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7 Ways to get Your Credit Score Over 800

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 Having an excellent credit score opens up so many more possibilities for you. But if you suffer from a low credit score, all hope is not lost. Here are seven ways to be one step closer to getting a credit score over 800…

1. Pay On Time

Think back to when you were in grade school, and your teacher drilled you to always turn in your homework on time, on the date it’s due, no exceptions. Credit card payments are the same. Make sure to turn in payments to your cards on time, without running a balance on them.

2. Consider Using Payment Tools

If remembering payment dates proves too difficult for you, you can always set up an automatic bill pay, or set up payment reminders. There are even some banks out there that will provide complimentary bill pay reminders via texts or emails.

3. Look for Large Limits on Credit Cards:

It is better to have a large credit limit on a card, as it doesn’t affect your rating if you spend more on that card. Conversely, if you have a lower credit limit, then it is easier to hit the limit, and that will negatively affect your credit score. Don’t fall for the temptation of thinking that just because you have a $50,000 credit, you have $50,000 to spend. To maintain a high credit score, you should use very little of that. In fact, you should keep it under 10% of the credit limit.

4. Don’t Over-Apply

Don’t be swayed by every credit card offer that arrives in the mail. Each time you apply for a new credit card, your overall credit score drops. Instead, work on getting higher limits on the cards you have.

5. Variety is the Spice of Life

Having a variety of diverse loans (including credit cards) in your overall credit collection also boosts your credit score. This can include not just credit cards, but also mortgages, automobile loans, et cetera. If you can prove that you can pay on several accounts reliably, your credit score will be higher.

6. Don’t Forget About those Under-Used Cards and Don’t Cancel Them

You need to prove that you can pay your cards on time, including those underused cards. It’s highly recommended that you not cancel those cards you don’t use regularly, because doing so will reduce the total amount of credit you’re approved to borrow. You also want to show that you indeed have a history of paying all of your cards on time, including the lesser used ones.

7. Check for Errors on your Credit Report
Yes, it is a fact that even the credit score agencies are not perfect, and sometimes have errors on their reports. Be sure to locate these mistakes and then call and have them corrected. Your credit score will benefit as a result.

8. Try Asking for a Break
It doesn’t hurt to call and ask to have late payment penalties taken off of your credit history. Sometimes if you’re polite about it, companies will remove the causes of your bad scoring, so you won’t need to wait. You have nothing to lose in asking.

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First Financial Personal Loans Provide the Savings that only Online Functionality Delivers

First Financial’s lending partners can provide low cost personal loans because of their cost-saving, online structure. Apply for an affordable personal loan here, even if your credit rating is “fair,” “poor” or even “bad.” Our comprehensive application was designed by financial professionals who understand that an applicant’s financial history can be complex. Fill out the application in minutes and learn how much you qualify for within 48 hours. Follow First Financial on Facebook to get smart budgeting and saving tips, too!

The Feasibility of Bad Credit Auto Loans: 5 Facts that Reassure Spouses and Parents

skeptical woman

 If you’ve just heard you can only qualify for a “bad credit” auto loan, know that you are far from alone. More than 50% of Americans today DO NOT fall into the “prime” or “excellent” credit category that wins the best interest rates. Many gasp upon hearing the word “bad” in the description of their only possible auto loan, but rest assured, the bad credit auto loan is simply another category of frequently approved loans.

In fact, in the first quarter of 2014, U.S. banks approved 44% more bad credit auto loans than they did in the same period the previous year. With the economy improving, banks are more willing to take on customers with less cash at hand. (First Financial’s bad credit auto loan has a 93% approval rate.)

With the negative power taken out of the term “bad credit auto loan,” the next step in getting a reliable, attractive car is convincing the spouse or parent who may be co-signing, helping with down payments or monthly payments. We’ve made sure to add all the statistics and links so you can back up your case.

Bad Credit Auto Loan Interest Rates Are Higher But Not Outrageous

. . . and definitely NOT unheard of

Financial talking heads on television or radio can sour your significant other or another important family member on the bad credit auto loans. Sure . . . . those in the prime or “excellent” credit category get the lowest auto loan rates, but paying 7% to 10% or more for an auto loan still keeps reliable, attractive cars affordable.

