Credit Score First Aid
Credit Score First Aid
Ideally, we’d all love to have a perfect credit score — especially when it’s time to look at new cars. No matter how scrupulous you are, though, mistakes can happen. Maybe you made a slight miscalculation about your outgoings and incomings; maybe your bank made an error; maybe there was a glitch in an automated payment somewhere. Your credit score can take hits for all sorts of reasons and you might not even know about them until you try to finance a new car. Ironically, you may also have a bad credit score if you’ve never had a credit card or taken out a loan in your life. Finance companies like to see a record of responsible borrowing before they’ll give you a loan, leading to a difficult “Catch 22” situation.
Credit score first aid
It can be a nasty shock to find out that your credit score is not all it could be — especially if that score is standing between you and a new car. Fortunately, it’s still possible to pay for new cars even if your credit is weak. There are steps you can take to repair your credit rating or build a better one from scratch. In some cases, the strikes against your credit score can be removed and you can start fresh. In others, it may be necessary to work a little harder.
Step one: Order your credit reports.
This is often the hardest part, as nobody likes to get bad news. Contact the agency that collects credit information in your region and ask them to send you your credit report.
Step two: remove negative comments.
Now you have the information at hand, you can begin to address any strikes against your name. Contact the creditors responsible for the negative comments and see if you can get them removed. Many creditors are quite happy to do this if the debt is paid down. Check for any errors and try to get these corrected.
Step three: improve the ratio between your available credit and the amount you owe.
You can do this by increasing your credit limit or, if that’s not feasible, paying down some of what you owe. If you have a credit card, try getting the limit raised or clearing some of the outstanding debt on that card.
Step four: obtain credit and clear it regularly.
This is time-consuming but will help. Take out a new credit card and use it for some of your usual expenses, then pay it down on schedule. It might take some time to build up enough financial clout to start looking at the new cars you want but you’ll get there eventually.
Step five: get expert help.
If all this is just too daunting, enlist the help of a credit repair agency. Technically you could do all this work yourself but for many of us there just aren’t enough hours in the day. Expert credit repair is just a step away. Please Click Here For More Information.