Tag Archives: credit repair

Fighting Back Against Bad Credit

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So you have poor credit.  It may seem like a mountain and is definitely  difficult thing to have, but that doesn’t mean that you will be unable to get an auto loan.  Most people seem to think that having bad credit is the end, to curl up on the bed and give up.  What most people don’t realize is that even with bad credit, you can get an auto loan.  An auto loan that can lead you to being able to fix your credit situation.

What needs to happen is action on your own behalf.  You need to start taking the steps to fixing your credit problems and an auto loan is a great way to get started.  The process to get started is with your credit report.

As with all credit issues, accurate reporting on your credit report is key.  You are able to get your credit report from the three major companies, Experian, Equifax, and Transunion, once a year and you should.  Those documents are so vital and most people don’t realize it.  Comb over it and look for any and all discrepancies and make note of them no matter how minor.  Once you’ve found them all, time to get them removed.

It is easier said than done.  It may take multiple letters and will take time, but it is worth it.  Getting any and all errors removed may show that your credit is not as bad as it seems.

Having poor credit is not a jail sentence, it is a wake-up call.  Should you need to get something like an auto loan for a car that you need, knowing you have bad credit is the first step in getting it resolved.

If you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at  Approved Loan Store.  Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Subprime Credit Auto Loans Up 16 Percent in United States

ID-100108208Across the country, auto loans have reached a six-year high with a significant increase in auto loans for consumers with sub-prime credit.

New loans for consumers with credit scores between 621 and 660 went up 16 percent in the second quarter of 2013, and auto loans origination overall went up 11 percent during that time. Auto loans for consumers with subprime credit during that time came out to a staggering $12.1 billion, and many lenders are showing more flexibility with the length of the loan.

If you have been holding off on buying a new car because you’re worried about your credit, now is the time to give Approved Loan Store a call. There are options available for people of all credit situations, and we will help you sort out what is the best option for you!

The process is simple. Fill out our secure online auto loan application, and one of our representatives will contact you in the next 48 hours. We will review your information, see if you qualify for one of our programs, and then set you up with an appointment with one of our special finance representatives at an Approved Loan Store location nearest you! The special finance representative will help you with financing terms you can afford and get you into a car, often all in the same day!

Are you finally ready to get into a great new or used car? Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Auto Loan FAQ: What is Bringing Down My Credit Score?

ID-10042964At Approved Loan Store, we work with a wide range of customers every day. For some of them, they have gone through the car buying process before, and this is their second or third car. For others, however, we are helping them purchase their first car. Buying your first car with good credit can be intimidating, but buying your first car with poor credit or no credit can be downright frustrating. Over the next few weeks, we will answer some of our most-asked questions here on the blog, and we encourage our readers to comment below with any other questions you would like us to address!

Question: I just looked at my credit score for the first time in, well, forever! Wow, I didn’t expect it to be that low! I pulled a free copy of my credit report, but after looking over it, I realized that I don’t know what I should be looking for. What accounts on my credit report are bringing down my credit score?

Answer: First off, here is a tip for reading your credit report. Your credit report is basically a compilation of your lines of credit, both open and closed, and a detailed account of your payment history on each account. The first thing you want to do before worrying about late payments, charge-offs, etc. is to review the list of accounts and see if anything doesn’t look familiar. Identity theft is more common than you might think, and your score could be low because someone opened accounts in your name. If you don’t recognize an account, it is important to start the dispute process with the credit bureaus immediately either on your own or with a professional company like My Credit Specialist.

If all of your accounts check out, the next step is to look over your payment history. Were you 30 or 60 days late on your credit card? Also, don’t forget to look at the status of the account. Typical status descriptions include “In Good Standing,” “Open,” “Closed,” or “Charged Off.” The best possible status for an account is open and in good standing. Closing an account like a credit card can actually hurt your credit score because you have less available credit, raising your credit utilization. You can read more about credit utilization and how it affects your credit score here (http://blog.approvedloanstore.com/2013/08/auto-loan-faq-how-is-my-credit-score-calculated/).

Finally, take a look over your accounts and find the oldest open account. Part of a person’s credit score is based on the length of their credit history. If your oldest account is only a few years old, the best way to improve that score is continuing to pay it on time, apply for other types of credit like an auto loan, and have patience.

Still have questions about credit and the Approved Loan Store program? Give us a call toll-free at 877-217-2217, or visit us online at www.ApprovedLoanStore.com. You can also get more car buying and credit tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of digitalart / FreeDigitalPhotos.net

Getting Approved: It’s Not Always About Credit

ID-100108265Want to hear the credit industry’s best-kept secret? It is possible to have a great credit score and still get turned down for an auto loan.

