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Author: admin | Category: Loan For Car | Date: 11.01.2014

Access to more credit – If you have a credit spending problem, then access to more is not necessarily a good thing, but if you use your credit responsibly, having access to more credit allows you to become more strategic with your financial life.
Financial flexibility – If you have poor credit, you will likely have to pay for cash more often than not, which ties up your options depending on your cash on hand at any given time.
Points and Rewards – Many credit cards offer points and rewards depending on the amount of money you spend. If you are just beginning to build your credit or thinking about building your credit, here are four steps to take to get on the right path.
Check your credit score – There are plenty of sites that will give you this information. Plan for improvements – Once you know your score and determine what you need to do to make it better, commit to making this a priority this year. Set calendar reminders to review – There are a number of reporting sites that will charge you to monitor your credit score. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.
Enter your email address to subscribe to this blog and receive notifications of new posts by email. For our Burns Harbor Toyota dealership, a credit score is very important to the auto loan process. Each of the major credit unions has their own system for determining your credit score, but the most widely known one is the FICO score.  Good credit is somewhere in the range of 660 to 719.
Check Your Credit Score: The first thing to do is find out what credit score you actually have. We recently talked about how your credit (or lack thereof) can affect your eligibility for student loans. When you make payments on just about any type of loan, it’s reflected on your credit report. From Wikipedia: An installment loan is a loan that is repaid over time with a set number of scheduled payments. If you’re making payments regularly and on time, it will have a positive impact on your credit score.
Any time you fail to make timely payments or default on a loan - meaning you stop making payments entirely - it will lower your credit score and hurt your chances of receiving loans in the future.

A friend - let’s call him “Joe” - owed several thousands of dollars in student loans when he left college. The moral of this story is that when you accept a student loan, you’re accepting responsibility to repay it. In the case of a car, it could cost you up to $1,920 a year in additional interest costs and a total of $9,600 over a 5 year loan. I have clients who utilize 0% or low financing options to free up their cash to invest or earn more money over a period of time. I have a client who needed a new car, but had such poor credit that she could not get approved for any type of financing and had to pay cash for the car. There are a number of cards that give you significant points when you sign up and charge a minimum amount of money. You are actually allowed by federal law to get a free copy of your credit report every 12 months from the three reporting companies. It takes time to build your credit score and the sooner you start, the better you will be down the road. I think an easier (and cheaper) approach is to schedule a monthly calendar reminder to login and review your score.
She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Your credit score is a number that informs lenders about your history an ability to timely pay back loans. The downside is that lenders will be more reluctant to lend to you and will impose higher interest rates. All Americans are entitled to at least one free credit report a year, and you can purchase more if needed. Student loans are no different, and according to FICO® (the credit score people) they are treated the same as any other installment loan. And that means when it comes time to borrow money for other reasons - a new car, your first home, etc. If you are having trouble making ends meet and truly can’t make your payments on your student loan, look into options for deferment or an income-based payment plan. He’d made payments, but after a while wasn’t making enough money to continue - so he just stopped.

I know that most people know that good credit helps you secure credit cards or other loans, but I don’t think that people realize the actual cost benefits of good credit. As far as mortgages, it could cost you up to $3,480 in additional interest per year to have a lower credit score and over a 30 year mortgage, it would represent $104,400 in additional interest costs just by your credit score alone. Because she did not have a substantial amount of cash, she had to get a car that was in poor condition which ultimately led to more cash outlays for service. There are a few personal finance bloggers that I have seen that maximize this strategy and reap rewards from free vacations to significant money back. This also determines the duration and the interest rate of any loan for which you might be approved.
Once your student loans go into repayment, the way you handle those payments can have an impact on your credit score - for better or for worse. Deferment means that you could get some time off from making payments if you meet certain qualifications.
They not only provide you a free report, but they give you a report card with tips and tools for how to improve your score. Additionally, paying on your student loans will help you establish credit history at a time when you may not have much built up yet.
But beware, your interest could continue to add up, so you’re really just postponing the inevitable.
If you don’t hold up your end you’ll pay the price in one way or another, and that’s a college lesson no one wants to learn! A few years later he applied for a mortgage loan and was told he didn’t qualify due to negative credit reporting on his student loans. The mortgage lender suggested he pay off the delinquent amount on his loans and come back in six months to see if they could help him then.

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