Frequently Asked Questions
If you have a question, we are here for you. Here is a selection of our most frequently asked questions. If you can't find the answer that you are looking for just go to our Contact Us page and send your question over.
Questions Regarding OnlyTrust
- Is not a financial institution.
- It is not a lender.
- It is not a credit repair company.
- It is not a credit or debt consulting company.
Questions Regarding the Credit Bureaus
Your Credit Score is used by anyone loaning you money. Credit card companies, home equity lenders, auto loan lenders, finance companies and even some employers all use a model created by Fair, Isaac and Co, the San Rafael, California company that pioneered credit scoring 40 years ago and dominates the field today. This score is most often known as FICO and serves as a snapshot of your credit history.
A low score can raise the price of your loan and a very low score can mean denial of your loan completely. Here are the approximate percentages that determine your FICO Score.
- Payment history (35%). The largest factor determined on your FICO score is your basic payment history. The number of unpaid bills you have, any bills sent to collection, bankruptcies etc... The more recent the problem, the lower your score.
- Outstanding Debt (30%). Are your cards maxed out? High balances or more precisely, balances that are close to your credit limit can negatively effect your score. Keep your balances below 30%.
- Length of your credit history (15%). How long have your accounts been open? The longer, the better.
- Recent inquiries (10%). Every time you apply for credit of any kind, you create an inquiry on your credit report. Lots of Inquiries negatively effect your score.
- Types of credit in use (10%). Current loans from finance companies. How many and how much.
When you apply for credit your score does not come directly from FICO. Instead each bureau has its own version of the rating system with its own name.
A credit score of 680 or above can save you money, especially for home loans. If you are considering a significant loan you will want to be sure to check your credit reports first. If negative items appear on your report you have two choices. Live with it for 7 to 10 years or dispute these items.
Questions Regarding Letters of Credit
ISP98, on the other hand, does not even define "issuer," and although the drafters seem to have assumed that an “issuer” would be a bank, there is nothing within ISP98 that is inconsistent with the notion that a non-bank may issue a standby credit subject to ISP98.
Disclaimer: OnlyTrust, LLC is neither a financial institution and does not lend money, nor is it a credit repair company, credit consulting / counseling company or debt relief company. Refer to the Terms & Conditions.
LOC Number: A document number assigned to the letter of credit for the benefit of OnlyTrust, LLC Members.
Revocable: The terms of the letter of credit can change for any reason at the sole discretion of the Issuer.
Applicant: The applicant is defined as the individual applying for membership to OnlyTrust, LLC and for the revolving standby letter of credit. Your name and address will show on said letter of credit.
Beneficiary: The individual and/or creditors who are guaranteed payment or performance in the event of a default.
Amount: The total of the OnlyTrust, LLC monthly budget you filled out representing your monthly obligations which are in good standing and not being reported to the credit bureaus. OnlyTrust, LLC sets a minimum amount of $300 and a maximum of $5,000 for most Members.
Expiration date: The date on which the letter credit will become ineffective. OnlyTrust, LLC letters of credit are issued for a period of one year from the date of issuance. Oftentimes, there are automatic renewal terms, subject to good payment history of the Member.
Revolving: Means as long as the Member pays their monthly obligations per the Terms & Conditions, the Revocable Letter of Credit amount will revolve each and every month.