The Quickest Way to Raise Your Credit Score
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 unsteady living situation then you’ll probably have a much lower credit score. You’ll also have much higher interest rates and it will be very hard for you to secure a car loan. This doesn’t mean its the end of the line or that you’re a bad person. It just means you need a little help getting out of your situation.
How to Rebuild Credit Fast
The fastest way to rebuild credit is to borrow money, but it’s difficult to borrow money when your payment history has been compromised. However, you can get a boost in your credit profile and credit score by financing a car – even with bad credit. The best place to go to get financed with bad credit is a special finance car dealership called buy here pay here. This type of auto dealership can help good people with bad credit get financed for a car loan. All credit types are welcome and most of the time they accept people with repossessions, foreclosures, bankruptcy, missed payments, outstanding medical bills or low down payments.
To qualify all you need is bad credit, no credit or are a first time buyer. If you fall into any of these categories you can finance a car through a buy here pay here dealership. There are several of these car lots located in and around the Denver area such as Lakewood, Aurora, Thornton, Englewood, Littleton and Longmont. Not all of them are good or will work with every type of bad credit situation. You’ll have to make sure to do your research first.
Will They Rebuild My Credit?
The most important thing to make sure they do is report your payments to all three major credit bureaus. If they don’t do that it’s probably not a good idea to buy from them because you won’t be able to build your credit. Financing from a buy here pay here who doesn’t report payments may not be worth it to work with. You can’t get your credit score higher unless your payments get reported.
The loans at these dealerships are short term, which means you’ll lose less money when you sell your car down the line. Most of them are 3 years or less. A quick 3 year loan can add a much needed boost to your credit score as you pay down the rest of your bills. By the time you’re done paying down your car loan and your bills you could have a much higher credit score than when you first started. This will result in lower car payments and lower interest rates on your next car. You’ll also be able to get a loan on a house.
Get Help Rebuilding Credit after Bankruptcy
If you have any questions on how this special auto financing works or if we can help you get financed, give us a call at 303-623-1926 and learn more about how to rebuild credit after bankruptcy and other serious credit problems.