Every day at the Approved Loan Store, we work with customers who have been turned down for auto loans at other dealerships. Many of our customers have bad credit or no established credit, but there are some people who come to us with a good or great credit score and can’t get approved for an auto loan.

How is this possible? Most of the time, they have made their payments on time and maintained a low balance on their credit cards which explains their stellar credit score. Unfortunately, their credit reports lack variety and a long credit history. John Doe might have paid his credit card on time for 10 years, but if that credit card is the only account on his report, he probably won’t be approved for an auto loan. Jane Doe might have a couple of credit cards and her student loans listed on her report, but if those credit cards have only been open for a year, she isn’t likely to get approved either.

Yahoo! Contributor Jennifer Budd ran into this problem when she tried to trade in her 1997 Nissan Maxima for a new car. Despite her 737 credit score, she was denied by three different banks before finally getting an approval. She discovered that she was turned down because she only had one credit card listed on her report. While she should be commended for paying that card on time for over ten years, she needed more variety on her report.

Whatever your credit situation, Approved Loan Store wants to help YOU get into the car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Auto Loan FAQ: How Can I Pull My Credit Report?

ID-10042964At Approved Loan Store, we work with a wide range of customers every day. For some of them, they have gone through the car buying process before, and this is their second or third car. For others, however, we are helping them purchase their first car. Buying your first car with good credit can be intimidating, but buying your first car with poor credit or no credit can be downright frustrating. Over the next few weeks, we will answer some of our most-asked questions here on the blog, and we encourage our readers to comment below with any other questions you would like us to address!

Question: I have no idea what is on my credit report. How can I get a copy of my credit report?

Answer: The best and easiest way to get a copy of your credit report is through AnnualCreditReport.com. You can pull a free copy of your Equifax, Experian, and TransUnion credit reports, and if you want to view your credit score, they give you the option to purchase the score for a reasonable price.

Past delinquencies, unpaid accounts, and public records can all affect your credit health, and as a result, you might have to pay a higher interest rate than someone with a good or above-average credit score. Reviewing your credit report gives you the chance to catch any mistakes and set the proper expectations for yourself as you move forward in purchasing your vehicle. If your credit has suffered in the past, it might be a better idea to buy a lower-cost used car and make all payments on time. As you make your payments on time, you will establish a positive recent credit history, and then you can trade it in later for a new vehicle at a lower interest rate.

Still have questions about our program? Give us a call toll-free at 877-217-2217, or visit us online at www.ApprovedLoanStore.com. You can also get more car buying and credit tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of digitalart / FreeDigitalPhotos.net

Ford and Chrysler Shorten Shutdowns, Add More Jobs

Chrysler and FordGoing into summer 2013, Ford and Chrysler are working furiously to produce more of their most popular vehicles. In an effort to keep up with the high demand, both automakers have announced that they will keep more of their plants open throughout the summer.

Typically, Ford and Chrysler will shut down their plants at certain points during the summer. Ford has a two-week summer shutdown, and Chrysler will usually shut down plants for a week or so. This year, Ford is reducing the two-week shutdown to one week, and some of the Chrysler plants will run through the whole summer with no shutdown. Ford will also add approximately 3,500 hourly jobs to keep the plants open. During that time, Ford plans to produce an additional 40,000 units.

So far this year, sales have been very good for Chrysler and Ford. Ram Trucks had a 49.3 percent volume sales increase in April with 32,124 units, and Ford had a 17.7 percent increase with 204,969 units. It is likely that sales for pickup trucks and other sporting vehicles like SUVs will increase even more as the summer goes on, so it makes perfect sense to keep the plants open longer and hire more employees.

Are you looking to get into a new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

TransUnion: One-Third of Approved Auto Loans Are Subprime

With almost a third of all auto loans going to subprime buyers, it has never been easier to get an auto loan.

Figures from Experian and TransUnion, two of the 3 big credit bureaus, show that more people are getting approved for auto loans, and 32 percent of those auto loans are going to subprime borrowers. All these approvals for subprime borrowers have surprisingly not had an effect on the number of buyers who are delinquent 60 days or more on their payments. If anything, the rate has actually gone down from .94 percent in 2009 to .74 percent in 2012.

Industry insiders are attributing the low rate of delinquencies to consumers making their auto payments a higher priority. For many of these subprime borrowers, this is more than just buying a car. This is also a chance to rebuild their credit history and improve their credit score.

