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Credit Score
by Anonymous

August 10, 2004 -- "Money is honey, my little sonny,
And a rich man's joke is always funny".

Yes money makes the world go round, and can build or destroy a man's life. At times when your financial status is in doldrums you might apply for a loan at a do or die situation in life. Money or as it is literally called ‘silver tonic', is the most precious asset of a person today. While earning is a necessity and passion both, parting with it seems out of question. But there are people usually termed as creditors who lend money to people in times of need. Be it a health emergency or a home mortgage the creditors lend you money under certain verbal or written conditions. Before parting with their hard earned silver tonic, a wise creditor definitely would have a check at your credit scores. This analysis of the credit scores brings him the confidence as well as discourages him about lending you the cash. Thus credit scores are vital where loans, credits or borrowing are concerned.

The most popular and widely used amongst the credit scores is the ‘Credit Bureau Scores' developed by Fair, Isaac and Company commonly known as the FICO scores. The credit reporting agencies maintain credit reports based on which the Credit Bureau scores are fixed.

The habits that give you a poor credit score are:
•    Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account.
•    Number of recent credit inquiries.
•    Application for new credit cards.
•    Application of credit for automobile, home or any other possessions.
Ways to improve your credit card score:
•    Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them on time will raise your score over the long term.
•    Check your own credit reports regularly, and before applying for new credit, to be sure they are accurate and up-to-date. As long as you order your credit reports directly from the credit bureaus, or through an organization authorized to provide credit reports to consumers, such as your own inquiries will not affect your credit score.

Sometimes there are minor mistakes in the credit records that rule you out from getting a loan. When a credit report contains errors, it is often because the report is incomplete, or contains information about someone else. This typically happens because:
•    The person applied for credit under different names. Someone made a clerical error in reading or entering name or address information from a hand-written application.
•    The person gave an inaccurate Social Security number, or the number was misread by the lender.
•    Loan or credit card payments were inadvertently applied to the wrong account.
•    Credit card payments did not reach on time.

However debt consolidation plans does not encourage you to take up a second loan to pay the former ones. Debt consolidation pacifies your financial doldrums with the minimum of impacts. It consolidates your loan, eliminates a major portion of it and restructures the rest in easy monthly payments within your reach. The whole process is so systematic and well planned that one does not have to enroll for a second loan. All you have to do is avail the free registration with

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