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Tag: build credit

How to Improve Your Credit Rating – 5 Easy Steps

How to Improve Your Credit Rating – Follow Just 5 Easy Steps

Credit scores are like report cards for grown-ups. This is a three-digit grade which signifies a person’s creditworthiness towards banks, insurance companies, landlords, lenders and even to some car loaners. These are mostly used by loan companies to help them determine whether or not you are a good risk and if you are likely to repay any loan taken out. Whether you are buying a car, renting an apartment or taking a loan, you need to make sure that your credit score is at its best. One has to build a great credit history to pass for a good credit. Unfortunately, there is no magic trick that can pump up your score by a certain number of points. Building a good credit takes time and good habits. However, there are few things that can do raise the score of your credit. These are:

Step 1: Check your credit report

Check your credit report to see exactly which place needs improvement. Do your debt utilizations too high or did you missed payments? Tackle your dues first, request a free copy of your credit report and check the errors. Check the reports for errors and fraudulent accounts as well. If something is incorrect, dispute with credit bureau. This could helps increase your credit report a bump higher.

Step 2: Pay Off Debt

Reducing the overall debt is an effective way to jack up your credit score. Reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. Stop use of your credit cards, ask for funds from friends or relatives and clear your debts. Check your recent credit card statement to make a list of your debt and interest rated on that. Secondly, you must give prime focus to credit utilization, as it will help you measure the amount of debt. Create a plan, evaluate your expenses and reduce your debt to improve your credit utilization portion.

Step 3: Fix your collection accounts

Collection stays for a long time on the credit bureau, and even you forgot about their first position! This is the very aspect that can have a harsh effect on your credit score. So, check it, fix it and get rid as soon as possible. Get in touch with credit bureau and the party to resolve the issues and have a fair report. This will eventually increase your credit score and prove you to be liable for any loan.

Step 4: Build good credit by following guideline

Moneylenders or bankers check the credit score to find out your financial faithfulness Therefore, maintain good credit habit to improve your score and prove credible.

  • Make your payments on time.
  • Keep your old account open.
  • Lower your balance on credit card.
  • Set-up payment reminders.
  • Use your card regularly
  • Annually check your credit reports.
  • Avoid applying for new credit cards

Step 5: Get a secured credit card

Get a secured credit card to quickly build a payment history. These cards are backed by cash depositing that is parallel to the limit of credit. You could easily get the approval, as money already their in your account. Double-check to ensure that the card is truly a credit card. Although, unsecured card carries more positive weight than a secured one. You could easily upgrade the secured card into an unsecured one after few months. This would sincerely give a boost to your credit score.

Summary:  How to improve your credit rating

Follow the steps listed above, and build a credit score which you were missing. These 5 tips will give this impression to financial institution, and therefore increase your chance of borrowing. But, you have to keep patience, as it cannot be achieved overnight.

Financing Bad Credit – What does Lucky’s Auto Credit Do?

Financing Bad Credit

Financing Bad Credit is our specialty. Our programs are designed to help people with credit problems such as bankruptcy, no credit or bad credit get reliable transportation and a car loan, at payment and terms they can afford. Most car dealerships cannot lend to you if you have these types of issues, or they require a very high (50% or more) down payment on the car. We have some of the lowest down payments available and one of the easiest loan approval processes. Just bring in your Utah driver’s license, pay stubs, and proof of address (power or gas bill) to one of our car dealerships and a friendly, no-pressure sales person will help set up a plan for you.

We Can Help

We’ve helped thousands in Utah get the SUV, car, minivan or truck they want. We can help you get a car today! Apply Now to set up an appointment with one of our friendly sales representatives. Our #1 goal is to set you up in a plan and car you can afford with your income and budget to ensure you’re successful in the purchase and payoff of your car.

Summary:  Financing Bad Credit

We know the pains of qualifying for a loan when you have credit issues.  We’re not here to judge you, We’ll  treat you with the respect and candor you deserve.  The program is very simple and only takes a few minutes to see what plan you qualify for.  If you can’t afford one of our cars due to payments higher than you can afford, we’ll tell you what it will take to be able to afford it!

