Credit scores have been averaging lower and lower these days as many Americans are finding they have either spent far too much or over extended themselves too far. Maybe there were a few late payments that were unavoidable due to an unplanned medical emergency. Or maybe house repairs, tuition hikes, etc whatever the reason you have some negatives on your credit score and these can seriously affect your ability to obtain credit and a car loan. They can even impact other things like your ability to obtain a higher paying job (prospective employers routinely screen employees and for a higher paying job this usually includes a credit check).
This article is about fixing this blemish or blemishes from your credit report, but I have to warn you it will take time, credit cannot be fixed overnight. . There is no immediate credit fix that is legally available. You have to understand that just as it takes time to ruin your credit it takes even more time to repair it.
The first step is to get your credit report with its score. It is best if you can obtain the report from all three credit bureaus (Experian, Equifax and Trans-union). Call your local car dealers and ask as to which bureau their lenders pay more attention to (this is good to know as certain bureaus have more influence in certain areas of the country than others). Once you know this you know which report to pay more attention to. Then go online and find the contact info for the respective credit bureau and get your report (it is usually only $10 to $30 for a report or two).
Read through the credit report and note the negatives. There may be some bad accounts that you forgot or did not even know you had. Some may not even belong. If there are any that are incorrect, over aged (beyond 7 years for most accounts) or similar, write a letter to the corresponding credit bureau and question the erroneous items. The bureau must within 30 days find out if the account is listed in error or not. If it is in error than the item must be removed and then a free, new and updated report will be sent to you showing that the item has been removed.
After reviewing your credit if there are no errors, then you should target the negative accounts and contact the creditors and try and reestablish the accounts and get back in good graces with the creditors. This will take time, but most creditors will be willing to work with you. Learn to write out all your bills on time. If you are married and your spouse is better at writing out the bills than maybe trade like you would wash the dishes, do the clothes or watch the kids while they write out the bills. Whatever it takes make sure they get done on time.
Yes there are negatives on credit reports that come from unexpected emergencies and such and having bad credit does not necessarily mean you are a bad person. Regardless the reason you can contact your creditors and try and work something out. Even if they refuse, you tried and are the better person for it.
There are also numerous free or low price consumer debt repair companies that can help you (especially when creditors refuse to be helpful), just make sure you do not end up with a scam. Check the company with your local Better Business Bureau and also look into non for profit companies. Many professional or retirement organizations like the AARP provide these services to their members free of charge.
So there you have it, a good primer on how to fix your credit report and score so you can get a good car loan and get on with your life. A bad credit score or some unplanned emergency expenses doesn't have to mean a death sentence to your financial life. Take action and start improving your credit and your life.
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