Archive for credit building
Finding the right Auto Loan for you
Posted by: | CommentsFinding the right auto loan for you
When you buy a car, the two things the dealer is going to show you:
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Most likely the most expensive cars in your price range
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The financing to purchase the car
When the dealer shows you the financing package it would be based on how much you put down and your credit score. The more you put down the lower the interest rate (because the dealer is taking less of a risk). The higher your credit score, the lower your interest rate as well. At one time my credit score was bad and I had to pay 29 percent interest.
When you choose the financing package offered to you, you want to make sure that you can afford it. The higher amount of money you put down the lower your monthly payment would be. The longer of a time period you have to pay it off, the lower the payment. The higher your credit score, the lower the monthly payment would be.
Another tactic is to negotiate the loan. Just like buying a car, try to stretch out the loan payment or the interest on the deal. You always wanted to start off at a lower number that makes you look serious. For example, on the 29 percent interest, I probably should start off at 20 percent work my way up to what the lender wanted.
Another tactic, is to refinance to a lower interest rate in about 6 months to a year, only if you are making on time payments.You can always go to another lender or through your bank. The next lender wins because you are showing you can pay it on time, without any trouble and plus, you would pay off some of the principal.
No matter what interest payment is the most important factor is being able to afford it, now
Possibly Related Posts:
- The Free Credit Report Scam
- Getting an Auto Loan with bad credit
- How to Improve your Score in 3 easy ways
The Free Credit Report Scam
Posted by: | CommentsThe free credit report scam
Every person in America has the right to check their free annual credit report at least once a year, which became law in 2005.
Some companies will give you a free credit report but in the fine print it will say, that you have to pay every month unless you cancel. They will give you a free 30 day trial, then after that, they will deduct money from your credit card. You can cancel, but because most people lives are busy, they forget.
These companies will ask you for your credit card. The one that is put out by the government is Annualcreditreport.com and it is the only official site by the government. A lot of companies website names are to confuse a person, they are close to the one above.
The only catch to the free government site is that it would not contain your credit scores. It is there just to show you, any inaccurate information on your credit reports or if you are a victim of identity theft.
Possibly Related Posts:
- Finding the right Auto Loan for you
- Getting an Auto Loan with bad credit
- How to Improve your Score in 3 easy ways
Getting an Auto Loan with bad credit
Posted by: | CommentsGetting a cheaper auto loan even with bad credit.
A person with bad credit score, would probably settle for any loan that comes their way, just like I did. I got tired of getting turned down, so I pretty much settle with the first person that approved me. I ending paying 29 percent interest (way more than a credit card).
The best is of course through family and friends. Usually they do not require a credit check, but this could put a serious strain on your friendship with them.
The other way is of course is through your bank, but with the credit crunch banks are more hesitant of giving credit to people with bad credit.
A third option is of course is through the internet. You can find some great deals through the internet, if you look hard enough. The problem with this option of course is fraud.
The last way is through the dealership itself, but be prepared to pay a higher interest rate.
Possibly Related Posts:
- Finding the right Auto Loan for you
- The Free Credit Report Scam
- How to Improve your Score in 3 easy ways
How to Improve your Score in 3 easy ways
Posted by: | CommentsHow to improve your score in 3 easy ways
The first step is to your free credit report. You want to go through and look for any inaccurate information. You really do not want to pay money for your first one. The government allows you to get a free credit report once a year at https://www.annualcreditreport.com/cra/index.jsp. You should also see the credit report scam.
The second step is to pay off any old account in which you are delinquent. You want to sett up a budget plan that would allow you to pay off your debt. If you have a huge debt compared to your income, it is going to take awhile, but stick with it and any extra money that you get should go to pay off your debt.
The third step is of course do not get any extra debt. My advice is to cut up your cards for the time being until you catch up on your payments. You do not have to cancel your credit cards, but you want to take away the temptation of using your cards. Then when the times comes you can reorder your cards, which probably go for 30-50 dollars just to get a replacement card.
The fourth step is setup a budget. A great budget system is needed please see 4 basic steps to a budget. Without a budget you would never know where your money is going.
Possibly Related Posts:
- Finding the right Auto Loan for you
- The Free Credit Report Scam
- Getting an Auto Loan with bad credit