 

Why Do I Have a Bad Credit? And, How do I fix it.

Why Do I Have a Bad Credit?

You work hard to make sure that your credit score remain high, right! Unfortunately, all your hard work could be hurt by seemingly small things that could give a big impact on your credit history. From parking ticket to auto loans, irresponsibility could take down your credit score. Credit score is a tricky thing and some harmful action or behaviors can terribly impact your credit. Having a blemished credit history is likely to mean you are turned down when you apply for car loans or borrowing money, giving rise to think that your credit is blacklisted or bad credit rating. By understanding the biggest mistake determine or reduce problems that might affect your credit. Here are some of them:

Making late payments

Your credit history accounts 35% of your credit score. Late payments records hamper your ability to finance major purchases such as a car as much as a personal credit history full of mistakes. So, if you fail to make debt repayments on time, it will show a red flag to credit agencies.

Closing card account

Closing credit accounts is a bad idea to boost credit scores. A closed credit account will fall of your credit report sooner than later. The positive history associated with a account is removed from the credit report, if the account is closed. Credit history counts for 15% of FICO score. So, the one with younger credit are more risky then consumers with older history.

Over utilization of your available credit card limit

If you wish to establish a bad credit, charge your credit upto their limit and keep them there. Apparently not, because high balance on your credit cards takes your credit score down. The credit score is based on ratio of total, debt to total available credit. Your credit balance goes up, your credit score goes down. So, try your best reduce the percentage and pay them down as much as possible.

Error in credit report

Mistake on your credit report, which lenders check is an important part of credit score process. If there is some error in credit report related to debt or dues that does not apply on you then report the reference agency immediately. If you spot some case of fraud in your name without your acknowledgement then report to get investigated and removed.

Filling bankruptcy

Last but not the least, Bankruptcy is an undisputed champion in destroying an excellent credit rating. This undeniable one of the worst thing, which can cause a lose of 200points in credit score. It may take 10 years to fall from your report, but the impact will lessen over the time. Filling bankruptcy is like pushing a financial reset button. This is an important decision and needs precise concern and information. Take helpful suggestion before filling one.

If you see anything on the list you know you’re guilty of? Start taking necessary steps to properly address the problem as soon as possible. Be consistent in paying down bills and debt on-time and create a clean bill of credit.

Does a Car Loan Help My Credit?

Does a Car Loan Help My Credit?

You would have probably heard about how a car loan can actually help you in increasing your credit history. But, you must be wondering, ‘Does a car loan help my credit?’ Well, we will try to provide an answer for this question below. Yes, if you are trying to improve the credit health of yours, after facing a bankruptcy, or are just trying to get started as a borrower, taking car loans, and repayment of these loans can help in building up your credit score. Well, we give some details regarding the car credit, and how these are helpful:

Does a Car Loan Help My Credit? – Reasons

    • Auto loans are paid back in instalments. When the lenders and the credit bureaus check the credit history of a person, they like to see a good mix of revolving credit and instalment loans. The revolving loans include the home equity loans, and the credit cards. And, the instalment loans include the auto loans, mortgages, and the student loans. Auto loans is one of the easiest kind of loans, and you will be eligible for a good credit history.
    • Refinancing of auto loans is easy. If you are a borrower without credit history, you will have to pay the premium for the car loan. And, the interest rate could be high, too. But, after you make the payments on time, for about one or two years, you would be able to refinance the car loan at a lower rate of interest.
    • Flexible car loan repayments: Early payment of loans might invite penalties, but other than that, the car loan payments are quite flexible. And, if the monthly instalment for the car is low, you can also plan to make double payments, or extra payments, whenever you feel that you have the liquidity. When you are able to make the payments faster, it can reduce your interest burden, and can also help in boosting the credit score.

    These were some of the reasons for taking up a car loan. Hope these answers were satisfactory, and helped you in finding the answers for ‘Does a car loan help my credit?’ Taking a car loan is definitely a good and easy way for boosting the credit history. It is not only easy, but is also quite flexible and affordable. You can drive your way to a good credit history, by purchasing a car with car loans.