Further, during some periods of the past 50 years, even those with excellent credit were paying over 10%. Ask a parent or grandparent what they paid for an auto loan at various times. Show them that you have proof that interest rates peaked in 1981 at 16% and only dropped under 10% as recently as 1997.[2]

Getting a Bad Credit Auto Loan Helps You Get to Better Credit

That you make payments on time monthly gets reported to the credit bureau, slowly raising your score over the next months and years. Once your credit inches up into the “fair” category and then even the “good” category, you can consider refinancing at a lower rate.  And all that time you had a reliable car.

More, having reliable transportation to a job is a sure way to get the money needed to be a better bill payer. Many jobs even insist you have your own car. Stress to loved ones that you consider the higher interest bad credit auto loan a temporary fix while you work your way out of a negative credit picture. Maybe landing in the bad credit category taught you some important lessons, mistakes you don’t want to repeat.

Find Out How Much You’re Approved for Fast with First Financial

Banks are now more willing to lend to those whose credit scores dropped below “prime” or excellent . . . 700 or higher at this writing.

Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to get tips on finding the  lowest cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook today!

5 Common Mistakes to Avoid when Getting a Personal Loan

 Don't waste your money on penalties and fees!

Don’t waste your money on penalties and fees!

 Between mortgages, car loans and department store cards, nearly every American has borrowed money at one time. The federal U.S. government is indebted to private lenders and other countries to the tune of 15 million dollars. States owe each other and their citizens in the form of bonds. If you need a personal loan to help you with education, an emergency, medical expenses and more, you have lots of company.

Since the loan will be amortized or spread out over years, every point of interest saved helps. When considering a personal loan, make sure you don’t make the following common mistakes:

  1. Applying only at your bank or your neighborhood banks.  Both credit unions and online banks offer lower rates and better terms because they spend far less on marketing, human labor and overhead. Many of their processes are automated. All those saved costs allow them to offer lower personal loan interest rates.
  2. Not knowing eligibility terms and incurring dings to credit. Every loan officer must check an applicant’s credit during the approval process. If you apply for loans that require excellent credit score when you only have a fair credit score, you won’t get the loan and your credit score will be impacted.  Some people apply for so many loans that they ruin their chances of applying for anything!
  3. Agreeing to the first loan terms offered. Most loan officers have some wiggle room on interest rates and terms. It’s important to at least attempt to get the numbers more in your favor to increase the chances that you’ll be able to repay on time.
  4.  Borrowing Money You Can’t Pay Back.  Asking for more than what you really need can get you into trouble. The interest on the extra builds up, raising payments and interest in a selfperpetuating cycle.
  5. Rushing through the fine print in the contract.  To avoid late payment penalties that could swell the principle, make sure you know the loan’s terms:
  • Amount of interest
  • Maximum debt
  • Penalties for skipping payments
  • Penalties for late payments
  • Length of loan

Get a Personal Loan Safely Online with A+ Rated First Financial

An online bank, First Financial provides a quick application that you fill out in the comfort of your home. Once you’ve been approved, the cash usually appears in your account that evening. To get daily financial tips remember to like our Facebook page.

 

93% Approved Bad Credit Auto Loans: 2-Minute Smart-Phone Application

happy woman pointing to mobile phone

Explore your bad credit auto loan options and apply SAFELY while waiting for meetings, watching television or in the doctor’s office!

We’re excited here at First Financial to offer you top-of-the-line mobile bad credit auto loans you can apply for completely through your iPhone or android device. Our “bank-level” 128-bit encryption is just as safe if not safer than going into your local branch, filling out forms and handing them to a teller. In fact, it’s highest level of security currently allowed by U.S. law.

Don’t let one or two banks ruin your excitement about trading in or buying a car.  It’s more than likely that they WILL turn you down. . .  along with over 50% of your American neighbors who also  have “subprime” credit.[i] Most banks are not specialists in bad credit auto loans. We’ve closed 1 million bad credit auto loans in the past 15 years!  

 A Bad Credit Auto Loan’s Limited Limitations

You may be surprised to learn that you need to verify just $1500 in monthly income, that you are a U.S. or Canadian resident and have had no repossessions in the past 12 months.  Those with bankruptcies that have been discharged or are in possession of Authorization to Incur Debt from the bankruptcy trustee still qualify.

