Auto loan, bad credit
Should you arrange for private auto loan financing when you have bad credit? The simple answer is yes if you want to save money. Relying on dealership financing makes you the victim of high rates and limits your car buying options. By securing your car financing before you shop for a car, you get the chance to find the best available car loan. Not only that but you are free to negotiate the best price for that car. Car dealers will not only give you the worst possible terms but they will sell you additional options. like car warrantee, windows etching and GPS tracking that will cost you thousands. They will tell you that these options are mandatory from the lender but it is not true. Even if you do go with car dealer financing, you can refuse them.
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Increase your credit score by as much as 100 points in 30 days or less
Most negative items on your Credit Report stay for as long as seven years. One bad decision that takes a second to make, will affect your credit rating for the next 7 years. Having a high credit score will allow you to get better terms from your lenders. Let me elaborate, better terms mean lower interest rates, no signup fees, no security deposits. It means more money in your pocket.
$200K mortgage will cost you over $100 per month for each percentage point. So the difference between 2.5% interest on a mortgage and 7.5% interest in a mortgage is $500 every month. In addition to that with the lower credit score, you may have to pay items like Application Fee, Transfer Fee, Brokerage fees, Title insurance fees and more and more. These fees are usually waved for high credit score borrowers since most of these fees are bullshit anyway.
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Poor credit score report cost you money.
The credit score is the most important part of your credit report. Many lenders rely solely on your credit score without going into details. Having a good credit score will not only open the door for more choice for your credit needs but will also give you better terms like lower interest rates and no fees.
Your credit score is calculated by taking into account many aspects of your credit history. The exact formula differs between the major credit reporting agencies however the list below is a good guide to why your credit score is low and how to improve it.
Many items that affect your credit score can be fixed easily as soon as 30 days but many may take as long as 6 and even 7 years depending on where you leave.
In this article, we will cover the most common items that affect your credit score. Knowing how the credit scoring formulas work will help you to improve your credit score and keep it high.
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