collections, late payment information, and of course, your credit score. 

Do employers look at my credit score? Could it cost me a job?

Employers are allowed by federal law to see a modified version of your credit report for purposes of hiring and promotion, though in California this is limited to jobs with financial or management responsibilities. Your employer, or potential employer, is required to get your permission before accessing your credit report, but yes, it could cost you a job or promotion.

What is a good average age of credit?

While your credit age, or how long you’ve had access to credit, can affect your credit score, there’s no specific amount of time required. Generally, the longer you’ve had a trade line, the better.

What score do I need to get a house?

There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 620 to be approved for a home loan. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. 

What score do I need to get a car?

With car loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest, but a score of 660 and above is recommended.

What score do I need to get a personal loan?

With personal loans, the minimum accepted score will depend on the amount of money being requested. A score of 700 or higher is ideal, but some lenders will approve lower scores if you’re willing to pay extra money in interest.

Who looks at my credit report?

Your credit report is generally looked at by those who are considering loaning you money. This includes banks, car dealerships and credit card issuers.

How can I improve my credit?

There are five factors that impact your credit score—payment history, amount of debt, length of credit history, credit mix and new credit. To improve your score, you can pay your bills on time, pay debt down, maintain your current accounts, get different types of credit and avoid applying for new credit frequently. Beyond these five factors, your credit reports could contain negative items that are unfair or inaccurate, which can stay on your reports for up to seven to 10 years. If you don’t want to wait that long to build your credit, you can try repairing your credit. Lets get started by calling Cobra Credit Toll Free at 1-833-MYCOBRA.

What is a FICO® Score?

Your FICO® Score is a three-digit number determined by the information on your credit report. While FICO® doesn’t collect the data themselves, it’s their algorithm that determines your score. Considering their score is used in 90% of all lending decisions, it’s very helpful to know where you stand.

How do I get my free credit report?

By law, the credit bureaus have to provide you with a free credit report every 12 months. You can claim this free credit report from http://www.annualcreditreport.com/, or by calling 1-888-623-8221. You will need to provide your name, address, social security number and date of birth to verify your identity.

What is credit repair?

Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can’t prove these items are fair, accurate and substantiated, they are required by law to remove them.

Can credit be deleted or corrected?

You have a right to an accurate, fair and substantiated credit report. If something on your credit is inaccurate or unfair, you can correct/repair it with the credit bureaus and your creditors. 

Can my credit be repaired?

While we can’t guarantee your credit will be repaired, we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.

How long does credit repair take?

Unfortunately, there’s no way to predict in advance how long it will take to repair your credit, as every credit report is unique. That being said, last year alone, our clients saw an enormous amount of negative items removed from their reports, and typically stayed with us for six months. Learn more about the credit repair timeline. If you’re interested, give us a call at 1-833-MYCOBRA.

Can I repair my credit on my own?

Absolutely. You can contact the credit bureaus and your creditors to get any questionable negative items removed your credit reports. However, this process is time consuming and confusing. Working with a reputable credit repair company like Cobra Credit can help you remove these items from your reports quickly and efficiently. Call us at 1-833-MYCOBRA (692-6272) to get started.

Is credit repair legal?

Yes—you have a legitimate and legal right to a fair, accurate and substantiated credit report. Credit repair is simply the process of challenging and disputing questionable negative items on your report to ensure those three standards are met—fairness, accuracy and substantiation.

While there are many laws that apply to your credit, the Credit Repair Organizations Act (CROA) and Fair Credit Reporting Act (FCRA) are the two laws we leverage the most.

What are removals?

The credit bureaus and your creditors are required by law to remove any negative items on your report that they can’t prove are accurate, fair and substantiated. When these items are deleted from your payment history, we call that a removal.

What sort of items can be removed from my credit report?

Any negative item that is inaccurate, unfair or unverified can be challenged with the bureaus and your creditors. This includes collections, late payments, charge-offs, liens, bankruptcies, repossessions and more.

What is a negative item?

A negative item on your credit is anything in your credit history that could lower your score. It includes things like collections, late payments, charge-offs, liens, bankruptcies, repossessions and more. Especially if these negative items came as a result of identity theft, divorce, medical debt, student debt or military leave, you may be able to remove them through credit repair. 

Do negative items remain on my credit forever?

No. Most negative items will fall off of your report after seven years, though some deletions may take as long as 10. The truth is that the credit grantor or the credit bureau can choose to delete the negative credit listing at any time, especially when you give them a reason to do so. If you’d rather not wait that long, credit repair is a great alternative.

Can deleted items reappear on my credit report?

Yes, even after an item is removed or deleted, your creditors may report the item again. That’s why it’s important to contact both the credit bureaus and your creditors. This will increase the likelihood that inaccurate or unfair negative items will not reappear on your credit. The Fair Credit Reporting Act requires that the credit bureau inform you before they re-report a previously deleted listing. If a questionable credit item is verified at a later point in time, Cobra Credit will help you challenge the listing again if there are legitimate grounds to do so.

How much does a negative item affect my score?

According to CreditCards.com and CNNMoney, even a single negative items on your credit could cost you over 100 points.