Find Out How Much You’re Approved for Fast with First Financial

Our mobile bad credit auto loans mobile application gives you all the information you need in easy-to-read, smart phone format. You can:

  • estimate your loan approval amount
  • read car loan F.A.Q. so you can make the right choices
  • scan testimonials from happy customers
  • APPLY for the auto loan!

Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to keep an eye on lots of low cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook!

 

 

 


[i] http://www.bankrate.com/finance/auto/bad-credit-car-loans-easier-to-find.aspx

Getting Fair, Poor & Bad Auto Loans in 2014 Just Got Easier . . .

car dealership lot

Recently, credit tracking giant Experian broadcast some great news for those needing fair, poor and bad credit auto loans. Its Automotive Credit Trends Report[1] reveals that during the second-quarter of 2014 U.S. banks:

  • Approved 44% more bad credit auto loans than they did in the same period in 2013
  • Approved 22.4% more good, fair and poor credit auto loans than in in 2013

Banks are now more willing to lend to those whose credit scores dropped below “prime” or excellent . . . 700 or higher at this writing.

Before you start feeling thankful to the banks, however, keep in mind that this move is in their best interest as over 50% of all American consumers today fall into the “subprime” categories . . . namely good, fair, poor, and bad. To stay in business, the banks need to be more open-minded and “open the purse strings” more frequently. More, with unemployment still at historic highs, loan and car sales have been increasing but not at the rate a more robust recovery would create. Auto dealers and loan officers need customers! They need YOU, even if you have poor or bad credit.

 Tips for Getting Fair, Poor or Bad Credit Auto Loans

  • put at least 20% down, more if you can
  • consider a used car, even a one-year-old car. (Cars depreciate at least 20% in the first year alone. After that, depreciation slows.)
  • search the financial institutions that offer auto loans online. Internet banks have far lower marketing and overhead costs, and pass the savings on to the consumer. Their automated processes also help them keep fair, poor or bad credit auto loans interest rates affordable.

First Financial Has Fair, Poor and Bad Auto Loans that Make You Mobile!

While of course those in the prime or “excellent” credit category get the lowest auto loan rates, paying 7% to 10% or more for an auto loan still keeps reliable, attractive cars affordable. Ask a parent or grandparent what they paid for an auto loan at various times. Interest rates peaked in 1981 at 16% and only dropped under 10% as recently as 1997.[2] Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to keep an eye on lots of low cost online auto, mortgage, personal loans as well as the loan industry? Please “like” us on Facebook!

 

Do I have a low credit score?

First step is to get your absolutely free credit report & score, if you haven’t already. Your next step is to determine if your credit score is actually considered “low”. Sometimes it’s hard to figure out what exactly is a good or a poor credit score. The best credit ratings are 770 points and up. Freddie Mac, for example, considers anything above 770 an “A plus.” A FICO score of over 750 will get you an “excellent” rating from Lending Tree, while Fannie Mae says a 740 is excellent. CBS reports that if you have a 720 or more, you have no worries at all, since that number is in the same level category as an 800. Fair Isaac has declared that anything over 700 is “golden.” Even a person with a credit rating of 650 or better can be considered a prime borrower, as long as there are no records of late payments on their record.

Which Auto Finance Companies Offer The Best Car Loans?

There are many different auto finance companies you can choose to apply for a car loan with. Getting approved for a car loan is a “must” for most car buyers today, as many car buyers do not have the financial means necessary to pay cash to buy a new or used car. Even those that do have the financial means to pay cash often don’t want to hand over such a large amount of cash and would prefer to finance their purchase. Before you apply for a car loan online, however, you do want to make sure that you find the best loan possible.

Poor credit cards are credit cards for people with bad or poor credit:

Poor credit cards are credit cards for people with bad or poor credit and want to rebuild or establish their credit.  Bear in mind, poor credit cards are capable of credit strengthening, that’s why your choice plays a great role.  Bad and poor credit cards are willingly marketed to customer’s most urgently needing credit and most of the deals can pull debtors out of their financial troubles.  Poor Credit Cards | Reviews & Credit Card Application Bad or Poor Credit cards are for those with less than perfect credit, these credit card offers help you establish credit when you have none, and then later when you have earned a history of good and prompt payment practices you could apply for another credit card with a lower APR.  Bad or Poor Credit cards are for those with less than perfect credit, these credit card offers help you establish credit when you have none, and then later when you have earned a history of good and prompt payment practices you could apply for another credit card with a lower APR.  Platinum Visa® or with no deposit, especially if you to NMB Secured cards that have poor credit cards are credit limit will be Learn more about Credit Cards for women.  My poor credit cards are sizzling right now because I’ve become addicted to shopping.  While most of the handiest credit card debt that it is best deal on borrowing money and how close are currently have a poor credit cards are aware of your payments all of available to use the other hard to be prepared for take some cushion, especially credit free score that you have obtained a better terms that the lender it comes to getting a very great alternative is.  Secured and consolidation is not realize how they may not select acne care cosmetic skin fill out more about 50% of debts with poor credit cards are registered marks of advance-fee scams.  It is to raise your rating, it is inviting card offers of it is finding these pre-approved invitations, you re facing card scam of poor credit cards are speaking with bad credit.  It is to raise your rating, it is inviting card offers of it is finding these pre-approved invitations, jewelry do than you re facing card scam of poor credit cards are speaking with bad credit.

Know what’s on your credit report and resolve any discrepancies.

Even if you believe you have a good credit score, it is still wise to check with credit reporting agencies to make sure they contain a similar view of your credit history. It’s also wise to make sure there are no errors on your report, such as name misspellings or incorrect addresses. Poor credit is the first obstacle to overcome on the path to attaining wealth.  Poor credit is not a problem because we are repaid directly by the estate or trust and you keep the rest.  Poor credit is not always an indication of your responsibility and most lenders will look at this fact.  Poor credit is not an obstacle to use.  Improve Credit Score Quickly and Legally If poor credit is holding you back, then come.  Refinancing with bad credit or poor credit is possible if the value of the home has increased.

Shop for a loan within a short, focused period of time.

FICO scores distinguish between a search for a single loan and a search for many new credit lines, based in part on the length of time over which recent requests for credit occur. If you shop for a number of loans over too long a time period, it can count against you.

Contact your creditors or see a legitimate credit counselor if you’re having financial difficulties.

This won’t improve your score immediately, but the sooner you begin managing your credit well and making timely payments, the sooner your score will get better.

Keep your credit cards – but manage them responsibly.

In general, having credit cards and installment loans that you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.

Don’t open multiple accounts too quickly, especially if you have a short Credit History.

Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers.

Don’t open new credit card accounts you don’t need.

This approach could backfire and actually lower your score.

Don’t close an account to remove it from your record.

It’s a myth that closing an account removes it from your credit report. This is untrue—even closed accounts remain on your report, possibly for an indefinite period of time and may still be factored into the score. In fact, closing accounts can sometimes hurt your score unless you also pay down your debt at the same time.

Ways to Improve Your Credit Score.

This is the best way to improve your score, and it’s never too late to start. Even if you’ve had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.

Keep credit card balances low.

High outstanding debt can pull down your score. Don’t go maxing out your credit cards all the time.

Check your Credit Report for accuracy.

It’s possible that there may be inaccurate information on your credit report that can be easily cleared up (see How To Fix Credit Report Inaccuracies). If this proves to be the case, then you should contact one of the three credit reporting agencies—TransUnion, Experian or Equifax.

Pay off debt rather than moving it around.

Consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run. The most effective way to improve your score is by simply paying down the amount you owe.

Many people who have poor credit often find themselves in a difficult financial situation.

Most of the time this happens because of the reasons that are beyond control of the Borrower like getting laid off, divorce, or health problems.

If you have a history of poor credit or think that you might, it’s important that you find out and take the steps to improve it. It will take time, but with discipline, you may expect to see improvement in as little as six months. You see, creditors are interested in a track record. You’ll have to prove that you consistently pay your creditors on time and that you can effectively pay down your Debt.

We can help you even if you have:

Late payment on the Mortgage, car or credit card

Collections

Liens

Judgment

Foreclosure

Bankruptcy

We can help you even if your bankruptcy is only one day old or if your credit score is under 500.

Learn more about our: Poor Credit & Bad Credit Card Offers

Poor credit is the first obstacle to overcome on the path to attaining wealth.  Poor credit is not a problem because we are repaid directly by the estate or trust and you keep the rest.  Poor credit is not always an indication of your responsibility and most lenders will look at this fact.  Poor credit is not an obstacle to use.  Poor credit is something that can happen to just about anyone, and it’s not always due to circumstances we could have controlled.  Poor credit is no more a hindrance to get auto loans in Canada.  Poor credit is like a crush when you go out in loan market for loans.

