Many believe that after bankruptcy or a divorce, they will be stuck with bad credit forever. Having “bad credit” does not mean that you will always have bad credit. There are simple ways to rebuild your credit!
See a few options below to begin rebuilding your credit score:
- Low limit credit cards; store or gas station card, secured credit card, local bank credit card
- Auto Loan
By obtaining a low limit credit card or an auto loan you can begin to replace bad credit with good credit. Making payments on time will show that you are responsible. The credit bureau will begin to trust your ability to pay loans and credit card debts and reward you for those actions. If you are nervous about starting over, a prepaid credit card may help to teach you good habits, however, they may not report to the bureau. This will allow you to determine your spending habits and help guide you to successful use of a credit card and auto loan.
If denied approval for a credit card or loan, ask to hear the reasons WHY you were not approved. The reason could be as simple as the duration of your current employment.
Rebuild Your Credit with an Auto Loan
An auto loan can be a great way to rebuild your credit. A car represents a major purchase and regular payments on an auto loan will have a significant impact on how lenders see you. It is important that your payments never be made late or the opportunity to re-establish your credit will be jeopardized.
An auto loan can also improve your credit score. Having improved your credit score adequately, you are then in a position to apply for more credit and an improved lifestyle. You may also have to opportunity to refinance and lower your interest rate, thus making your payments each month lower and more manageable.
Online Auto Loan
You do not need to experience an uncomfortable interview with a bank loans officer where you are forced to explain your past credit history. Getting an auto loan with bad credit can be fast, easy, and secure with our online auto loan application. You can complete a auto loan application from the comfort of your home in minutes and be approved in less than 48 hours. Find a Loan’s online auto loan asks only the questions needed to get you approved and is fast and easy.
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