Negative Item         Credit Score Decrease

Late Payment          up to 110 points

Debt Settlement     up to 125 points

Foreclosure             up to 160 points

Bankruptcy              up to 240 points

Collection                 up to 110 points

Hard Inquiry            up to 15 points

Sources:
https://blog.equifax.com/credit/can-one-late-payment-affect-my-credit-score/
https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/ - https://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php

Can divorce affect my credit score?

While filing for divorce will not affect your score, some of the symptoms of divorce may lead to problems for your credit. For example, many people miss a payment on their credit during the frenzy of divorce. Or in the aftermath, it may be unclear who is responsible to pay a debt, and payments may be missed. These missed or late payments could adversely impact your credit score.

Can identity theft affect my credit score?

Yes. When someone takes out debt in your name, it increases your debt utilization ratio and will likely lead to missed payments and possibly collections appearing on your credit. Even after you’ve recovered your identity, these issues could still be lurking on your credit report. 

Can medical debt affect my credit score?

Yes. While your medical history isn’t part of your credit report, past-due medical bills can affect your credit. The good news is, there are laws to protect against certain practices in medical debt reporting. If your credit is being negatively affected by medical bills, credit repair may be a solution for you.

Can student loans affect my credit score?

Yes, in both negative and positive ways. Paying your student loan back on time will only benefit your score. Alternatively, missing these payments can cause some significant damage to your credit profile.

When should I repair my credit?

Considering that our average client uses our services for six months, the sooner the better. Especially if you plan on purchasing a home or car within the next year, getting started today can save you a big headache tomorrow.

Should I pay off collections on my credit report?

Unless the collection is being falsely attributed to you, pay it. The collection is likely already hurting your credit score, and leaving it unpaid will only make the damage worse.

If the debt is one that you do not owe, our service levels offer debt validation procedures that can help you get the collection removed from your credit profile.

Does paying my bills restore my credit?

You might think so, but unfortunately it does not. When you pay an old debt, the negative credit item doesn’t disappear, but is typically listed as a paid delinquency, charge-off or collection. If your goal is to repair your credit, just paying off your debts won’t get you there. Repairing bad credit is a significant challenge for most consumers and we're here to help. Cobra Credit has developed a four-step method for credit repair that has proven to be effective for hundreds of clients. Just give us a call at 1-833-MYCOBRA  to get started.

Is there a service guarantee with Cobra Credit?

Unfortunately, credit repair is never guaranteed. What we can guarantee is that we will do everything in our power to help you achieve a fair, accurate and substantiated credit report.

How much does your service cost?

Currently, our Platinum Cobra Service level is $99.99/month and needs paired with our Premium Credit Monitoring from all 3 credit bureaus for an additonal $24.99/month.

What are the accepted payment methods?

We accept payments by credit card or by automatic draft from your checking account. If you wish to change your payment method, simply call us at 1-833-MYCOBRA or you can change by logging in to your current subscription,

Can deleted items reappear on my credit report?

Yes, even after an item is removed or deleted, your creditors may report the item again. That’s why it’s important to contact both the credit bureaus and your creditors. This will increase the likelihood that inaccurate or unfair negative items will not reappear on your credit. The Fair Credit Reporting Act requires that the credit bureau inform you before they re-report a previously deleted listing. If a questionable credit item is verified at a later point in time, Cobra Credit will help you challenge the listing again if there are legitimate grounds to do so.

How do I cancel Cobra Credit?

Providing the best service possible is a top priority at Cobra Credit, and if we aren’t meeting your expectations or you no longer need our service, you can cancel at any time. Just remember, credit repair isn’t going to happen overnight.

To do so, you can cancel your engagement agreement at any time by calling 1-833-MYCOBRA.

How do I know I no longer need credit repair?

That’s a tough question to answer. Once you’ve reached your credit goals, or when you’re confident your credit report is fair, accurate and substantiated, that may mean you no longer need credit repair. If you think you’ve reached that point, you can call 1-833-MYCOBRA to cancel your service at any time. That being said, we also offer credit care products that can help you monitor and protect your credit gains moving forward. Before you cancel, you may want to consider shifting to one of those services instead.

Is Cobra Credit legitimate?

Cobra Credit has been a part of the credit industry for a long time and has deep relationships with other players in this space. 

How do I view my account and credit repair progress?

As we are working with your creditors and the credit bureaus, we’ll notify you of updates to your credit profile via email. When you have items removed or improved, you will see them first on your credit report, which is updated regularly online. To access your account online, use the login information you created during the signup process. If you’re having any problems logging in, or just need additional assistance, feel free to give us a call at 1-833-MYCOBRA.

Is credit repair a scam?

While most places that offer credit repair services are not a scam, be wary of any company that provides guarantees of results, or charges you up-front for credit repair services. Not only is that illegal, it is a red flag that something suspicious may be going on. 

Does Cobra Credit have actual lawyers?

Yes, Cobra Credit is a licensed company with actual lawyers on demand.

Does your service really work?

Yes, we help tons of people each year work to repair their credit. Last year alone, our clients saw a lot of negative items removed from their reports.

What happens if I don’t pay?

If you do not or cannot pay, we will cease your service. Of course, we will reach out to you and try to collect payment, but we cannot provide credit repair services without payment.