Protect your credit while buying a car

admin • September 26, 2013

Many consumers do not look forward to an automobile purchase, and never really know what to do. They go in blindly, unaware of the traps and hazards of the auto buying game, and end up hurting their credit in the process of purchasing a vehicle.

When shopping for an automobile, you must go with a plan. First, learn everything you can, including available features and pricing.  A knowledgeable is a smart customer.

When you have all the information on the automobile you want, check your credit scores with Equifax, Trans union and Experian. Take the reporting agency that reflects your highest score, then call to the different credit unions and ask what reporting agency they use to authorize loans. When you find the one that uses the same reporting agency that reflects your highest score, go see a representative at the credit union and apply for a loan.

By doing this research on your credit scores and with credit unions use which credit reporting agencies, you will insure the best interest rate, because the higher the score the better the interest rate.

Many times when you just let the dealership for a financial institute to finance your auto loan, you end up with many inquiries, lowering your credit score. Besides that, it’s just more wiser to look after your own best interests in a significant transaction like this.

If the dealership is selling a vehicle for $20,000 and the credit union shows the auto is worth $15,000 the credit union will give you pre-qualification letter for $15,000, which will most cases be accepted, saving you $5,000.

I also recommend buying a one-year-old automobile so you don’t suffer first-year depreciation. And a car that’s just a year old you still have a warranty.

Happy hunting, and till next time, good credit to you.

Red light camera tickets a credit risk

By admin • October 2, 2013
Red light camera tickets a credit risk – About a month ago I started getting calls from banks and mortgage companies that their loans all over Albuquerque were falling through for auto and mortgage loans. The reason? Years of red light camera tickets recently went into collections, all at one time, and thus put on the credit reports of Albuquerque consumers. Sure enough, I had many clients come in to have meetings to see if they were credit ready wise. Scores were knocked down between 35 and 45 points for each collection entry for these red light tickets.

Keep lease judgments off credit history

By admin • October 2, 2013
Keep lease judgments off credit history – I have seen many cases on my office of consumers with judgments on their credit reports due to early termination of a lease. In many cases the lease was walked out on due to a hostile living environment. Whatever the case, there are things to get this mark removed from your credit history.

Don’t let someone else’s credit problems slow you down

By admin • October 2, 2013
Don’t let someone else’s credit problems slow you down – Cross-referencing of others on your credit report – credit information that erroneously shows on your report because another person shares identical or similar name – can cause great financial hardships and has become an epidemic. I get one to two cases of cross referencing, and if the person you’re being cross referenced with has negative credit history, this will completely shut down your ability to get A+ credit.

Your own personal credit FAQ

By admin • October 2, 2013
Your own personal credit FAQ – I get a lot of questions at Credit Rescue Now, Where we counsel consumers about financial landscape and how to make sure their credit remains strong and sound. I thought it would be helpful to put together a list of frequently asked questions and answers. I hope this information is helpful.

Take care of your credit while renting

By admin • October 2, 2013
Take care of your credit while renting. People know what major financial step home ownership represents, but we often overlook the financial and credit implications of renting an apartment or home. There are some important things to consider.
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