What is a Credit Report?

What is a Credit Report?

Like most people, you might ask yourself, “What is a Credit Report?” If you are trying to purchase a vehicle, you probably heard about a credit report at some point. At most dealerships, your credit report comes into play when making such large purchases. Since it is such a large part of your life, you should know what it is all about and what you can do to improve it. Knowing this will help you to take control of your finances.

A credit report is a report of your credit history and credit activity. It will tell people about activity related to your credit, such as things that have gone unpaid. If it is connected to your credit, it is on your credit report. This is important for lenders since they deal directly with money. They will look at a credit report to determine your trustworthiness. If your credit does not look good to them, they may not want to lend you any money. For vehicles, this means that you cannot receive any financing. With traditional lenders, there is no way around this when you have bad credit.

There is less chance of approval for vehicles, homes, and other major expenses if you have poor credit. The major lenders will not want to give you money if they feel you cannot pay it back. To change this situation, you will have to begin building your credit. Since there are three bureaus, you must look at each of them. One good idea is to go to a location that does not base your approval on  your credit but still gives you access to major purchases. This will help you to get what you want, such as a vehicle, without you having to worry about your credit report. With regular payments, and if the company reports to the credit bureaus, you can also see your credit improve.

Next time you find yourself wondering, “What is a Credit Report?” just remember your credit. Anything connected to your credit history is part of your credit. The better your credit history, the better your credit report and score will be. A good credit score will help you to finance many of the larger expenses that you need.

If you do have bad credit, read this to get ideas on how to rebuild your credit.

How to Budget – 5 Easy Steps

How to Budget – 5 Easy Steps

Due to the ever increasing lifestyles that we lead, it is sometimes important to become a little frugal, and follow budgets. Following a budget can help in purchasing some dream object, which has been on our priority list. Well, we give below budgeting 5 easy steps, which can make you a frugal spender. It is very important to have a control on how much we spend, as compared to how much we earn. Some percentage of the total income should be saved so that you get closer to your dream:

Budgeting – 5 Easy Steps

  1. Evaluate the income: What is the income that you are earning? Create an excel file with all the sources of income, and enter the interest rates, rental income, and any other income.
  2. Calculate the expenses: Well, this is a difficult part. While we can track our income sources, expenses come in many forms. So, jot down all the fixed expenses that you incur every month. These would include car loan payments, rent, insurance policies, school fees, and other things. After that, include the variable expenses, like gas, food, entertainment, etc. Also, include other expenses, like car maintenance, gifts, taxes, and other things. Once you have the hang of your total expense, deduct it from the total income. This will give an alert to you about whether you are on an overspending spree, or a thrifty spender. It will also give you an idea about where you can cut down the expenses.
  3. Avoid wasteful expenditure: When you get a hang of your expenses, you can cut down wherever you can. It would be good to analyse and categorize the expenses into necessities and luxuries. Of course, you cannot avoid the necessities, but can definitely cut down on the luxuries.
  4. Have a good savings in your account: The job scene is quite unpredictable these days. So, one should save enough money to tide through the difficult times. If you have a good amount of money in your savings account, you would be able to get through the difficult period, even when you are switching jobs.
  5. Stick to your budget: This is easier said than done. But, when one looks at the big picture and the future rewards, this becomes an easier task.

Following these budgeting 5 easy steps will ensure that you lead a comfortable life, and are prepared to face all future calamities, as well.

Used Cars & Trucks in Utah: Makes and Models

Resources:

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Acura
Audi
Buick
Cadillac
Chevrolet
Chrysler
Dodge
Ford
GMC
Honda
Hyundai
Infiniti
Jeep
Kia
Land Rover
Lexus
Lincoln
Mazda
Mercury
Nissan
Pontiac
Saab
Saturn
Subaru
Suzuki
Toyota
Volkswagen


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No information contained herein can be relied upon as legal, tax or any other type of professional advice. It is for general informational purposes only and does not apply to your particular set of circumstances.
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