For the majority of people most of the major financial purchases in life, like buying a house or a car require credit. And of course, in order to get it you need to have a good credit score. Everything in your financial life tends to be easier and much less expensive when you have a good credit score. But if your score is not as good as it could be what can you do?
There are things that you can do to improve and repair your credit and one of the first things you need to do is get your free yearly report from all of the big three bureaus, TransUnion, Equifax and Experian. You will find different information that you may need to fix on all three of the reports because none of them use the same information or calculations to report your information. Therefore one bureau’s report may be good while the others are bad or vice versa.
You should also be aware that a creditor may use just one of the reports or they may use all three of the reports to make a decision.
No matter what you will need to clean up all three of the reports as much as you can. There will be things that you will not be able to change and there are ways to deal with those and then there are the things that you can dispute and you should concentrate on those.
If there is any erroneous information on your report then you need to get that removed. Anything that is not yours or is incorrect for any reason needs to be disputed as soon as possible. The bureaus will have 30 to 45 days from the date of your dispute to prove that the information is true and accurate. If they are not able to do so then they will have to remove it from your account.
You also have the option to speak with the original creditor and ask them to remove the information.
If they say that they will remove it then make sure that you follow up to make sure that they followed through. Since it is not a priority for them it would be easy for them to overlook it but it is a priority for you so make sure that they follow through on their promises.
Taking the steps to repair your credit can be a slow and tedious process. It may take much longer than you anticipated to get the results that you want but it can be done and once the process is completed you can breath easier when it comes to your financial life.
Along with repairing your past it is absolutely crucial to make sure that you are not accruing any more bad information. That means living completely within your means and avoid using more credit. Make sure that your payments are made on time, every time and try not to use any more cards or loans than is really necessary.
You should also do what you can to pay down your debts as much as possible. One deciding factor in scores is the debt to available credit ratio. Make sure that you have not borrowed more than 15 to 35% of your available line of credit to ensure the highest scores.
Kevin Lynch writes on many subjects including credit repair. You can find more information about repairing your credit at his site CreditExert.com
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Question by LeAnn: Have you ever been approved auto financing from a bad credit auto financing website? ?
Which website was it? How bad was your credit? Our car was totaled and insurance paid it off. My husband has horrible credit and hasn’t been approved anywhere. I have very little credit and also haven’t been approved. I desperately need a vehicle.
Best answer:
Answer by melville248
Even with bad credit you still have a good chance of getting a car loan as long as you have a steady job.
You have to be very careful will whom you choose on-line. Please look at the following site, they are special finance specialist. I know you can get all your questions answered and even apply for a loan if you choose. Good Luck!
www.autocreditexpress.com
Know better? Leave your own answer in the comments!
If you can’t get a co-signer or borrow money from family/friends, you may have only one choice — a buy-here-pay-here used car dealer who finances his own loans. They specialize in people with bad credit.
However……….you should know what you’re getting into if that if your choice. BHPH dealers sell cars that are overpriced, may require a high down payment, charge the highest interest rate allowed by your state usary laws, will put you on a strict weekly or biweekly payment plan, and will put a starter interrupter device on the car (and maybe a GPS locator). If you are late with one payment by one day, the car will not start. If you miss a payment, the car is immediately repossessed and put back on the sale lot. You may or may not still owe them money at that point.
If you go with a BHPH dealer, check them out with your local Better Business Bureau (they have a web site), know the real value of the car (www.kbb.com or http://www.nadaguides.com), and get a CarFax vehicle history report — and make ALL your payments on time.
Good luck.