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Auto Loans with Bad Credit
Certain types of loans are very hard to get approved for if you
have bad credit. For example, if you have poor credit, getting
approved for an unsecured loan or unsecured line of credit is
out of the question.
However, there are also types...
Getting the Loan You Need with Adverse Credit
For those individuals who have had credit problems in the past,
getting a loan for something that they need can seem like a
nearly impossible dream. After all, what lender is going to give
money to someone that's had problems repaying loans or...
Lawyers are not always a Solution for Credit Repair and Credit Building
Lawyers often charge high fees to help individuals get out of
debt. Credit repair clinics are available to assist individuals
with debt relief, but only the absolute desperate would even
consider these types of solutions. So, if this is not...
Protecting Your Credit During Divorce
Q: My spouse and I are divorcing, and share a number of joint credit accounts. In deciding how to deal with these accounts, we've discussed his paying at least some of them off as part of our settlement agreement since he earns more than I do....
Student Credit Cards 101
Almost all students have and use student credit cards. Some of the students use them wisely and build for them an early credit history but others accumulate lots of debts that would have to be paid off once the student life is over. Students that...
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Credit Building Strategies
IF you are attempting to build your credit there are many
strategies we can look at to help you get started. If you have
no credit, bad credit or good credit, building credit is
important since regardless of your situation, you do not want to
go down.
Strategies for Building Credit:
If you do not have any credit at all, you will need to start
somewhere. One strategy for building credit is to apply for a
credit card or a personal loan and ask your family members or
friends to co-sign the application. Once you have opened an
account, make sure you meet all monthly obligations, since if
you miss any payments at all your co-signer is responsible. If
you do not have a credit history, you might want to opt for
credit cards issued by gas stations, or else open an account
with a department store. These cards are relatively easy to get
hold of, and it helps you to build credit. After you established
some line of credit, make your payments faithfully and after
about six months you will be entitled to more credit. It is not
recommended, but if you have a personal loan and still paying
after six months, you might want to take out a loan to repay
this loan and start payment on the other loan. I recommend this
since it can free the co-signer from responsibility. Never take
out more than you need when applying for a loan and always check
the interest rates and upfront fees to avoid overpaying.
Bad Credit Strategy
If you have bad credit and want to restore or build your credit,
you must first start by sending for copies of your credit
reports. The reports are free once per year and can be obtained
by TransUnion, Equifax and Experian. After you have reviewed
your reports make sure no activities are listed against you that
is not your own. If you notice, any actions on your report
immediately write the three bureaus and ask for an
investigation. Once you have disputed your report, the next step
is knocking down each account until your credit is clear. If you
are struggling with money, you
might want to knock out the
secured debts first and then work through the unsecured debts.
It may take some time but you will see results after your debts
are paid in full.
A great strategy for those of us in debt is to save money each
month and apply it to our dues. If you are spending money, for
entertainment give it up for now and get out of debt. Many
things in life are free of charge and often fun and exciting.
Remember when you make sacrifices something rewarding always
returns. Another helpful strategy is pulling out all your
resources.
If you have skills, you might want to open a small business and
use those skills to the fullest. You will make money and build
your credit. Killing many birds with one stone is the saying
that works best when you learn what it means. It is also wise to
cut back on expenses when you owe are your credit is bad. If you
are spending money you do not have, it is only sending you
backwards. There are many strategies for getting back on your
feet again. One great strategy is to avoid missing car payments.
Good Credit Scores
Finally, if you have a good credit score you want to strategize
to maintain this score or else elevate the score. If your credit
is good, you want to continue the budget that is obviously
working and work toward increasing your income to make sure you
meet all payments each month. The last thing you need to do is
apply for additional lines of credit if you already have credit
established. Payoff what you owe now and buy what you want
later. One of the biggest mistakes many of us make is taking for
granted our situation. If we have a lot of money and a great
line of credit, we often go on spending binges. This is
ludicrous and is a defected strategy that buries us in
quicksand.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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| News and resource directory about credit unions. |
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| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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