Tag Archives: credit report

Good Credit Habits to Start Practicing


People struggle with credit scores.  It is not something that is common knowledge and it’s not like it is a focus in our education system.  For something as impactful as credit can be, you’d think there would be.  That leaves it up to the individual to educate themselves on what to do to improve their credit should life occur and you find yourself struck with the ‘bad credit’ moniker.  In the event that you either would like to avoid having bad credit or have gotten yourself back in good standing, here is a few helpful credit habits to get into to ensure you continue having good credit.

  • Pay On Time:

Few things look better on credit reports than those that pay their bills on time.  From cell phone bills to car loan bills; each one that gets a regularly monthly bill needs to show that you are buying it on time.  Do what you can to organize your life around being diligent about buying these bills

Double-check the due dates.  If you schedule an auto-pay, ensure that it goes through every month.  Anything that can be done to remind yourself that a payment went through on time will be for the better, no matter how annoying it may feel at the time.  The benefit is worth the annoyance.

  • Guard Your Credit Report:

Knowing what is on your credit score is vital in this day and age.  It is important to know if what is being reported on there is fraudulent.  You’d be surprised how many people have errors on their reports that can be resolved and don’t do anything about it.  The usual reason is because they don’t know.  Take full advantage of your free credit reports and take the time to go through it.  By reducing errors and removing them, it can be a major boon to your credit score overall.

  • Deal With Issues ASAP:

Missed a payment?  Got an error on your credit report?  Don’t delay, get them fixed as soon as possible.  If a situation arises that will have a massive impact on your ability to pay monthly bills, such as job loss or a medical issue, make sure to speak with creditors.  The sooner they know and can start working with you to help your situation and make life easier, the better.  Don’t let yourself get dragged down when there are ways to get help.

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!


Image courtesy of Stuart Miles at 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

Bad Credit Auto Loan: Why Shopping Around Dealerships Can Hurt Your Credit Score

When making a major purchase like a new car, most people shop around and find the best possible deal before making a decision. They don’t want to look back on their car purchase and think that they could have found the same car elsewhere for less.

Unfortunately, not all car shoppers know that running their credit again and again at different dealerships will hurt their credit score and make them look riskier to lenders. Hard inquiries will dock a credit score by several points and will stay on the credit report up to 2 years. The reasoning is that this consumer has applied for an auto loan at all these dealerships but did not get a loan whether by choice or rejection by lenders. This is why we recommend that serious car buyers should not apply for a credit card or any other kind of loan or credit before going in to buy a car.

What makes Approved Loan Store’s auto buying program different? Our three-step process gives our customers an advantage over other car shoppers because our customers don’t have to shop for a dealership. First, they fill out our secure online auto loan application. Second, they receive a call from an Approved Loan Store representative who reviews the loan application and schedules them for an appointment with an Approved Loan Store dealership nearest to them. Finally, they meet with their Approved Loan Store Special Finance Representative, and their Special Finance Representative helps them find the car they want at rates they can afford.

Are you ready to stop searching? Let Approved Loan Store help you get into a car today! Fill out our secure online auto loan application here, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of vichie81 / FreeDigitalPhotos.net