Filing for bankruptcy can take a real toll, but it is actually possible to rebuild your credit if you take certain steps and proceed wisely. You’ll have to wait until you receive your “bankruptcy discharge”, the document that officially clears you from your bankrupt status, as this is the document most potential lenders will want to see before they agree to give you a loan. Once you have your discharge, you can then begin on the road to healthy credit.
Here are 5 ways to rebuild credit after bankruptcy:
Step 1: Acquire Secured Credit Cards. It may be easier for individuals who have filed for bankruptcy to qualify for a secured credit card. To get a secured card you simply deposit a set amount into a savings account and the loan is drawn against that account, for the same exact amount. That way the bank or credit union is guaranteed that you have the money to pay it off. The minimum and maximum deposit amounts will vary from one bank to another but you can often start out on one level and be upgraded to another after severa [...]
When you have bad or no credit, life is more expensive. It’s as simple as that.
Whether it’s good or bad, companies use your financial history to determine whether or not they should offer you a loan. Even worse, some companies will check your credit when you apply for a job and insurance companies will use your score to determine how much you pay for insurance.
Why Should I Fix My Credit?
When applying for a loan, the better your payment history is, the lower your interest rate will be. The lower your interest rate, the less you have to put down on a vehicle and the longer they will allow you to pay back that loan. So, learning how to fix your credit and maintaining good payment history is a valuable lifelong tool.
Here are 3 reasons you should learn how to fix bad credit today:
Do you remember back in high school how there was a grade scale?
100-90 was an A
90-80 was a B
80-70 was a C
70-60 was a D
Below 50 was an F
Well that’s in many ways like your credit score. It has levels of great, good, fair, and completely bad.
Great Credit: 850-760
Good Credit: 760-680
Fair Credit: 680-620
Bad Credit: Below 620
So in a way you are still being graded, but instead of tests and papers, you’re being graded on how you spend your money. Doesn’t that financial class sound more and more like a good idea to have taken instead of skipping it? Yeah I know it was a boring class! But finding out how to manage your money would have been probably the most useful class to have taken throughout your high school years.
With bad credit there are so many things you can miss out on because
Just getting out into the world after graduating from high school can be difficult. You want to get out of your parents house, you want to build independence and not have anyone telling you what to do. It all sounds so fantastic, doesn’t it? Well that kind of freedom comes with just as many chains as living with your parents. Many teens forget that there are bills to be paid and responsibilities increase exponentially. One of those several responsibilities is your credit score. It’s not something many people learn about in school so they don’t know that at 18 just getting out of school that you have no financing history at all and that having no financial past makes it hard to start out. Here are some tips on how to increase your credit score.
The credit you hold is what determines what loans you can get, if any. Banks, auto dealerships, insurance
Unless you live in a place where the public transportation is top notch, you need a vehicle, especially if you have a family to support. Luckily for those of us who live in Denver, Lakewood, or Aurora we have light rail access. Gas prices are also plummeting so it will be easier for people to save up money to buy an auto, truck or SUV.
Car Loan for Bad Credit?
Just because you have more disposable income doesn’t mean that you should spend it. The good news is that if you have a damaged payment history and little cash down you can still get financed for a vehicle depending on what used auto dealership you end up going to. There are some bad credit car dealers to choose from in the Aurora, Denver and Lakewood area that will fit your needs.
If you’re buying a car with bad credit, no credit, baby credit or other credit issues and need an auto loan today we can help you get started. At Econo Auto Sales our program is stability-based. Your credit score doesn’t matter in this scenario.
How to Buy a Car with Bad Credit
To get a car loan with bad credit, you only need to bring three things:
Your down payment in cash (or credit card or certified funds)
Proof of income (recent paystubs)
Your drivers license
That’s it! Our financing program is fast and oftentimes you can drive off the car lot in under 2 hours. If you have any type of credit issues our program can help you get back on the right path to fixing them. Once you’ve established payment history with us, an outside company can buy your loan from
If you’re in a bad credit situation then there is a solution to your auto financing needs. All you need to do is find the right used car dealership. Not every auto dealer is a good place to go. There are certain parameters you need to look for. It’s the same as when companies use parameters to approve you for an auto loan.
The best thing about financing a car from a bad credit car dealer in your city is that they can also rebuild your credit profile. Find the bad credit dealerships that report your payments to all three major credit bureaus. Not all of them do it but the ones that do are the best ones to go to.
Bad credit auto financing has been around for a long time but has recently just picked up due to a bad economy. Millions of people fell into bad credit situations and need help getting
If you’re in a bad credit situation or haven’t had the opportunity to rebuild your credit history, then there is a solution. The biggest purchases you will ever make in your lifetime are a home and a car. Most people have to take out a loan to buy either, and if you’re in a bad credit situation it can be next to impossible to get financed for a car at a regular dealership.
Bad Credit Auto Financing to Rebuild
There is a way to not only get auto financing with bad credit but to also rebuild your credit profile. The solution is to buy and finance a car. Certain dealers will finance people in a bad credit situation and report your payments to all three major credit agencies. This was not standard practice in the past and it really isn’t standard practice today either. You have to find which ones do this and which ones
If you’re fresh out of school and on your way to college than often times you don’t have any established credit. This can work against you when you’re buying a car but may also need one wherever you may be going. Most campuses are centrally located and everything you need is right there in and around your dorm room.
When you don’t have any established credit history it may be tough for you to get an auto loan. If you don’t have a job it can be next to impossible. You still have a few options though as you adjust to your new life on campus.
1. At 18 years old most people don’t even understand what credit history is. Most of our parents have never taught us anything and the school systems don’t either. There are two big purchases you’ll make over your life time. One
If you have a low credit score and have to pay more on interest and monthly payments there’s a way to fix it. The two largest purchases in your life are a house and a car. Because they cost so much money most people have to take out loans and pay them off. How companies determine loaning money out to people has to do with their credit score and credit profile. Your credit profile is determined by how well you manage all your accounts and bills. If you pay your bills on time and have a steady job and steady living situation you will have a solid credit score and won’t have any problem getting a car loan.
If you have missed a lot of payments, switch jobs a lot and have an uns [...]