How to improve a low Credit Score.

If you have made the big decision to buy a new or used car and have bad credit, poor credit, bankruptcy or a low credit score, the easiest way to get a bad credit auto loan is to apply online.

How to improve a low Credit Score.

Do you have a low credit score.  If you have a very short credit history (length of time you have been using your credit), that can also be a reason as to why you have a low credit score.

Whenever you are ready, step up to low credit score mortgages.  Bad credit personal loans specifically meets the needs of people who have low credit scores, may have filed for bankruptcy, or have other negative credit issues that have prevented them from being approved for traditional lines of credit.

The best thing about a low credit score is that it can be temporary.

It’s perfectly understandable to think your low credit score is going to shock the person sitting on the other side of the finance desk.  If your low credit score is keeping you down, you can do the necessary work to fix it or for a small fee, you can let Lexington Law do it for you.  So, if you ever suspect that your low credit score is caused by an error, you should contact the credit reporting agencies and challenge them about the report.  To simply Credit Scores, a high credit score indicates a consumer is a low credit risk in terms of making payments on a loan and paying their bills; a low credit score is a sign of trouble for banks and lenders if they are considering you for a loan, a credit card, or any type of credit.  A low credit score is less desirable and may cost you more to borrow cause lenders usually charge a higher rate to compensate them for the higher risk of default.  In other words, even a low credit score is not a problem at Executive.  A low credit score is typically the result of having credit issues — extended credit, late payments, or maybe even a bankruptcy.

Do you have to many newly opened accounts?

Usually your credit score will take a slight hit from newly opened credit accounts such as credit cards, auto loans, or mortgages. How many points your score will decrease depends on how many times you have applied for credit in recent months. However, this decrease is only temporary, your score should rise again after several more months of making your payments on time. Normally this is not something to worry about, unless you have submitted many applications for new credit in a short period of time. That may indicate to credit issuers that you are beginning to overextend yourself (applying for too much credit), or that you are being denied credit and you keep trying other lenders hoping for a different result.

Do you have to many open accounts?

Also, too many open credit card accounts can be a bad thing. But, if you already have several open credit card accounts in good standing, don’t cancel them, the added “good” credit history can help your credit score. If you find that you have way too many open credit card accounts and you have decided to cancel some of them, be sure to cancel the most recently opened accounts. Keep the oldest accounts open. Normally the longer your payment history on an account, the better your credit score will be.

Try not to open any new credit card accounts that aren’t necessary. Generally when you open a new credit account, it will lower your credit score slightly, at least for a short period of time.

How you manage your “revolving credit” (credit card accounts) is a big factor in determining your credit score.

How to improve a low Credit Score

If you have a recent bankruptcy on file, repossession, foreclosure, missed or late payments… it will take time to bring your credit score back up after such a blow. If you are in this position, in the mean time just be sure to borrow “within your means” (although you may have trouble getting approved for any new credit) and don’t overextend yourself. Keep paying your bills on time, and you will be back on the road to raising your credit score. If you pay your bills on time, don’t have a recent bankruptcy on your record, and don’t have any missed payments or collections on file, look at your credit card balances. Normally you will want to keep your debt-to-credit limit ratio, on your credit card accounts, below 25%. If you owe more than 25% of your total credit limit on your credit cards, consider paying them down.

Example: if you have a credit card with total credit line of $10,000, and you have a balance of $2,500 on the card, you would owe 25% of your total credit line on that card. Also keep in mind that even if you pay your credit card balance off each month, it still may be reported to the credit bureaus that you are carrying a balance on that card. It depends on what time of the month your credit card issuer reports to the credit bureaus, they will list whatever your balance is on the day they report it. However, most (if not all) lending institutions are aware of this, so this is generally not something to worry about.

If your credit score is below 700?

If your credit score is below 700, you may not qualify for some of the best interest rates on credit cards, loans or mortgages. This means that just by having a credit score of 695, instead of 725 (just an example), you may end up paying thousands more in interest on any new credit you are granted, which you can avoid by just taking some simple steps to increase your credit score before applying for a new personal loan, auto loan or mortgage. It is widely believed that a credit score of 720 or higher is ideal.


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