At Approved Loan Store, we work with customers every day who have a wide variety of credit standings. Some have stellar credit while others never established a credit history or they are struggling with subprime credit. We work with them to get a great car at terms they can afford, and we can do the same for you too!

Are you ready to get into a new or used car today? Get started by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Late Payments, Bad Credit: Car Buyers Beware!

At the Approved Loan Store, we work with people every day who have good credit, bad credit, and no credit alike. We understand that there are many people who have a low credit score but that they might have nothing to do with it. They could have been a victim of identity theft or maybe they agreed to co-sign on a loan and the other person skipped out on their payments. We thought we had heard it all until this story from the New York Times caught our attention.

Roslyn Hooley wrote into the New York Times column The Haggler with her credit horror story in hopes of bringing attention to her case. She purchased a used Mercedes back in 2011 and immediately set up electronic funds transfer for her auto loan payments. Everything seemed to be fine until December 2012 when a check was returned from M.B.F.S. In January, she received another returned check, and her account showed that the loan had already been paid off in October. Confused, she called up M.B.F.S. to find out what was going on. The car had been erroneously declared a loss from Hurricane Sandy. It is not clear if this was an insurer mistake or M.B.F.S.’s error, but after Hooley contacted M.B.F.S. about the error, she started getting hounded by a collection company who demanded that she pay them for those months, plus interest and late fees. To make matters worse, M.B.F.S. had reported those months as late payments to the credit bureaus, and Hooley’s credit took a hit.

Fortunately, The Haggler was able to reach out to M.B.F.S. on Roslyn Hooley’s behalf and resolve the situation, but not everyone is that fortunate. Millions of Americans have blemishes on their credit report that are outdated or inaccurate, and the dispute process can be lengthy and frustrating.

At the Approved Loan Store, we will work with you to find you a car you want at terms you can afford, whether if you have stellar or challenged credit.  Get started today by filling out our secure online auto loan application here, and for the latest auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube.

Image courtesy of Naypong / FreeDigitalPhotos.net

Bad Credit Car Shoppers Trading In for Better Interest Rates

Last year all across the country, car shoppers with subprime credit got approved for auto loans, often for much better terms than they imagined. In 2013, even more people are applying for auto loans, and along with them, consumers are looking to trade in their car in hopes of getting a much lower interest rate.

Back when subprime auto loans were less available, consumers with challenged credit would pay up to 25 percent interest rates on their auto loans. Their car choices were dictated solely by what they could get approved for, not what fit their needs as a driver. Some of these people are still paying off their loans, and they are asking themselves why they would throw away more money on high interest rates for a car they didn’t really want in the first place.

Fortunately, they don’t need to keep paying insanely high interest rates. If these consumers paid their loan on time and otherwise kept up with their financial obligations, their credit is probably good enough to trade in for a much better car and loan terms, especially now. 2012 was a great year for people with challenged credit to get back behind the wheel. 2013 is looking to continue this pattern, but there is no way of knowing how long these optimal conditions will last. People who are considering trading in and trying for that lower interest rate should keep that in mind and perhaps get into a dealership sooner than later.

Are you looking to trade in your car? Are you looking for a new or used car but concerned about your credit? Approved Loan Store wants to help you! No matter what your credit situation, we will work hard to get you into a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and get more auto news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of watcharakun / FreeDigitalPhotos.net

Bad Credit Auto Loans: More Subprime Auto Loans in 2012

According to one of the big 3 credit bureaus, now is the time for subprime credit car shoppers to go for an auto loan.

Earlier this month, Experian Automotive released statistics about auto loans written in the third quarter, and they found that 42 percent of new and used auto loans were for subprime buyers. In this report, subprime buyers are classified as buyers with credit scores below 680. Overall, average credit scores on new auto loans are down to 755 compared to 763 last year, and looking at individual automakers, the average scores could be as low as 694.

For car buyers with a troubled credit history, it is clear that this is a great time to buy. The end of 2012 is offering a perfect combination of holiday sales specials and lenders ready to grant auto loans. Besides that, car buyers looking for a used car will get the added advantage of dealerships wanting to move last year’s inventory to make room for the new models.

Are you ready to get into a new or used car today? Approved Loan Store can help you! Good credit, bad credit, no credit, we want to get you into the car you want at terms you can afford! Fill out our secure online auto loan application here.

Looking for more auto news and buying tips? Check out Approved Loan Store on Facebook, Twitter, and YouTube!

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